Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

FORM 10-Q

(Mark One)

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended June 30, 2024

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ______ to ______

Commission File Number 001-32924

GREEN PLAINS INC.

(Exact name of registrant as specified in its charter)


Iowa			84-1652107
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

1811 Aksarben Drive, Omaha, NE 68106			(402) 884-8700
(Address of principal executive offices, including zip code)			(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.001 per share

GPRE

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

The registrant had 64,655,091 common stock outstanding as of August 2, 2024.

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TABLE OF CONTENTS


		Page
Commonly Used Defined Terms		3
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements	5

	Consolidated Balance Sheets	5

	Consolidated Statements of Operations	6

	Consolidated Statements of Comprehensive Income (Loss)	7

	Consolidated Statements of Cash Flows	8

	Notes to Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47

Item 4.	Controls and Procedures	49


PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	50

Item 1A.	Risk Factors	50

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50

Item 3.	Defaults Upon Senior Securities	50

Item 4.	Mine Safety Disclosures	50

Item 5.	Other Information	50

Item 6.	Exhibits	51

Signatures

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Commonly Used Defined Terms

Green Plains Inc. and Subsidiaries:


Green Plains Inc.; Green Plains; the company			Green Plains Inc. and its subsidiaries
FQT			Fluid Quip Technologies, LLC
Green Plains Commodity Management			Green Plains Commodity Management LLC
Green Plains Finance Company			Green Plains Finance Company LLC
Green Plains Grain			Green Plains Grain Company LLC
Green Plains Mount Vernon; Mount Vernon			Green Plains Mount Vernon LLC
Green Plains Obion; Obion			Green Plains Obion LLC
Green Plains Partners; the partnership			Green Plains Partners LP
Green Plains Shenandoah; Shenandoah			Green Plains Shenandoah LLC
Green Plains Trade			Green Plains Trade Group LLC
Green Plains Wood River; Wood River			Green Plains Wood River LLC

Accounting Defined Terms:


ASC			Accounting Standards Codification
EBITDA			Earnings before interest expense, income taxes, depreciation and amortization
EPS			Earnings per share
Exchange Act			Securities Exchange Act of 1934, as amended
GAAP			U.S. Generally Accepted Accounting Principles
SEC			Securities and Exchange Commission
SOFR			Secured Overnight Financing Rate

Industry and Other Defined Terms:


ATJ			Alcohol-to-Jet
BlackRock			Funds and accounts managed by BlackRock
the CARES Act			Coronavirus Aid, Relief, and Economic Security Act
CI			Carbon Intensity
COVID-19			Coronavirus Disease 2019
CST™			Clean Sugar Technology™ developed by Fluid Quip Technologies, LLC
DOE			Department of Energy
E10			Gasoline blended with up to 10% ethanol by volume
E15			Gasoline blended with up to 15% ethanol by volume
EIA			U.S. Energy Information Administration
EPA			U.S. Environmental Protection Agency
EV			Electric Vehicle
FFV			Flexible-fuel vehicle
GHG			Greenhouse gas
GP Turnkey Tharaldson			GP Turnkey Tharaldson LLC
IRA			Inflation Reduction Act
LCFS			Low Carbon Fuel Standard
Merger			Merger of GPLP Merger Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of GPLP Holdings Inc., a wholly owned subsidiary of Green Plains (“Holdings”), with and into the partnership, with the partnership surviving such merger
Merger Agreement			Certain Agreement and Plan of Merger, dated as of September 16, 2023, by and among Green Plains Inc., Holdings, GPLP Merger Sub LLC, a wholly owned subsidiary of Holdings, Green Plains Partners LP, and Green Plains Holdings LLC, the general partner of the partnership (the "General Partner")
MmBtu			Million British Thermal Units
Mmg			Million gallons
MSC™			Maximized Stillage Coproducts™ technology developed by Fluid Quip Technologies, LLC
MTBE			Methyl tertiary-butyl ether

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RFS			Renewable Fuels Standard
RIN			Renewable identification number
RVO			Renewable volume obligation
SAF			Sustainable Aviation Fuel
Sequence™			A foundational feed ingredient made from a combination of corn and yeast protein, concentrated at 60%
SRE			Small refinery exemption
U.S.			United States
USDA			U.S. Department of Agriculture

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PART 1 – FINANCIAL INFORMATION

Item 1. Financial Statements.

GREEN PLAINS INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)


	June 30, 2024		December 31, 2023
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	195,554	$	349,574
Restricted cash	29,540		29,188
Accounts receivable, net of allowances of $293 and $85, respectively	99,067		94,446
Income taxes receivable	1,072		822
Inventories	187,983		215,810
Prepaid expenses and other	20,957		23,118
Derivative financial instruments	17,647		19,772
Total current assets	551,820		732,730
Property and equipment, net of accumulated depreciation and amortization of $721,119 and $686,077, respectively	1,019,359		1,021,928
Operating lease right-of-use assets	73,077		73,993
Other assets	119,344		110,671
Total assets	$	1,763,600	$	1,939,322

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	109,329	$	186,643
Accrued and other liabilities	52,080		57,029
Derivative financial instruments	16,783		10,577
Operating lease current liabilities	23,863		22,908
Short-term notes payable and other borrowings	124,579		105,973
Current maturities of long-term debt	1,830		1,832
Total current liabilities	328,464		384,962
Long-term debt	483,773		491,918
Operating lease long-term liabilities	52,071		53,879
Other liabilities	18,431		18,507
Total liabilities	882,739		949,266

Commitments and contingencies (Note 13)

Stockholders' equity
Common stock, $0.001 par value; 150,000,000 shares authorized; 67,460,745 and 62,326,622 shares issued, and 64,655,686 and 59,521,563 shares outstanding, respectively	67		62
Additional paid-in capital	1,212,845		1,113,806
Retained deficit	(311,563)		(235,801)
Accumulated other comprehensive loss	(2,807)		(3,160)
Treasury stock, 2,805,059 shares	(31,174)		(31,174)
Total Green Plains stockholders' equity	867,368		843,733
Noncontrolling interests	13,493		146,323
Total stockholders' equity	880,861		990,056
Total liabilities and stockholders' equity	$	1,763,600	$	1,939,322

See accompanying notes to the consolidated financial statements.

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GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share amounts)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Revenues	$	618,825	$	857,632	$	1,216,039	$	1,690,581

Costs and expenses
Cost of goods sold (excluding depreciation and amortization expenses reflected below)	581,002		842,161		1,169,849		1,674,419
Selling, general and administrative expenses	33,950		33,325		65,719		65,170
Depreciation and amortization expenses	21,584		24,626		43,071		50,012
Total costs and expenses	636,536		900,112		1,278,639		1,789,601
Operating loss	(17,711)		(42,480)		(62,600)		(99,020)

Other income (expense)
Interest income	1,490		2,771		4,000		5,936
Interest expense	(7,494)		(9,741)		(15,280)		(19,479)
Other, net	345		(161)		794		28
Total other income (expense)	(5,659)		(7,131)		(10,486)		(13,515)
Loss before income taxes and (loss) income from equity method investees	(23,370)		(49,611)		(73,086)		(112,535)
Income tax benefit (expense)	273		1,019		(56)		(2,410)
(Loss) income from equity method investees	(941)		272		(2,018)		376
Net loss	(24,038)		(48,320)		(75,160)		(114,569)
Net income attributable to noncontrolling interests	312		4,284		602		8,359
Net loss attributable to Green Plains	$	(24,350)	$	(52,604)	$	(75,762)	$	(122,928)

Earnings per share
Net loss attributable to Green Plains - basic and diluted	$	(0.38)	$	(0.89)	$	(1.19)	$	(2.09)

Weighted average shares outstanding
Basic and diluted	63,933		58,874		63,637		58,714

See accompanying notes to the consolidated financial statements.

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GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited and in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net loss	$	(24,038)	$	(48,320)	$	(75,160)	$	(114,569)
Other comprehensive income, net of tax
Unrealized (losses) gains on derivatives arising during the period, net of tax benefit (expense) of $206, ($222), $2,122 and $3,801, respectively	(657)		710		(6,700)		(12,078)
Reclassification of realized losses on derivatives, net of tax benefit of ($550), ($1,134), ($2,232) and ($1,669), respectively	1,748		3,602		7,053		5,303
Total other comprehensive income (loss), net of tax	1,091		4,312		353		(6,775)
Comprehensive income (loss)	(22,947)		(44,008)		(74,807)		(121,344)
Comprehensive income attributable to noncontrolling interests	312		4,284		602		8,359
Comprehensive loss attributable to Green Plains	$	(23,259)	$	(48,292)	$	(75,409)	$	(129,703)

See accompanying notes to the consolidated financial statements.

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GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)


	Six Months Ended June 30,
	2024		2023
Cash flows from operating activities
Net loss	$	(75,160)	$	(114,569)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	43,071		50,012
Amortization of debt issuance costs and non-cash interest expense	1,113		1,525
Inventory lower of cost or net realizable value adjustment	—		9,545
Deferred income taxes	(111)		2,131
Stock-based compensation	6,591		6,677
Loss (income) from equity method investees	2,018		(376)
Other	1,625		1,472
Changes in operating assets and liabilities
Accounts receivable	(4,829)		(23,850)
Inventories	27,827		9,947
Derivative financial instruments	8,795		5,121
Prepaid expenses and other assets	2,161		(750)
Accounts payable and accrued liabilities	(80,001)		(115,919)
Current income taxes	837		1,299
Other	346		(698)
Net cash used in operating activities	(65,717)		(168,433)

Cash flows from investing activities
Purchases of property and equipment, net	(39,484)		(48,902)
Investment in equity method investees	(16,023)		(8,696)
Net cash used in investing activities	(55,507)		(57,598)

Cash flows from financing activities
Payments of principal on long-term debt	(7,849)		(2,420)
Proceeds from short-term borrowings	338,384		761,455
Payments on short-term borrowings	(320,185)		(652,740)
Payments on extinguishment of non-controlling interest	(29,196)		—
Payments of transaction costs	(5,951)		—
Payments of dividends and distributions	—		(11,802)
Payments of loan fees	—		(16)
Payments related to tax withholdings for stock-based compensation	(4,587)		(8,938)
Other financing activities	(3,060)		—
Net cash provided by (used in) financing activities	(32,444)		85,539

Net change in cash and cash equivalents, and restricted cash	(153,668)		(140,492)
Cash and cash equivalents, and restricted cash, beginning of period	378,762		500,276
Cash and cash equivalents, and restricted cash, end of period	$	225,094	$	359,784

Continued on the following page

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GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Continued from the previous page


	Six Months Ended June 30,
	2024		2023
Reconciliation of total cash and cash equivalents, and restricted cash
Cash and cash equivalents	$	195,554	$	312,858
Restricted cash	29,540		46,926
Total cash and cash equivalents, and restricted cash	$	225,094	$	359,784

Supplemental disclosures of cash flow
Cash paid for income taxes, net	$	533	$	721
Cash paid for interest	$	14,452	$	17,717
Capital expenditures in accounts payable	$	6,292	$	5,979
Issuance of common stock as a result of the Merger	$	5	$	—
Non-cash extinguishment of non-controlling interest within additional paid-in capital	$	133,765	$	—
Non-cash ARO additions	$	1,037	$	2,930

See accompanying notes to the consolidated financial statements.

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GREEN PLAINS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

References to the Company

References to “Green Plains” or the “company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries.

Consolidated Financial Statements

The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis.

On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company acquired all of the publicly held common units of the partnership not already owned by the company and its affiliates. Refer to Note 3 - Acquisition included herein for more information.

The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements.

The accompanying unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP for complete financial statements, the unaudited consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 9, 2024.

The unaudited financial information reflects adjustments, which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not affect total revenues, costs and expenses or net income, but increased cost of goods sold and decreased gross margin, within the ethanol production segment. Costs historically reported as operations and maintenance expenses in the consolidated statements of operations are now being reported within cost of goods sold.

Use of Estimates in the Preparation of Consolidated Financial Statements

The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Certain accounting policies, including but not limited to those relating to derivative financial instruments and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements.

Description of Business

The company operates within two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.

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As a result of the Merger, the partnership's operations are included in the ethanol production operating segment.

Cash and Cash Equivalents

Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.

Restricted Cash

The company has restricted cash, which can only be used for funding letters of credit and for payment towards a credit agreement. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses. To the degree these segregated balances are cash and cash equivalents, they are considered restricted cash on the consolidated balance sheets.

Revenue Recognition

The company recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue.

Sales of ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities by the company’s marketing business are recognized when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the transfer of control of products or services. Revenues related to marketing for third parties are presented on a gross basis as the company controls the product prior to the sale to the end customer, takes title of the product and has inventory risk. Unearned revenue is recorded for goods in transit when the company has received payment but control has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer.

The company routinely enters into physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical commodity. Revenues include net gains or losses from derivatives related to products sold while cost of goods sold includes net gains or losses from derivatives related to commodities purchased. Revenues also include realized gains and losses on related derivative financial instruments and reclassifications of realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss.

Sales of products are recognized when control of the product is transferred to the customer, which depends on the agreed upon shipment or delivery terms.

Shipping and Handling Costs

The company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, the company records customer payments associated with shipping and handling costs as a component of revenue, and classifies such costs as a component of cost of goods sold.

Cost of Goods Sold

Cost of goods sold includes materials, direct labor, shipping, plant overhead and transportation costs. Materials include the cost of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs, as well as reclassifications of gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Direct labor includes all compensation and related benefits of non-management personnel involved in production. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold. Plant overhead consists primarily of plant utilities, repairs and maintenance and outbound freight charges. Transportation costs include railcar leases, freight and shipping of the company's products, as well as storage costs incurred at destination terminals.

The company uses exchange-traded futures and options contracts and forward purchase and sale contracts to attempt to minimize the effect of price changes on ethanol, renewable corn oil, grain and natural gas. Exchange-traded futures and options contracts are valued at quoted market prices and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for basis differences,

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primarily in transportation, between the exchange-traded market and local market where the terms of the contract is based. Changes in forward purchase contracts and exchange-traded futures and options contracts are recognized as a component of cost of goods sold.

Derivative Financial Instruments

The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to attempt to minimize risk and the effect of commodity price changes including but not limited to, corn, ethanol, natural gas and other agricultural and energy products. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk; however, there may be situations when these hedging activities themselves result in losses.

By using derivatives to hedge exposures to changes in commodity prices, the company is exposed to credit and market risk. The company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring their financial condition. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The company manages market risk by incorporating parameters to monitor exposure within its risk management strategy, which limits the types of derivative instruments and strategies the company can use and the degree of market risk it can take using derivative instruments.

Forward contracts are recorded at fair value unless the contracts qualify for, and the company elects, normal purchase or sale exceptions. Changes in fair value are recorded in operating income unless the contracts qualify for, and the company elects, cash flow hedge accounting treatment.

Certain qualifying derivatives related to ethanol production and agribusiness and energy services are designated as cash flow hedges. The company evaluates the derivative instrument to ascertain its effectiveness prior to entering into cash flow hedges. Unrealized gains and losses are reflected in accumulated other comprehensive income or loss until the gain or loss from the underlying hedged transaction is realized and the physical transaction is completed. When it becomes probable a forecasted transaction will not occur, the cash flow hedge treatment is discontinued, which affects earnings. These derivative financial instruments are recognized in current assets or current liabilities at fair value.

At times, the company hedges its exposure to changes in inventory values and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in the current period for changes in fair value. Estimated fair values carried at market are based on exchange-quoted prices, adjusted as appropriate for regional location basis values which represent differences in local markets including transportation as well as quality or grade differences. Basis values are generally determined using inputs from broker quotations or other market transactions. However, a portion of the value may be derived using unobservable inputs. Ineffectiveness of the hedges is recognized in the current period to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative.

Investments in Equity Method Investees

The company's equity method investments, which consist primarily of the company's 50% investment in GP Turnkey Tharaldson, including additional contributions during 2024, totaled $55.1 million and $41.7 million as of June 30, 2024 and December 31, 2023, respectively, and are reflected in other assets on the consolidated balance sheet. Interest capitalized related to our equity method investments for the six months ended June 30, 2024 totaled $0.8 million.

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2. REVENUE

Revenue by Source

The following tables disaggregate revenue by major source (in thousands):


	Three Months Ended June 30, 2024
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	23,279		518		—		23,797
Renewable corn oil	—		—		—		—
Other	15,270		2,056		—		17,326
Intersegment revenues	1,179		75		(1,254)		—
Total revenues from contracts with customers	39,728		2,649		(1,254)		41,123
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	387,096		86,123		—		473,219
Distillers grains	63,845		5,563		—		69,408
Renewable corn oil	33,405		—		—		33,405
Other	1,369		301		—		1,670
Intersegment revenues	—		6,313		(6,313)		—
Total revenues from contracts accounted for as derivatives	485,715		98,300		(6,313)		577,702
Total Revenues	$	525,443	$	100,949	$	(7,567)	$	618,825


	Six Months Ended June 30, 2024
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	48,079		518		—		48,597
Renewable corn oil	—		—		—		—
Other	29,617		4,468		—		34,085
Intersegment revenues	2,392		164		(2,556)		—
Total revenues from contracts with customers	80,088		5,150		(2,556)		82,682
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	737,208		159,498		—		896,706
Distillers grains	141,768		15,253		—		157,021
Renewable corn oil	67,565		—		—		67,565
Other	4,473		7,592		—		12,065
Intersegment revenues	—		12,452		(12,452)		—
Total revenues from contracts accounted for as derivatives	951,014		194,795		(12,452)		1,133,357
Total Revenues	$	1,031,102	$	199,945	$	(15,008)	$	1,216,039

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	Three Months Ended June 30, 2023
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	20,027		—		—		20,027
Renewable corn oil	—		—		—		—
Other	9,473		1,822		—		11,295
Intersegment revenues	1,133		42		(1,175)		—
Total revenues from contracts with customers	30,633		1,864		(1,175)		31,322
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	551,388		118,487		—		669,875
Distillers grains	101,533		11,452		—		112,985
Renewable corn oil	37,725		5		—		37,730
Other	7,656		(1,936)		—		5,720
Intersegment revenues	—		5,951		(5,951)		—
Total revenues from contracts accounted for as derivatives	698,302		133,959		(5,951)		826,310
Total Revenues	$	728,935	$	135,823	$	(7,126)	$	857,632


	Six Months Ended June 30, 2023
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	42,594		—		—		42,594
Renewable corn oil	—		—		—		—
Other	19,059		10,272		—		29,331
Intersegment revenues	2,238		94		(2,332)		—
Total revenues from contracts with customers	63,891		10,366		(2,332)		71,925
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	1,049,575		207,126		—		1,256,701
Distillers grains	215,901		22,815		—		238,716
Renewable corn oil	82,021		721		—		82,742
Other	15,265		25,232		—		40,497
Intersegment revenues	—		11,949		(11,949)		—
Total revenues from contracts accounted for as derivatives	1,362,762		267,843		(11,949)		1,618,656
Total Revenues	$	1,426,653	$	278,209	$	(14,281)	$	1,690,581

(1)Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606.

Major Customers

Revenues from Customer A represented 13% and 14% of total revenues for the three and six months ended June 30, 2024, respectively, and revenues from Customer B represented 10% of total revenues for the three months ended June 30, 2024, recorded within the ethanol production segment. For the three and six months ended June 30, 2023, Customer A represented 15% and 14% of total revenues, respectively, and revenues from Customer B represented 11% of total revenues for the three months ended June 30, 2023, recorded within the ethanol production segment.

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3. ACQUISITION

Green Plains Partners Merger

On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company issued approximately 4.7 million shares of common stock to acquire all of the publicly held common units of the partnership not already owned by the company prior to the Merger at a fixed exchange ratio of 0.405 shares of the company's common stock, par value $0.001 per share, along with $2.50 of cash consideration for each partnership common unit. The total consideration as a result of the Merger was $143.1 million, which was comprised of $29.2 million in cash and $113.9 million of common stock exchanged. As a result of the Merger, the partnership's common units are no longer publicly traded.

The interests in the partnership owned by the company and its subsidiaries remain outstanding as limited partner interests in the surviving entity. The General Partner of the partnership will continue to own the non-economic general partner interest in the surviving entity.

Since the company controlled the partnership prior to the Merger and continues to control the partnership after the Merger, the company accounted for the change in its ownership interest in the partnership as an equity transaction during the six months ended June 30, 2024, which is reflected as a reduction of non-controlling interest with a corresponding increase to common stock and additional paid-in capital. No gain or loss was recognized in the consolidated statements of operations as a result of the Merger.

Prior to the effective time of the Merger on January 9, 2024, public unitholders owned a 49.2% limited partner interest, the company owned a 48.8% limited partner interest and a 2.0% general partner interest in the partnership. The earnings of the partnership that were attributed to its common units held by the public for the year ended December 31, 2023 are reflected in net income attributable to non-controlling interest in the consolidated statements of operations. For the six months ended June 30, 2024, the non-controlling interest attributed to the partnership common units held by the public of $133.8 million were recorded as a reduction of non-controlling interest with a corresponding increase to additional paid-in capital.

The company incurred transaction costs of $5.5 million related to the Merger during the six months ended June 30, 2024 and $2.0 million during the year ended December 31, 2023. These costs were directly related to the Merger consisting primarily of financial advisory services, legal services and other professional fees, and were recorded as an offset to the issuance of common stock within additional paid-in capital.

4. FAIR VALUE DISCLOSURES

The following methods, assumptions and valuation techniques were used in estimating the fair value of the company’s financial instruments:

Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities the company can access at the measurement date.

Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1, quoted prices for identical or similar assets in markets that are not active, and other inputs that are observable or can be substantially corroborated by observable market data through correlation or other means. Grain inventories held for sale in the agribusiness and energy services segment as well as forward commodity purchase and sale contracts are valued at nearby futures values, plus or minus nearby basis values, which represent differences in local markets, including transportation or commodity quality or grade differences.

Level 3 – unobservable inputs that are supported by little or no market activity and comprise a significant component of the fair value of the assets or liabilities. The company currently does not have any recurring Level 3 financial instruments.

Derivative contracts include exchange-traded commodity futures and options contracts and forward commodity purchase and sale contracts. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1. The majority of the company’s exchange-traded futures and options contracts are cash-settled on a daily basis.

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There have been no changes in valuation techniques and inputs used in measuring fair value. The company’s assets and liabilities by level are as follows (in thousands):


	Fair Value Measurements at June 30, 2024
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Assets
Cash and cash equivalents	$	195,554	$	—	$	195,554
Restricted cash	29,540		—		29,540
Inventories carried at market	—		17,083		17,083
Derivative financial instruments - assets	—		4,614		4,614
Total assets measured at fair value	$	225,094	$	21,697	$	246,791

Liabilities
Accounts payable (1)	$	—	$	30,144	$	30,144
Accrued and other liabilities (2)	—		3,337		3,337
Derivative financial instruments - liabilities	—		16,783		16,783
Other liabilities (2)	—		1,612		1,612
Total liabilities measured at fair value	$	—	$	51,876	$	51,876


	Fair Value Measurements at December 31, 2023
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Assets
Cash and cash equivalents	$	349,574	$	—	$	349,574
Restricted cash	29,188		—		29,188
Inventories carried at market	—		45,898		45,898
Derivative financial instruments - assets	—		13,311		13,311
Total assets measured at fair value	$	378,762	$	59,209	$	437,971

Liabilities
Accounts payable (1)	$	—	$	54,716	$	54,716
Accrued and other liabilities (2)	—		9,917		9,917
Derivative financial instruments - liabilities	—		10,577		10,577
Other liabilities (2)	—		659		659
Total liabilities measured at fair value	$	—	$	75,869	$	75,869

(1)Accounts payable is generally stated at historical amounts with the exception of $30.1 million and $54.7 million at June 30, 2024 and December 31, 2023, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option.

(2)As of June 30, 2024 and December 31, 2023, respectively, accrued and other liabilities includes $3.3 million and $9.9 million and other liabilities includes $1.4 million and $0.7 million of consideration related to potential earn-out payments recorded at fair value.

As of June 30, 2024, the fair value of the company’s debt was approximately $561.8 million compared with a book value of $610.2 million. At December 31, 2023, the fair value of the company’s debt was approximately $585.0 million compared with a book value of $599.7 million. The company estimated the fair value of its outstanding debt using Level 2 inputs. The company believes the fair value of its accounts receivable approximated book value, which was $99.1 million and $94.4 million at June 30, 2024 and December 31, 2023, respectively.

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Although the company currently does not have any recurring Level 3 financial measurements, the fair values of tangible assets and goodwill acquired represent Level 3 measurements which were derived using a combination of the income approach, market approach and cost approach for the specific assets or liabilities being valued.

5. SEGMENT INFORMATION

The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities.

As a result of the Merger, the partnership's operations are included in the ethanol production operating segment. The following changes were made to the company's operating segments:

•The revenue and operating results from fuel storage and transportation services previously disclosed within the partnership segment are now included within the ethanol production segment.

•Intersegment activities between the partnership and Green Plains Trade associated with ethanol storage and transportation services previously treated like third-party transactions and eliminated on a consolidated level are now eliminated within the ethanol production segment.

Intersegment activities between the partnership and Green Plains Trade associated with terminal services transacted with the agribusiness and energy services segment will continue to be eliminated on a consolidated level.

Corporate activities include selling, general and administrative expenses, consisting primarily of compensation, professional fees and overhead costs not directly related to a specific operating segment.

During the normal course of business, the operating segments conduct business with each other. For example, the agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains, Ultra-High Protein and renewable corn oil for the ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact the company’s consolidated results since the revenues and corresponding costs are eliminated.

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,
	2024		2023		2024		2023
Revenues
Ethanol production
Revenues from external customers	$	524,264	$	727,802	$	1,028,710	$	1,424,415
Intersegment revenues	1,179		1,133		2,392		2,238
Total segment revenues	525,443		728,935		1,031,102		1,426,653
Agribusiness and energy services
Revenues from external customers	94,561		129,830		187,329		266,166
Intersegment revenues	6,388		5,993		12,616		12,043
Total segment revenues	100,949		135,823		199,945		278,209
Revenues including intersegment activity	626,392		864,758		1,231,047		1,704,862
Intersegment eliminations	(7,567)		(7,126)		(15,008)		(14,281)
	$	618,825	$	857,632	$	1,216,039	$	1,690,581

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Refer to Note 2 - Revenue, for further disaggregation of revenue by operating segment.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of goods sold
Ethanol production (1)	$	495,053	$	719,878	$	1,003,355	$	1,426,011
Agribusiness and energy services	93,516		129,409		181,502		262,689
Intersegment eliminations	(7,567)		(7,126)		(15,008)		(14,281)
	$	581,002	$	842,161	$	1,169,849	$	1,674,419


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Gross margin
Ethanol production (1)	$	30,390	$	9,057	$	27,747	$	642
Agribusiness and energy services	7,433		6,414		18,443		15,520
	$	37,823	$	15,471	$	46,190	$	16,162


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Depreciation and amortization
Ethanol production	$	20,544	$	23,253	$	41,078	$	47,007
Agribusiness and energy services	497		536		1,002		1,349
Corporate activities	543		837		991		1,656
	$	21,584	$	24,626	$	43,071	$	50,012


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating income (loss)
Ethanol production (2)	$	(2,213)	$	(25,139)	$	(35,866)	$	(67,089)
Agribusiness and energy services	2,166		2,173		8,170		6,299
Corporate activities	(17,664)		(19,514)		(34,904)		(38,230)
	$	(17,711)	$	(42,480)	$	(62,600)	$	(99,020)

(1)Costs historically reported as operations and maintenance expenses in the consolidated statements of operations are now being reported within cost of goods sold, resulting in increased cost of goods sold and decreased gross margin within the ethanol production segment.

(2)Operating loss for ethanol production includes an inventory lower of average cost or net realizable value adjustment of $9.5 million for the three and six months ended June 30, 2023.

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The following table sets forth total assets by operating segment (in thousands):


	June 30, 2024		December 31, 2023
Total assets (1)
Ethanol production	$	1,295,412	$	1,275,562
Agribusiness and energy services	362,445		413,937
Corporate assets	109,982		254,300
Intersegment eliminations	(4,239)		(4,477)
	$	1,763,600	$	1,939,322

(1)Asset balances by segment exclude intercompany balances.

6. INVENTORIES

Inventories are carried at the lower of cost or net realizable value, except fair-value hedged inventories. Raw materials and finished goods inventories are valued under the first in, first out (FIFO) or weighted average cost method at the lower of average cost or net realizable value. The company recorded a $2.6 million lower of cost or net realizable value inventory adjustment associated with finished goods in cost of goods sold within the ethanol production segment as of December 31, 2023.

The components of inventories are as follows (in thousands):


	June 30, 2024		December 31, 2023
Finished goods	$	70,922	$	73,975
Commodities held for sale	17,083		45,898
Raw materials	32,751		32,820
Work-in-process	14,255		14,454
Supplies and parts	52,972		48,663
	$	187,983	$	215,810

7. DERIVATIVE FINANCIAL INSTRUMENTS

At June 30, 2024, the company’s consolidated balance sheet reflected unrealized losses of $2.8 million, net of tax, in accumulated other comprehensive loss. The company expects these items will be reclassified as operating loss over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount realized in operating loss will differ as commodity prices change.

Fair Values of Derivative Instruments

The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands):


	Asset Derivatives' Fair Value						Liability Derivatives' Fair Value
	June 30, 2024			December 31, 2023			June 30, 2024		December 31, 2023
Derivative financial instruments - forwards	$	4,614	(1)	$	13,311	(2)	$	16,783	$	10,577
Other liabilities	—			—			209		2
Total	$	4,614		$	13,311		$	16,992	$	10,579

(1)At June 30, 2024, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange-traded futures and options contracts of $13.0 million, which included $0.2 million of net unrealized losses on derivative financial instruments designated as

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cash flow hedging instruments, $0.8 million of unrealized gains on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.

(2)At December 31, 2023, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange-traded futures and options contracts of $6.5 million, which include $0.7 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments, $0.7 million of unrealized gains on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.

Refer to Note 4 - Fair Value Disclosures, which contains fair value information related to derivative financial instruments.

Effect of Derivative Instruments on Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income

The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands):


	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues	$	—	$	(1,518)	$	3,736	$	(1,518)
Cost of goods sold	(2,298)		(3,218)		(13,021)		(5,454)
Net loss recognized in loss before income taxes	$	(2,298)	$	(4,736)	$	(9,285)	$	(6,972)


	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Gain (Loss) Recognized in Other Comprehensive Income on Derivatives	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Commodity contracts	$	(863)	$	932	$	(8,822)	$	(15,879)

A portion of the company’s derivative instruments are considered economic hedges and as such are not designated as hedging instruments. The company uses exchange-traded futures and options contracts to manage its net position of product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations. Derivatives, including exchange traded contracts and forward commodity purchase or sale contracts, and inventories of certain agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value. Fair value estimates are based on exchange-quoted prices, adjusted as appropriate for regional location basis value, which represent differences in local markets including transportation as well as quality or grade differences.


		Amount of Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Exchange-traded futures and options	Revenues	$	(146)	$	(3,269)	$	(1,219)	$	(11,145)
Forwards	Revenues	(1,715)		3,967		(4,444)		4,626
Exchange-traded futures and options	Cost of goods sold	8,617		25,367		11,654		33,733
Forwards	Cost of goods sold	(9,559)		(32,713)		(6,691)		(32,287)
Net gain (loss) recognized in income (loss) before income taxes		$	(2,803)	$	(6,648)	$	(700)	$	(5,073)

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The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands):


	June 30, 2024				December 31, 2023
Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities		Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Inventories	$	17,083	$	(1,373)	$	45,898	$	(1,104)

Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations


	Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended June 30,
	2024				2023
	Revenue		Cost of Goods Sold		Revenue		Cost of Goods Sold
Loss on cash flow hedging relationships

Commodity contracts
Amount of loss on exchange-traded futures reclassified from accumulated other comprehensive income into income	$	—	$	(2,298)	$	(1,518)	$	(3,218)

Gain (loss) on fair value hedging relationships

Commodity contracts
Fair-value hedged inventories	—		1,014		—		(1,063)
Exchange-traded futures designated as hedging instruments	—		(2,858)		—		1,247
Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded	$	—	$	(4,142)	$	(1,518)	$	(3,034)

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	Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Six Months Ended June 30,
	2024				2023
	Revenue		Cost of Goods Sold		Revenue		Cost of Goods Sold
Gain (loss) on cash flow hedging relationships

Commodity contracts
Amount of gain (loss) on exchange traded futures reclassified from accumulated other comprehensive income into income	$	3,736	$	(13,021)	$	(1,518)	$	(5,454)

Gain (loss) on fair value hedging relationships

Commodity contracts
Fair-value hedged inventories	—		(3,347)		—		(10,420)
Exchange-traded futures designated as hedging instruments	—		2,404		—		11,925
Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded	$	3,736	$	(13,964)	$	(1,518)	$	(3,949)

The notional volume of open commodity derivative positions as of June 30, 2024, are as follows (in thousands):

Exchange-Traded (1)

Non-Exchange-Traded (2)

Derivative
Instruments

Net Long &
(Short)

Long

(Short)

Unit of
Measure

Commodity

Futures

(18,380)

Bushels

Corn

Futures

12,300

(3)

Bushels

Corn

Futures

(660)

(4)

Bushels

Corn

Futures

(3,864)

Gallons

Ethanol

Futures

(34,230)

(3)

Gallons

Ethanol

Futures

(1,958)

MmBTU

Natural Gas

Futures

9,513

(3)

MmBTU

Natural Gas

Futures

(5,760)

(4)

MmBTU

Natural Gas

Futures

Tons

Soybean Meal

Options

961

Bushels

Soybeans

Forwards

25,289

—

Bushels

Corn

Forwards

—

(226,298)

Gallons

Ethanol

Forwards

124

(231)

Tons

Distillers Grains

Forwards

—

(58,803)

Pounds

Renewable Corn Oil

Forwards

8,788

(12)

MmBTU

Natural Gas

(1)Notional volume of exchange-traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.

(2)Notional volume of non-exchange-traded forward physical contracts are presented on a gross long and (short) position basis, including both fixed-price and basis contracts, for which only the basis portion of the contract price is fixed.

(3)Notional volume of exchange-traded futures used for cash flow hedges.

(4)Notional volume of exchange-traded futures used for fair value hedges.

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Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations. Included in revenues are net gains of $0.5 million and net gains of $2.3 million for the three and six months ended June 30, 2024, respectively, and net gains of $0.4 million and $4.2 million for the three and six months ended June 30, 2023, respectively, on energy trading contracts.

8. DEBT

The components of long-term debt are as follows (in thousands):


	June 30, 2024		December 31, 2023
Corporate
2.25% convertible notes due 2027 (1)	$	230,000	$	230,000
Green Plains SPE LLC
$125.0 million junior secured mezzanine notes due 2026 (2)	125,000		125,000
Green Plains Shenandoah
$75.0 million loan agreement (3)	72,375		73,125
Green Plains Partners
$60.0 million term loan (4)	52,969		55,969
Other	9,465		14,669
Total book value of long-term debt	489,809		498,763
Unamortized debt issuance costs	(4,206)		(5,013)
Less: current maturities of long-term debt	(1,830)		(1,832)
Total long-term debt	$	483,773	$	491,918

(1)The 2.25% notes had $3.4 million and $4.0 million of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023, respectively.

(2)The junior notes had $0.3 million and $0.4 million of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023, respectively.

(3)The loan had $0.3 million of unamortized debt issuance costs as of both June 30, 2024 and December 31, 2023.

(4)The term loan had $0.2 million and $0.3 million of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023, respectively.

The components of short-term notes payable and other borrowings are as follows (in thousands):


	June 30, 2024		December 31, 2023
Green Plains Finance Company, Green Plains Grain and Green Plains Trade
$350.0 million revolver	$	120,000	$	99,000
Green Plains Commodity Management
$40.0 million hedge line	4,579		6,973
	$	124,579	$	105,973

Corporate Activities

In March 2021, the company issued an aggregate $230.0 million of 2.25% convertible senior notes due on March 15, 2027, or the 2.25% notes. The 2.25% notes bear interest at a rate of 2.25% per year, payable on March 15 and September 15 of each year. The 2.25% notes are senior, unsecured obligations of the company. The 2.25% notes are convertible, at the option of the holders, into consideration consisting of, at the company’s election, cash, shares of the company’s common stock, or a combination of cash and stock (and cash in lieu of fractional shares). However, before September 15, 2026, the 2.25% notes will not be convertible unless certain conditions are satisfied. The initial conversion rate is 31.6206 shares of the company’s common stock per $1,000 principal amount of 2.25% notes (equivalent to an initial conversion price of approximately $31.62 per share of the company’s common stock), representing an approximately 37.5% premium over the offering price of the company’s common stock. The conversion rate is subject to adjustment upon the occurrence of certain events, including but not limited to; the event of a stock dividend or stock split; the issuance of additional rights, options and warrants; spinoffs; or a tender or exchange offering. In addition, the company may be obligated to increase the

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conversion rate for any conversion that occurs in connection with certain corporate events, including the company’s calling the 2.25% notes for redemption.

On and after March 15, 2024, and prior to the maturity date, the company may redeem, for cash, all, but not less than all, of the 2.25% notes if the last reported sale price of the company’s common stock equals or exceeds 140% of the applicable conversion price on (i) at least 20 trading days during a 30 consecutive trading day period ending on the trading day immediately prior to the date the company delivers notice of the redemption; and (ii) the trading day immediately before the date of the redemption notice. The redemption price will equal 100% of the principal amount of the 2.25% notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a “fundamental change” (as defined in the indenture for the 2.25% notes), holders of the 2.25% notes will have the right, at their option, to require the company to repurchase their 2.25% notes for cash at a price equal to 100% of the principal amount of the 2.25% notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

Ethanol Production Segment

On February 9, 2021, Green Plains SPE LLC, a wholly-owned special purpose subsidiary and parent of Green Plains Obion and Green Plains Mount Vernon, issued $125.0 million of junior secured mezzanine notes due 2026 (the “Junior Notes”) with BlackRock, a holder of a portion of the company’s common stock.

The Junior Notes will mature on February 9, 2026 and are secured by a pledge of the membership interests in and the real property owned by Green Plains Obion and Green Plains Mount Vernon. The proceeds of the Junior Notes were used to construct high protein processing systems at the Green Plains Obion and Green Plains Mount Vernon facilities. The Junior Notes accrue interest at an annual rate of 11.75%. However, subject to the satisfaction of certain conditions, Green Plains SPE LLC may elect to pay an amount in cash equal to interest accruing at a rate of 6.00% per annum plus an amount equal to interest accruing at a rate of 6.75% per annum to be paid in kind. The entire outstanding principal balance, plus any accrued and unpaid interest is due upon maturity. Green Plains SPE LLC is required to comply with certain financial covenants regarding minimum liquidity at Green Plains and a maximum aggregate loan to value. The Junior Notes can be retired or refinanced after 42 months with no prepayment premium. The Junior Notes have an unsecured parent guarantee from the company and have certain limitations on distributions, dividends or loans to the company unless there will not exist any event of default.

On September 3, 2020, Green Plains Wood River and Green Plains Shenandoah, wholly-owned subsidiaries of the company, entered into a $75.0 million loan agreement with MetLife Real Estate Lending LLC. The loan matures on September 1, 2035 and is secured by substantially all of the assets of the Shenandoah facility. During the second quarter of 2024, the agreement was modified to remove the Wood River facility from the assets considered to be secured under the loan agreement and Green Plains Wood River was removed as a counterparty to the loan agreement. The proceeds from the loan were used to add MSC™ technology at the Wood River and Shenandoah facilities as well as other capital expenditures.

The loan bears interest at a fixed rate of 5.02%, plus an interest rate premium of 1.5% until the loan is fully drawn. The remaining availability was drawn in the first quarter of 2022. Beginning in the second quarter of 2022, the interest rate premium may be adjusted quarterly from 0.00% to 1.50% based on the leverage ratio of total funded debt to EBITDA of Shenandoah. Principal payments of $1.5 million per year began in October 2022. Prepayments are prohibited until September 2024. Financial covenants of the loan agreement include a minimum loan to value ratio of 50%, a minimum fixed charge coverage ratio of 1.25x, a total debt service reserve of six months of future principal and interest payments and a minimum working capital requirement at Green Plains of not less than $0.10 per gallon of nameplate capacity or $90.3 million. The loan is guaranteed by the company and has certain limitations on distributions, dividends or loans to Green Plains by Shenandoah unless immediately after giving effect to such action, there will not exist any event of default. At June 30, 2024, the interest rate on the loan was 5.02%.

Green Plains Partners has a term loan to fund working capital, capital expenditures and other general partnership purposes. The term loan has a maturity date of July 20, 2026. Interest on the term loan is based on 3-month SOFR plus 8.26%, and is payable on the 15th day of each March, June, September and December. The term loan does not require any principal payments; however, the partnership has the option to prepay $1.5 million per quarter beginning twelve months after the closing date. The partnership repurchased $1.0 million of the outstanding notes during the six months ended June 30, 2023. Prepayments totaling $1.5 million and $3.0 million were made during the three and six months ended June 30, 2024, respectively.

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The partnership’s obligations under the term loan are secured by a first priority lien on (i) the equity interests of the partnership’s present and future subsidiaries, (ii) all of the partnership’s present and future personal property, such as investment property, general intangibles and contract rights, including rights under any agreements with Green Plains Trade, (iii) all proceeds and products of the equity interests of the partnership’s present and future subsidiaries and its personal property and (iv) substantially all of the partnership’s real property and material leases of real property. The terms impose affirmative and negative covenants, including restrictions on the partnership’s ability to incur additional debt, acquire and sell assets, create liens, invest capital, pay distributions and materially amend the partnership’s commercial agreements with Green Plains Trade. The term loan also requires the partnership to maintain a maximum consolidated leverage ratio and a minimum consolidated debt service coverage ratio as of the end of any fiscal quarter, each of which is calculated on a pro forma basis with respect to acquisitions and divestitures occurring during the applicable period. The maximum consolidated leverage ratio is required to be no more than 2.50x. The minimum debt service coverage ratio is required to be no less than 1.10x. The consolidated leverage ratio is calculated by dividing total funded indebtedness by the sum of the four preceding fiscal quarters’ consolidated EBITDA. The consolidated debt service coverage ratio is calculated by taking the sum of the four preceding fiscal quarters’ consolidated EBITDA minus income taxes and consolidated capital expenditures for such period divided by the sum of the four preceding fiscal quarters’ consolidated interest charges plus consolidated scheduled funded debt payments for such period.

Under the terms of the loan, the partnership has no restrictions on the amount of quarterly distribution payments, so long as (i) no default has occurred and is continuing, or would result from payment of the distribution, and (ii) the partnership and its subsidiaries are in compliance with its financial covenants and remain in compliance after payment of the distribution. The term loan is not guaranteed by the company. At June 30, 2024, the interest rate on the term loan was 13.60%.

The company also has small equipment financing loans, finance leases on equipment or facilities, and other forms of debt financing.

Agribusiness and Energy Services Segment

On March 25, 2022, Green Plains Finance Company, Green Plains Grain and Green Plains Trade (collectively, the “Borrowers”), all wholly owned subsidiaries of the company, together with the company, as guarantor, entered into a five-year, $350.0 million senior secured sustainability-linked revolving Loan and Security Agreement (the “Facility”) with a group of financial institutions. This transaction refinanced the separate credit facilities previously held by Green Plains Grain and Green Plains Trade. The Facility matures on March 25, 2027.

The Facility includes revolving commitments totaling $350.0 million and an accordion feature whereby amounts available under the Facility may be increased by up to $100.0 million of new lender commitments subject to certain conditions. Each SOFR rate loan shall bear interest for each day at a rate per annum equal to the Term SOFR rate for the outstanding period plus a Term SOFR adjustment and an applicable margin of 2.25% to 2.50%, which is dependent on undrawn availability under the Facility. Each base rate loan shall bear interest at a rate per annum equal to the base rate plus the applicable margin of 1.25% to 1.50%, which is dependent on undrawn availability under the Facility. The unused portion of the Facility is also subject to a commitment fee of 0.275% to 0.375%, dependent on undrawn availability. Additionally, the applicable margin and commitment fee are subject to certain increases or decreases of up to 0.10% and 0.025%, respectively, tied to the company’s achievement of certain sustainability criteria, including the reduction of GHG emissions, recordable incident rate reduction, increased renewable corn oil production and the implementation of technology to produce sustainable ingredients.

The Facility contains customary affirmative and negative covenants, as well as the following financial covenants to be calculated as of the last day of any month: the current ratio of the Borrowers shall not be less than 1.00 to 1.00; the collateral coverage ratio of the Borrowers shall not be less than 1.20 to 1.00; and the debt to capitalization ratio of the company shall not be greater than 0.60 to 1.00.

The Facility also includes customary events of default, including without limitation, failure to make required payments of principal or interest, material incorrect representations and warranties, breach of covenants, events of bankruptcy and other certain matters. The Facility is secured by the working capital assets of the Borrowers and is guaranteed by the company. At June 30, 2024, the interest rate on the Facility was 8.74%.

Green Plains Commodity Management has an uncommitted $40.0 million revolving credit facility to finance margins related to its hedging programs, which is secured by cash and securities held in its brokerage accounts. During the first quarter of 2023, this revolving credit facility was extended five years to mature on April 30, 2028. Advances are subject to variable interest rates equal to SOFR plus 1.75%. At June 30, 2024, the interest rate on the facility was 7.09%.

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Green Plains Grain has a short-term inventory financing agreement with a financial institution. The company has accounted for the agreement as short-term notes, rather than revenues, and has elected the fair value option to offset fluctuations in market prices of the inventory. This agreement is subject to negotiated variable interest rates. The company had no outstanding short-term notes payable related to the inventory financing agreement as of June 30, 2024.

Covenant Compliance

The company was in compliance with its debt covenants as of June 30, 2024.

Restricted Net Assets

At June 30, 2024, there were approximately $112.8 million of net assets at the company’s subsidiaries that could not be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.

9. STOCK-BASED COMPENSATION

The company has an equity incentive plan which reserved a total of 5.7 million shares of common stock for issuance pursuant to the plan, of which 2.2 million shares remain available for issuance. The plan provides for shares, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, performance share awards, and restricted and deferred stock unit awards, to be granted to eligible employees, non-employee directors and consultants. The company measures stock-based compensation at fair value on the grant date, with no adjustments for estimated forfeitures. The company records noncash compensation expense related to equity awards in its consolidated financial statements over the requisite period on a straight-line basis.

Restricted Stock Awards and Deferred Stock Units

The restricted non-vested stock awards and deferred stock units activity for the six months ended June 30, 2024 is as follows:


	Non-Vested Shares and Deferred Stock Units	Weighted- Average Grant- Date Fair Value		Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2023	607,894	$	30.79
Granted	454,875	20.32
Forfeited	(5,162)	24.27
Vested	(346,839)	29.38
Non-Vested at June 30, 2024	710,768	$	24.82	2.1

Performance Share Awards

On March 13, 2024, March 9, 2023, and March 14, 2022, the board of directors granted performance shares to be awarded in the form of common stock to certain participants of the plan. These performance shares vest based on the level of achievement of certain performance goals, including the incremental value achieved from the company's high-protein initiatives, annual production levels and return on investment (ROI). Performance shares granted in 2024 include certain market-based factors requiring a Monte Carlo valuation model to estimate the fair value of the performance shares on the date of the grant. The weighted average assumptions used by the company in applying the Monte Carlo valuation model for performance share grants and related valuation include a risk-free interest rate of 4.44%, dividend yields of 0%, expected volatility of 54.6% and a closing stock price on the date of grant of $20.21, resulting in an estimated fair value of $25.23 per share. Performance shares granted in 2023 and 2022 do not contain market-based factors requiring a Monte Carlo valuation model. The performance shares were granted at a target of 100%, but each performance share can be reduced or increased depending on results for the performance period. If the company achieves the maximum performance goals, the maximum amount of shares available to be issued pursuant to the 2024, 2023 and 2022 awards are 1,077,144 performance shares which represents 200% of the 538,572 performance shares which remain outstanding. The actual number of performance shares that will ultimately vest is based on the actual performance targets achieved at the end of the performance period.

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On February 18, 2021, the board of directors granted performance shares to be awarded in the form of common stock to certain participants of the plan. The performance shares were granted at a target of 100%, but each performance share was reduced or increased depending on results for the performance period. On February 16, 2024, based on the criteria discussed above, the 118,673 2021 performance shares vested at 115%, which resulted in the issuance of 136,475 shares of common stock.

The non-vested performance share award activity for the six months ended June 30, 2024, is as follows:


	Performance Shares	Weighted- Average Grant- Date Fair Value		Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2023	404,740	$	30.51
Granted	270,307	23.00
Vested	(136,475)	26.22
Non-Vested at June 30, 2024	538,572	$	27.82	1.9

Green Plains Partners

Green Plains Partners had a long-term incentive plan (LTIP) intended to promote the interests of the partnership, its general partner and affiliates by providing unit-based incentive compensation awards to employees, consultants and directors to encourage superior performance. The LTIP reserved 2.5 million common limited partner units for issuance in the form of options, restricted units, phantom units, distribution equivalent rights, substitute awards, unit appreciation rights, unit awards, profit interest units or other unit-based awards. The partnership measured unit-based compensation related to equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. As a result of the Merger, the LTIP units available for issuance were converted to 1.2 million shares available for issuance under the company's equity incentive plan.

The non-vested unit-based awards activity for the six months ended June 30, 2024, is as follows:


	Non-Vested Units	Weighted- Average Grant- Date Fair Value		Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2023	18,549	$	12.94
Vested (1)	(18,549)	12.94
Non-Vested at June 30, 2024 (1)	—	$	—	0.0

(1)Pursuant to the Merger Agreement, each of these awards became fully vested at the effective time of the Merger on January 9, 2024.

Stock-Based Compensation Expense

Compensation costs for the stock-based payment plan were $3.5 million and $6.6 million for the three and six months ended June 30, 2024, respectively, and $3.8 million and $6.7 million for the three and six months ended June 30, 2023, respectively. At June 30, 2024, there was $24.0 million of unrecognized compensation costs from stock-based compensation related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 2.0 years. The potential tax benefit related to stock-based payment is approximately 23.6% of these expenses.

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10. EARNINGS PER SHARE

Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period.

The company computes diluted EPS by dividing net income on an if-converted basis, adjusted to add back net interest expense related to the convertible debt instruments, by the weighted average number of common shares outstanding during the period, adjusted to include the shares that would be issued if the convertible debt instruments were converted to common shares and the effect of any outstanding dilutive securities.

The basic and diluted EPS are calculated as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
EPS - basic and diluted
Net loss attributable to Green Plains	$	(24,350)	$	(52,604)	$	(75,762)	$	(122,928)
Weighted average shares outstanding - basic and diluted	63,933		58,874		63,637		58,714
EPS - basic and diluted	$	(0.38)	$	(0.89)	$	(1.19)	$	(2.09)

Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (1)	7,713		8,459		7,674		8,528

(1)The effect related to the company’s convertible debt, warrants and certain stock-based compensation awards has been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive.

11. STOCKHOLDERS’ EQUITY

As a result of the Merger, for the six months ended June 30, 2024, the company issued approximately 4.7 million shares of common stock and recorded par value $0.001 per share, paid cash consideration of $29.2 million, extinguished the non-controlling interest attributed to the partnership common units held by the public of $133.8 million, and capitalized transaction costs of $7.5 million, within additional paid-in capital. Refer to Note 3 - Acquisition included herein for more information.

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Components of stockholders’ equity for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands):


	Common Stock			Additional Paid-in Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Treasury Stock			Total Green Plains Stockholders' Equity		Non- Controlling Interests		Total Stockholders' Equity
	Shares	Amount								Shares	Amount

Balance, December 31, 2023	62,327	$	62	$	1,113,806	$	(235,801)	$	(3,160)	2,805	$	(31,174)	$	843,733	$	146,323	$	990,056
Net loss	—	—		—		(51,412)		—		—	—		(51,412)		290		(51,122)
Other comprehensive loss before reclassification	—	—		—		—		(6,043)		—	—		(6,043)		—		(6,043)
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		5,305		—	—		5,305		—		5,305
Other comprehensive loss, net of tax	—	—		—		—		(738)		—	—		(738)		—		(738)
Investment in subsidiaries	—	—		—		—		—		—	—		—		166		166
Partnership Merger	4,746	5		97,035		—		—		—	—		97,040		(133,765)		(36,725)
Stock-based compensation	349	—		(1,169)		—		—		—	—		(1,169)		—		(1,169)
Balance, March 31, 2024	67,422	67		1,209,672		(287,213)		(3,898)		2,805	(31,174)		887,454		13,014		900,468
Net loss	—	—		—		(24,350)		—		—	—		(24,350)		312		(24,038)
Other comprehensive loss before reclassification	—	—		—		—		(657)		—	—		(657)		—		(657)
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		1,748		—	—		1,748		—		1,748
Other comprehensive income, net of tax	—	—		—		—		1,091		—	—		1,091		—		1,091
Investment in subsidiaries	—	—		—		—		—		—	—		—		167		167
Stock-based compensation	39	—		3,173		—		—		—	—		3,173		—		3,173
Balance, June 30, 2024	67,461	$	67	$	1,212,845	$	(311,563)	$	(2,807)	2,805	$	(31,174)	$	867,368	$	13,493	$	880,861

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	Common Stock			Additional Paid-in Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Treasury Stock			Total Green Plains Stockholders' Equity		Non- Controlling Interests		Total Stockholders' Equity
	Shares	Amount								Shares	Amount

Balance, December 31, 2022	62,101	$	62	$	1,110,151	$	(142,417)	$	(26,591)	2,805	$	(31,174)	$	910,031	$	151,035	$	1,061,066
Net loss	—	—		—		(70,324)		—		—	—		(70,324)		4,075		(66,249)
Cash dividends and distributions declared	—	—		—		—		—		—	—		—		(5,305)		(5,305)
Other comprehensive loss before reclassification	—	—		—		—		(12,788)		—	—		(12,788)		—		(12,788)
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		1,701		—	—		1,701		—		1,701
Other comprehensive loss, net of tax	—	—		—		—		(11,087)		—	—		(11,087)		—		(11,087)
Investment in subsidiaries	—	—		—		—		—		—	—		—		185		185
Stock-based compensation	217	—		(5,632)		—		—		—	—		(5,632)		59		(5,573)
Balance, March 31, 2023	62,318	62		1,104,519		(212,741)		(37,678)		2,805	(31,174)		822,988		150,049		973,037
Net loss	—	—		—		(52,604)		—		—	—		(52,604)		4,284		(48,320)
Cash dividends and distributions declared	—	—		—		—		—		—	—		—		(6,497)		(6,497)
Other comprehensive income before reclassification	—	—		—		—		710		—	—		710		—		710
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		3,602		—	—		3,602		—		3,602
Other comprehensive income, net of tax	—	—		—		—		4,312		—	—		4,312		—		4,312
Investment in subsidiaries	—	—		—		—		—		—	—		—		8		8
Stock-based compensation	15	—		3,252		—		—		—	—		3,252		60		3,312
Balance, June 30, 2023	62,333	$	62	$	1,107,771	$	(265,345)	$	(33,366)	2,805	$	(31,174)	$	777,948	$	147,904	$	925,852

Amounts reclassified from accumulated other comprehensive loss are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,				Statements of Operations Classification
	2024		2023		2024		2023
Gains (losses) on cash flow hedges
Commodity derivatives	$	—	$	(1,518)	$	3,736	$	(1,518)	(1)
Commodity derivatives	(2,298)		(3,218)		(13,021)		(5,454)		(2)
Total gains (losses) on cash flow hedges	(2,298)		(4,736)		(9,285)		(6,972)		(3)
Income tax benefit	550		1,134		2,232		1,669		(4)
Amounts reclassified from accumulated other comprehensive loss	$	(1,748)	$	(3,602)	$	(7,053)	$	(5,303)

(1)Revenues

(2)Costs of goods sold

(3)Loss before income taxes and (loss) income from equity method investees

(4)Income tax benefit (expense)

12. INCOME TAXES

The company records actual income tax expense or benefit during interim periods rather than on an annual effective tax rate method. Certain items are given discrete period treatment and the tax effect of those items are reported in full in the relevant interim period. Green Plains Partners is a limited partnership, which is treated as a flow-through entity for federal income tax purposes and is not subject to federal income taxes.

The IRA was signed into law on August 16, 2022. The IRA includes significant law changes relating to tax, climate change, energy and health care. The IRA significantly expands clean energy incentives by providing an estimated

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$370 billion of new energy related tax credits over the next ten years. It also permits more flexibility for taxpayers to use the credits with direct-pay and transferable credit options. In addition, the IRA includes key revenue-raising provisions which include a 15% book-income alternative minimum tax on corporations with adjusted financial statement income over $1 billion, a 1% excise tax on the value of certain net stock repurchases by publicly traded companies, and the reinstatement of Superfund excise taxes. The company expects it will benefit from certain energy related tax credits in future years and not be negatively impacted by the revenue raising provisions; however, the company does not have enough information to provide a reasonable estimate of future tax benefits at this time.

On January 9, 2024, the transactions contemplated by the Merger Agreement were completed as described in more detail in Note 3 - Acquisition included herein. For income tax purposes, the total consideration given by the company in exchange for the remaining interest in the partnership, creates a tax basis in the acquired interest. Because the GAAP basis in the acquired interest is less than the total consideration, a new deferred tax asset was created. The company's valuation allowance on deferred tax assets increased by a corresponding amount, which did not have a material impact on the company's consolidated financial statements.

The company recorded income tax benefit of $0.3 million for the three months ended June 30, 2024, compared with income tax benefit of $1.0 million for the same period in 2023. The decrease in the amount of tax benefit recorded for the three months ended June 30, 2024 was primarily due to an increase in the valuation allowance recorded against deferred tax assets related to gains (losses) on derivatives.

The effective tax rate can be affected by variances in the estimates and amounts of taxable income among the various states, entities and activity types, realization of tax credits, adjustments from resolution of tax matters under review, valuation allowances and the company’s assessment of its liability for uncertain tax positions.

Unrecognized tax benefits of approximately $51.4 million have been recorded as a reduction of the deferred tax assets associated with the federal tax credit carryforwards, which are currently under audit. The appeals hearing related to the research and development ("R&D") tax credits is scheduled for September 2024. The results of the current audit may cause the company to significantly increase or decrease the unrecognized tax benefits associated with R&D tax credits for periods under audit and for periods not under audit, which could impact the company's effective tax rate. At this time, the company does not have enough information to be able to estimate the potential financial statement impact.

13. COMMITMENTS AND CONTINGENCIES

Leases

The company leases certain facilities, parcels of land, and equipment, with remaining terms ranging from less than one year to approximately 13.4 years. The land and facility leases include renewal options. The renewal options are included in the lease term only for those sites or locations in which they are reasonably certain to be renewed. Equipment renewals are not considered reasonably certain to be exercised as they typically renew with significantly different underlying terms.

The components of lease expense are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease expense
Operating lease expense	$	7,110	$	6,843	$	14,118	$	13,589
Variable lease expense (benefit) (1)	350		(176)		664		(307)
Total lease expense	$	7,460	$	6,667	$	14,782	$	13,282

(1)Represents amounts incurred in excess of the minimum payments required for a certain building lease and for the handling and unloading of railcars for a certain land lease, offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade.

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Supplemental cash flow information related to operating leases is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	7,051	$	6,642	$	14,039	$	12,839

Right-of-use assets obtained in exchange for lease obligations
Operating leases	3,955		6,798		11,118		23,456

Supplemental balance sheet information related to operating leases is as follows:


	June 30, 2024		December 31, 2023
Weighted average remaining lease term	4.2 years		4.5 years

Weighted average discount rate	5.33	%	5.16	%

Aggregate minimum lease payments under the operating lease agreements for the remainder of 2024 and in future years are as follows (in thousands):


Year Ending December 31,	Amount
2024	$	14,404
2025	24,520
2026	17,750
2027	13,590
2028	5,957
Thereafter	9,055
Total	85,276
Less: Present value discount	(9,342)
Lease liabilities	$	75,934

The company has two additional railcar operating leases anticipated to commence during the third quarter of 2024, with undiscounted future lease payments of approximately $5.9 million and lease terms of five years. These amounts are not included in the tables above.

Other Commitments

As of June 30, 2024, the company had contracted future purchases of grain, distillers grains and natural gas valued at approximately $163.3 million and future commitments for storage and transportation, valued at approximately $19.8 million.

The company has entered into contracts with Tallgrass High Plains Carbon Storage, LLC and its affiliates, related to the construction, development and operation of carbon capture and sequestration projects at our three Nebraska plants, which are expected to be completed in 2025. Payments associated with these contracts are due monthly over a period of twelve years, commencing after the capture facilities are considered in-service. Amounts due under the contracts are based on the achievement of certain project milestones and are subject to termination of all or portions of the contracts. Certain of the future obligations to Tallgrass High Plains Carbon Storage LLC are secured by a leasehold deed of trust, security agreement and assignment of rents and leases.

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Legal

The company is currently involved in litigation that has arisen in the ordinary course of business, but does not believe any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows.

14. SUBSEQUENT EVENT

On August 2, 2024, the company entered into a definitive agreement to sell the unit train terminal in Birmingham, which assets are reported in the ethanol production segment. The company expects the transaction to close in the third quarter and the proceeds will be used to help repay the outstanding balance of the Green Plains Partners term loan.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

General

The following discussion and analysis provides information we believe is relevant to understand our consolidated financial condition and results of operations. This discussion should be read in conjunction with the consolidated financial statements and notes to the consolidated financial statements contained in this report together with our annual report on Form 10-K for the year ended December 31, 2023.

Cautionary Information Regarding Forward-Looking Statements

Forward-looking statements are made in accordance with safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations that involve a number of risks and uncertainties and do not relate strictly to historical or current facts, but rather to plans and objectives for future operations. These statements may be identified by words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “outlook,” “plan,” “predict,” “may,” “could,” “should,” “will” and similar expressions, as well as statements regarding future operating or financial performance or guidance, business strategy, environment, key trends and benefits of actual or planned acquisitions.

Factors that could cause actual results to differ from those expressed or implied in the forward-looking statements include, but are not limited to, those discussed in Part I, Item 1A – Risk Factors of our annual report on Form 10-K for the year ended December 31, 2023 or incorporated by reference. Specifically, we may experience fluctuations in future operating results due to a number of economic conditions and other factors, including: the status, expected timing, and expected outcome of our Board of Directors' ongoing review of strategic alternatives; the failure to realize the anticipated results from the new products being developed; the failure to realize the anticipated costs savings or other benefits of the Merger; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics, such as the COVID-19 outbreak; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels; competition in the ethanol and biofuels industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions; the financial condition of the company’s customers; any non-performance by customers of their contractual obligations; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; risks related to our equity method investees; the results of any reviews, investigations or other proceedings by government authorities; the performance of the company; and other factors detailed in reports filed with the SEC.

We believe our expectations regarding future events are based on reasonable assumptions; however, these assumptions may not be accurate or account for all risks and uncertainties. Consequently, forward-looking statements are not guaranteed. Actual results may vary materially from those expressed or implied in our forward-looking statements. In addition, we are not obligated and do not intend to update our forward-looking statements as a result of new information unless it is required by applicable securities laws. We caution investors not to place undue reliance on forward-looking statements, which represent management’s views as of the date of this report or documents incorporated by reference.

Overview

Green Plains is an Iowa corporation, founded in June 2004 as a producer of low-carbon fuels and has grown to be a leading biorefining company maximizing the potential of existing resources through fermentation and patented agribusiness technologies. We continue the transition from a commodity-processing business to a value-added agricultural technology company creating sustainable, high-value ingredients from existing resources. To that end, we are currently executing on a number of initiatives to develop and implement proven agricultural, food and industrial biotechnology systems that allow for product diversification, new market opportunities and production of additional value-added low-carbon ingredients, such as Ultra-High Protein, glucose and dextrose corn syrups, renewable corn oil and more, as well as offering these technologies to the broader biofuels industry.

Green Plains Partners LP, a master limited partnership, is our primary downstream storage and logistics provider since its assets are the principal method of storing and delivering the ethanol we produce. On January 9, 2024, pursuant to the Merger Agreement, we completed the acquisition of all the publicly held common units of the partnership not already owned by us and our affiliates. As a result of the Merger, the partnership common units are no longer publicly traded.

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Refer to Note 3 - Acquisition included in the notes to the consolidated financial statements included herein for more information.

We group our business activities into the following two operating segments to manage performance:

•Ethanol Production. Our ethanol production segment includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil at ten biorefineries in Illinois, Indiana, Iowa, Minnesota, Nebraska and Tennessee. At capacity, our facilities are capable of processing approximately 310 million bushels of corn per year and producing approximately 903 million gallons of ethanol, 2.2 million tons of distillers grains and Ultra-High Protein, and 300 million pounds of renewable corn oil, a low-carbon feedstock for biodiesel and renewable diesel. This segment also includes 24 ethanol storage facilities, two fuel terminal facilities and approximately 2,180 leased railcars. We are one of the largest ethanol producers in North America.

•Agribusiness and Energy Services. Our agribusiness and energy services segment includes grain procurement, with approximately 20.2 million bushels of grain storage capacity, and our commodity marketing business, which markets, sells and distributes the ethanol, distillers grains, Ultra-High Protein and renewable corn oil produced at our ethanol plants. We also market ethanol for a third-party producer as well as buy and sell ethanol, distillers grains, Ultra-High Protein, renewable corn oil, grain, natural gas and other commodities in various markets.

We have installed and are operating FQT MSC™ technology at five of our biorefineries. Through our value-added ingredients initiative, we produce Ultra-High Protein, a feed ingredient with protein concentrations of 50% or greater and yeast concentrations of 25%, increase production of renewable corn oil and produce other higher value products, such as post-MSC™ distillers grains. We successfully completed full scale 60% protein production runs using FQT's MSC™ system, which is our new specialty feed ingredient branded as Sequence™. In 2021, we formed a 50/50 joint venture with Tharaldson Ethanol Plant I LLC (Tharaldson Ethanol), which owns the MSC™ technology assets added adjacent to the Tharaldson Ethanol plant in Casselton, North Dakota to produce Ultra-High Protein and increase renewable corn oil yields. These assets completed commissioning and shipped the first commercial quantities during the second quarter of 2024. Including GP Turnkey Tharaldson's capacity, the annual Ultra-High Protein capacity we market is approximately 430 thousand tons.

We began pilot scale batch operations at the FQT CST™ production facility at our Innovation Center at York in the second quarter of 2021, which allows for the production of both food and industrial grade low carbon-intensity glucose and dextrose corn syrups to target applications in food production, renewable chemicals and synthetic biology. The world's first commercial scale FQT CST™ facility in Shenandoah, Iowa is mechanically complete, and we continue to work through process flow adjustments in the commissioning phase, with shipments expected to begin in the third quarter of 2024. We also anticipate modifying additional biorefineries to include FQT CST™ production capabilities to meet anticipated future customer demands.

Additionally, we have taken advantage of opportunities to divest certain assets to reallocate capital toward our current growth initiatives. We are focused on generating stable and growing operating margins through our business segments and risk management strategy.

SAF is a drop-in fuel, chemically identical to petroleum-based jet fuel and can be blended into the fuel supply at varying levels. There is an increasing focus on using this fuel to reduce the carbon footprint of air travel. SAF can be produced from vegetable and waste oil feedstocks, such as our renewable corn oil. Additionally, ATJ technologies are emerging and being commercialized that use low-CI ethanol as a feedstock to produce SAF. In January 2023, Green Plains, United Airlines and Tallgrass formed a joint venture, Blue Blade Energy, to develop and then commercialize ATJ SAF technology.

As part of our carbon reduction strategy, we committed our seven biorefineries in Nebraska, Iowa and Minnesota to carbon capture and sequestration projects through carbon pipeline transport, four with Summit Carbon Solutions and three with Trailblazer CO2 Pipeline LLC, which will lower GHG emissions through the capture of biogenic carbon dioxide at each of these biorefineries, significantly lowering their CI. We have executed agreements for the future purchase, financing and installation of carbon capture equipment at our three Nebraska plants. We anticipate completion of these Nebraska biorefinery carbon capture projects in the second half of 2025, and Summit Carbon Solutions intends to be operational in the second half of 2026. In addition, we are collaborating with global partners to explore innovative options for carbon use where pipeline transport or direct injection may not be feasible. Reducing the CI of our fuel ethanol could allow us to benefit from state and federal clean fuel programs, including LCFS and federal tax credits under the IRA, and could position our low-carbon ethanol as a potential feedstock for ATJ pathways to produce SAF.

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In July 2023, we announced a technology collaboration with Equilon Enterprises LLC, which allows us to use FQT’s precision separation and processing technology with Shell Fiber Conversion Technology. The two technologies will combine fermentation, mechanical separation and processing, and fiber conversion into one platform. This has the potential to create a new process to liberate all available distillers corn oil currently bound in the fiber fraction of the corn kernel, generate cellulosic sugars for production of low-carbon ethanol, and enhance and expand available high protein to produce high-quality ingredients for global animal feed diets. Our collaboration completed the construction of a facility at Green Plains York and began commissioning during 2024.

Our profitability is highly dependent on commodity prices, particularly for ethanol, distillers grains, Ultra-High Protein, renewable corn oil, soybean meal, corn, and natural gas. Since market price fluctuations of these commodities are not always correlated, our operations may be unprofitable at times. We use a variety of risk management tools and hedging strategies to monitor price risk exposure at our ethanol plants and lock in favorable margins or reduce production when margins are compressed. Our profitability could be significantly impacted by price movements of the aforementioned commodities.

Recent Developments

The Partnership Merger

Strategic Review

The company announced a strategic review process in February 2024 to explore a broad range of opportunities to enhance long-term shareholder value, including, but not limited to, acquisitions, divestitures, a merger or sale, partnerships and financings. The Board of Directors continues to progress the strategic review process and has formed a Special Committee to assist the Board with the evaluation of various alternatives. In addition, the company has engaged Bank of America as its financial advisor and Vinson & Elkins LLP as its legal advisor. There is no deadline or definitive timetable for completion of the strategic review process, and there can be no assurances that the process will result in a transaction or any other outcome. The company does not intend to make any further public comment regarding the review until the Board has approved a specific action or otherwise determines that additional disclosure is appropriate or required.

Birmingham Terminal

Results of Operations

During the second quarter of 2024, we maintained an average utilization rate of approximately 92.6% of capacity, resulting in ethanol production of 208.5 mmg, compared with 194.7 mmg, or 81.5% of capacity, for the same quarter last year. Our operating strategy is to transform our company to a value-add agricultural technology company. Depending on the margin environment, we may exercise operational discretion that results in reductions in production volumes. It is possible that throughput volumes could fluctuate in the future, depending on various factors that drive each biorefinery’s variable contribution margin, including future driving and gasoline demand for the industry, demand for valuable coproducts we produce, and the supply and pricing of renewable feedstocks needed to operate our biorefineries. We are currently producing Ultra-High Protein at five of our biorefineries.

U.S. Ethanol Supply and Demand

According to the EIA, domestic ethanol production averaged 1.02 million barrels per day during the second quarter of 2024, which was 1.0% higher than the 1.01 million barrels per day for the same quarter last year. Refiner and blender input volume was 915 thousand barrels per day for the second quarter of 2024, compared with 905 thousand barrels per day for the same quarter last year. Gasoline demand was 2.4% lower than the prior year at 8.9 million barrels per day during the second quarter of 2024. U.S. domestic ethanol ending stocks increased by approximately 1.3 million barrels compared to the prior year, or 5.8%, to 23.6 million barrels as of June 30, 2024. As of this filing, according to Prime the Pump, there were approximately 3,244 retail stations selling E15 year-round.

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Global Ethanol Supply and Demand

According to the USDA Foreign Agriculture Service, domestic ethanol exports through May 31, 2024, were approximately 817 mmg, up from the 573 mmg for the same period of 2023. Canada was the largest export destination for U.S. ethanol accounting for approximately 34% of domestic ethanol export volume, driven in part by their national clean fuel standard. The United Kingdom and India accounted for approximately 12% and 11%, respectively, of U.S. ethanol exports. We currently estimate that net ethanol exports will range from 1.6 to 1.8 billion gallons in 2024, based on historical demand from a variety of countries and certain countries that seek to improve their air quality, reduce GHG emissions through low-carbon fuel programs and eliminate MTBE from their own fuel supplies. Fluctuations in currencies relative to the U.S. dollar could impact the U.S. ethanol competitiveness in the global market.

Protein and Vegetable Oil Supply and Demand

Our dried distillers grains and high protein ingredients compete against other ethanol producers domestically and abroad, as well as with soybean meal, canola meal and other protein feed ingredients. Likewise, our distillers corn oil, which is a feedstock for producing biodiesel, renewable diesel and to some extent SAF, competes against other vegetable oils such as soybean oil, canola oil, and to some extent palm oil, as well as against waste oils such as used cooking oils, animal fats and tallow. Soybean processing capacity in the U.S. has been expanding to meet the rising demand for vegetable oils to produce renewable fuels. According to the National Oilseed Processors Association, for the second quarter of 2024, soybean crush was approximately 525 million bushels, up 9 million bushels from the 516 million bushels crushed during the second quarter of 2023. Soybean oil stocks were 1.6 billion pounds, which was down from the 1.7 billion pounds of stocks as of June 30, 2023. Soybean meal production was 12.4 million short tons for the second quarter of 2024, up slightly from the 12.3 million short tons from the same period in the prior year.

Legislation and Regulation

We are sensitive to government programs and policies that affect the supply and demand for ethanol and other fuels, which in turn may impact the volume of ethanol and other products we handle. Over the years, various bills and amendments have been proposed in the House and Senate, which would eliminate the RFS entirely, eliminate the corn based ethanol portion of the mandate, lower the price of RINs and make it more difficult to sell fuel blends with higher levels of ethanol. Bills have also been introduced to require or otherwise incentivize higher levels of octane blending, allow for year-round sales of higher blends of ethanol and require car manufacturers to produce vehicles that can operate on higher ethanol blends. We believe it is unlikely that any of these bills will become law in the current Congress. In addition, the manner in which the EPA administers the RFS and related regulations can have a significant impact on the actual amount of ethanol and other biofuels blended into the domestic fuel supply.

Federal mandates and state-level clean fuel standards supporting the use of renewable fuels are a significant driver of ethanol demand in the U.S. Ethanol policies are influenced by concerns for the environment, diversifying the fuel supply, supporting U.S. farmers and reducing the country’s dependence on foreign oil. Consumer acceptance of FFVs, availability of higher ethanol blends and increased use of higher ethanol blends in non-FFVs may be necessary before ethanol can achieve further growth in the U.S. light duty surface transportation fleet market share. In addition, expansion of clean fuel standards in other states and countries, or a national LCFS could increase the demand for ethanol, depending on how they are structured. Incentives for automakers to produce FFVs phased out in 2020, and the EPA's proposed Corporate Average Fuel Economy (CAFE) standards further incentivize EV production, with the administration's stated goal of having EVs represent two-thirds of vehicles sold by 2032. Sales of EVs in the U.S. were approximately 330 thousand vehicles during the second quarter of 2024, which represented approximately 8% of new vehicles sales, up 11% year over year. Transition of the light duty surface transportation fleet from internal combustion engines to EVs could decrease the demand for ethanol.

The IRA, which was signed into law on August 16, 2022, is a sweeping policy that could have many potential impacts on our business which we are continuing to evaluate. The legislation (1) created a new Clean Fuel Production Credit of $0.02 per gallon per CI point reduction for any fuel below a 50 CI threshold from 2025 to 2027, section 45Z of the Internal Revenue Code, which could impact our fuel ethanol, depending on the level of GHG reduction for each gallon; (2) created a new tax credit for SAF, section 40B of the Internal Revenue Code, of $1.25 to $1.75 per gallon for 2023 and 2024, depending on the GHG reduction for each gallon, that could possibly involve some of our renewable corn oil or low carbon ethanol as feedstock through an ATJ pathway, depending on the life cycle analysis model being used (this credit expires after 2024 and shifts to the 45Z Clean Fuel Production Credit, where it qualifies for up to $0.035 per gallon per CI point reduction below a 50 CI threshold); (3) expanded the carbon capture and sequestration credit, section 45Q of the Internal Revenue Code, to $85 for each metric ton of carbon dioxide sequestered, which could impact our carbon capture strategies,

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though it cannot be claimed in conjunction with the 45Z Clean Fuel Production Credit, which could prove to be more valuable; (4) extended the $1.00 per gallon biomass-based diesel tax credit through 2024, which could impact our renewable corn oil values, as this co-product serves as a low-carbon feedstock for renewable diesel and bio-diesel production (this credit expires after 2024 and shifts to the 45Z Clean Fuel Production credit, where all non-SAF fuels qualify for $0.02 per gallon for each point of CI reduction under the 50 CI threshold); (5) funded $500 million of biofuel blending infrastructure, which could impact the availability of higher level ethanol blended fuel; (6) increased funding for climate-smart agriculture and working lands conservation programs for farmers by $20 billion; and (7) provided credits for the production and purchase of EVs, which could impact the amount of internal combustion engines built and sold longer term, and by extension impact the demand for liquid fuels including ethanol. There are numerous additional clean energy credits included in this law, including investment tax credits for construction of clean energy infrastructure, that could impact us and our overall competitiveness. Regulatory rulemaking for the administration of these programs is underway, and the final regulations could impact many aspects of our business. On April 30, 2024, the U.S. Department of Treasury issued regulatory guidance along with an updated GREET lifecycle assessment model for the 40B SAF tax credit, which included a pathway for U.S. corn ethanol to qualify as a feedstock for SAF if the carbon intensity is lowered through utilization of various technologies and practices, including carbon capture and climate smart agriculture practices. On June 22, 2024, the USDA put out a Request for Information on the Production of Biofuel Feedstocks using climate smart practices, which could inform rulemaking for the 45Z Clean Fuel Production Credit.

The RFS sets a floor for biofuels use in the United States. In June 2023, the EPA finalized RVOs for 2023, 2024 and 2025, setting the implied conventional ethanol levels at 15.25 billion gallons for 2023, and 15 billion for 2024 and 2025, inclusive of 250 million gallons of supplemental volume in 2023 to reflect a court-ordered remand of a previously lowered RVO. The EPA also proposed a modest increase in biomass-based diesel volumes over the three years, setting the volumes at 2.82 billion for 2023, 3.04 billion for 2024 and 3.35 billion for 2025. The EPA also indicated that corn kernel fiber would contribute to the finalized cellulosic volumes, and could move to approve registrations that have been languishing for years at the agency. The EPA also removed a proposed e-RIN program to support EVs from the final rule, but indicated they may move forward with it in a separate rulemaking. The EPA is required to propose RVOs for 2026 and potentially additional years by November of 2024. From time to time, the EPA has delayed the proposed RVOs past the statutory deadlines, and on July 8, 2024, the administration indicated that it intends to propose RVOs for 2026 and potentially additional years in March 2025, and finalize them in December 2025.

Under the RFS, RINs impact supply and demand. The EPA assigns individual refiners, blenders, and importers the volume of renewable fuels they are obligated to use in each annual RVO based on their percentage of total production of domestic transportation fuel sales. Obligated parties use RINs to show compliance with the RFS mandated volumes. Ethanol producers assign RINs to each gallon of renewable fuel they produce and the RINs are detached when the renewable fuel is blended with transportation fuel domestically. Market participants can trade the detached RINs in the open market. The market price of detached RINs can affect the price of ethanol in certain markets and can influence purchasing decisions by obligated parties. SREs can reduce or waive entirely the obligation for a refinery, which has the practical effect of reducing the RVO, and by extension the amount of RINs that need to be retired, which can impact their values and ultimately blending levels of renewable fuels. There are multiple on-going legal challenges to how the EPA has handled SREs and RFS rulemakings.

The One-Pound Waiver, which was extended in May 2019 to allow E15 to be sold year-round to all vehicles model year 2001 and newer, was challenged in an action filed in Federal District Court for the D.C. Circuit. On July 2, 2021, the Circuit Court vacated the EPA’s rule so the future of summertime, defined as June 1 to September 15, sales of E15 is uncertain. The Supreme Court declined to hear a challenge to this ruling. In 2022, the EPA issued emergency waivers to allow for the continued sale of E15 during the summer months and similar summertime waivers have been issued each year since then, with the 2024 driving season marking the sixth consecutive year that E15 is able to be sold year-round nationwide, with the exception of California which has not approved the fuel. The EPA has also allowed for the elimination of the One-Pound Waiver for E10 in several Midwestern states beginning with the 2025 summer driving season, which would have the practical effect of allowing for E15 to be sold year- round in the following states: Illinois, Iowa, Minnesota, Missouri, Nebraska, Ohio, South Dakota and Wisconsin.

In October 2019, the White House directed the USDA and EPA to move forward with rulemaking to expand access to higher blends of biofuels. This includes funding for infrastructure, labeling changes and allowing E15 to be sold through E10 infrastructure. The USDA rolled out the Higher Blend Infrastructure Incentive Program in the summer of 2020, providing competitive grants to fuel terminals and retailers for installing equipment for dispensing higher blends of ethanol and biodiesel. In December 2021, the USDA announced it would administer another infrastructure grant program. The IRA, signed into law in 2022, provided for an additional $500 million in USDA grants for biofuel infrastructure. On June

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26, 2023, the USDA announced the initial $50 million in awards, and laid out a process for distributing the remaining $450 million, with $90 million being made available each quarter.

To respond to COVID-19 health crisis and attempt to offset the subsequent economic damage, Congress passed multiple relief measures, most notably the CARES Act in March 2020, which created and funded multiple programs that have impacted our industry. The CARES Act also allowed for certain net operating loss carrybacks, which has allowed us to receive certain tax refunds. In December 2020, Congress passed and the then President signed into law an annual spending package coupled with another COVID relief bill, which included additional funds for the Secretary of Agriculture to distribute to those impacted by the pandemic. The language of the bill specifically included biofuels producers as eligible for some of this aid, and in May 2022, the USDA distributed funds to us in the amount of $27.7 million pursuant to this bill. In July 2023, the USDA distributed supplemental program funds to us in the amount of $3.4 million.

A string of recent U.S. Supreme Court decisions, namely Loper Bright Enterprises v. Raimondo, SEC v. Jarkesy and Corner Post, Inc. v. Board of Governors of the Federal Reserve, have the potential to redefine the power of federal agencies, as well as overturn the important principle of administrative law called "Chevron deference," based on a landmark case, Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc. The Chevron deference was a doctrine of judicial deference to administrative interpretations. The general shift in power from agencies to the judicial system resulting from these decisions could impact various regulatory rules affecting our business in ways that could affect our business, prospects and operations, and our financial performance positively or negatively.

Environmental and Other Regulation

Our operations are subject to environmental regulations, including those that govern the handling and release of ethanol, crude oil and other liquid hydrocarbon materials. Compliance with existing and anticipated environmental laws and regulations may increase our overall cost of doing business, including capital costs to construct, maintain, operate, and upgrade equipment and facilities. Our business may also be impacted by government policies, such as tariffs, duties, subsidies, import and export restrictions and outright embargos. We employ maintenance and operations personnel at each of our facilities, which are regulated by the Occupational Safety and Health Administration.

Comparability

There are various events that could affect comparability of our operating results, including fluctuations in our production rates in 2024 compared to 2023, along with the disposition of our Atkinson, Nebraska ethanol plant in September 2023 and losses associated with an extended shut down in spring of 2023 at a facility.

Segment Results

We report the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage, and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.

As a result of the Merger, the partnership's operations are included in the ethanol production operating segment. The following changes were made to the company's operating segments:

•The revenue and operating results from fuel storage and transportation services previously disclosed within the partnership segment are now included within the ethanol production segment.

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During the normal course of business, our operating segments do business with each other. For example, our agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains, Ultra-High Protein, and renewable corn oil of our ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact our consolidated results since the revenues and corresponding costs are eliminated.

When we evaluate segment performance, we review the following segment information as well as earnings before interest expense, income taxes, depreciation and amortization, or EBITDA, and adjusted EBITDA.

The selected operating segment financial information is as follows (in thousands):


	Three Months Ended June 30,				% Variance	Six Months Ended June 30,				% Variance
	2024		2023			2024		2023
Revenues
Ethanol production
Revenues from external customers	$	524,264	$	727,802	(28.0)%	$	1,028,710	$	1,424,415	(27.8)%
Intersegment revenues	1,179		1,133		4.1	2,392		2,238		6.9
Total segment revenues	525,443		728,935		(27.9)	1,031,102		1,426,653		(27.7)
Agribusiness and energy services
Revenues from external customers	94,561		129,830		(27.2)	187,329		266,166		(29.6)
Intersegment revenues	6,388		5,993		6.6	12,616		12,043		4.8
Total segment revenues	100,949		135,823		(25.7)	199,945		278,209		(28.1)
Revenues including intersegment activity	626,392		864,758		(27.6)	1,231,047		1,704,862		(27.8)
Intersegment eliminations	(7,567)		(7,126)		6.2	(15,008)		(14,281)		5.1
	$	618,825	$	857,632	(27.8)%	$	1,216,039	$	1,690,581	(28.1)%


	Three Months Ended June 30,				% Variance	Six Months Ended June 30,				% Variance
	2024		2023			2024		2023
Cost of goods sold
Ethanol production (1)	$	495,053	$	719,878	(31.2)%	$	1,003,355	$	1,426,011	(29.6)%
Agribusiness and energy services	93,516		129,409		(27.7)	181,502		262,689		(30.9)
Intersegment eliminations	(7,567)		(7,126)		6.2	(15,008)		(14,281)		5.1
	$	581,002	$	842,161	(31.0)%	$	1,169,849	$	1,674,419	(30.1)%


	Three Months Ended June 30,				% Variance	Six Months Ended June 30,				% Variance
	2024		2023			2024		2023
Gross margin
Ethanol production (1)	$	30,390	$	9,057	235.5%	$	27,747	$	642	*
Agribusiness and energy services	7,433		6,414		15.9	18,443		15,520		18.8
	$	37,823	$	15,471	144.5%	$	46,190	$	16,162	185.8%

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	Three Months Ended June 30,				% Variance	Six Months Ended June 30,				% Variance
	2024		2023			2024		2023
Depreciation and amortization
Ethanol production	$	20,544	$	23,253	(11.7 %)	$	41,078	$	47,007	(12.6 %)
Agribusiness and energy services	497		536		(7.3)	1,002		1,349		(25.7)
Corporate activities	543		837		(35.1)	991		1,656		(40.2)
	$	21,584	$	24,626	(12.4 %)	$	43,071	$	50,012	(13.9 %)


	Three Months Ended June 30,				% Variance	Six Months Ended June 30,				% Variance
	2024		2023			2024		2023
Operating income (loss)
Ethanol production (2)	$	(2,213)	$	(25,139)	91.2%	$	(35,866)	$	(67,089)	46.5%
Agribusiness and energy services	2,166		2,173		(0.3)	8,170		6,299		29.7
Corporate activities	(17,664)		(19,514)		9.5	(34,904)		(38,230)		8.7
	$	(17,711)	$	(42,480)	58.3%	$	(62,600)	$	(99,020)	36.8%

(2)Operating loss for ethanol production includes an inventory lower of average cost or net realizable value adjustment of $9.5 million for the three and six months ended June 30, 2023.

* Percentage variances not considered meaningful.

We use EBITDA, adjusted EBITDA, and segment EBITDA as measures of profitability to compare the financial performance of our reportable segments and manage those segments. 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. Adjusted EBITDA includes adjustments related to our proportional share of EBITDA adjustments of our equity method investees. We believe EBITDA, adjusted EBITDA and segment EBITDA are useful measures to compare our performance against other companies. These measures should not be considered an alternative to, or more meaningful than, net income, which is prepared in accordance with GAAP. EBITDA, adjusted EBITDA, and segment EBITDA calculations may vary from company to company. Accordingly, our computation of EBITDA, adjusted EBITDA, and segment EBITDA may not be comparable with a similarly titled measure of other companies.

The following table reconciles net loss including noncontrolling interest to adjusted EBITDA (in thousands):


	Three Months Ended June 30,				% Variance	Six Months Ended June 30,				% Variance
	2024		2023			2024		2023
Net loss	$	(24,038)	$	(48,320)	50.3%	$	(75,160)	$	(114,569)	34.4%
Interest expense	7,494		9,741		(23.1)	15,280		19,479		(21.6)
Income tax (benefit) expense	(273)		(1,019)		(73.2)	56		2,410		(97.7)
Depreciation and amortization (1)	21,584		24,626		(12.4)	43,071		50,012		(13.9)
EBITDA	4,767		(14,972)		131.8	(16,753)		(42,668)		60.7
Proportional share of EBITDA adjustments to equity method investees	271		45		*	316		90		251.1
Adjusted EBITDA	$	5,038	$	(14,927)	133.8%	$	(16,437)	$	(42,578)	61.4%

(1)Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.

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The following table reconciles segment EBITDA to consolidated adjusted EBITDA (in thousands):


	Three Months Ended June 30,				% Variance	Six Months Ended June 30,				% Variance
	2024		2023			2024		2023
Adjusted EBITDA
Ethanol production (1)	$	17,952	$	(1,141)	*	$	4,331	$	(18,945)	122.9%
Agribusiness and energy services	3,045		2,871		6.1	10,101		8,098		24.7
Corporate activities	(16,230)		(16,702)		2.8	(31,185)		(31,821)		2.0
EBITDA	4,767		(14,972)		131.8	(16,753)		(42,668)		60.7
Proportional share of EBITDA adjustments to equity method investees	271		45		*	316		90		251.1
	$	5,038	$	(14,927)	133.8%	$	(16,437)	$	(42,578)	61.4%

(1)Ethanol production includes an inventory lower of average cost or net realizable value adjustment of $9.5 million for the three and six months ended June 30, 2023.

* Percentage variances not considered meaningful.

Three Months Ended June 30, 2024 Compared with the Three Months Ended June 30, 2023

Consolidated Results

Consolidated revenues decreased $238.8 million for the three months ended June 30, 2024 compared with the same period in 2023 primarily due to lower weighted average selling prices on ethanol, distillers grains and renewable corn oil, partially offset by higher volumes sold on ethanol, distillers grains and renewable corn oil within our ethanol production segment as described below. Revenues were also lower within our agribusiness and energy services segment as a result of decreased ethanol and distillers grains trading volumes.

Net loss decreased $24.3 million and adjusted EBITDA increased $20.0 million for the three months ended June 30, 2024 compared with the same period last year primarily due to higher margins in our ethanol production segment. Interest expense decreased for the three months ended June 30, 2024 compared with the same period in 2023 primarily due to lower working capital revolver balances. Income tax benefit was $0.3 million for the three months ended June 30, 2024 compared with income tax benefit of $1.0 million for the same period in 2023 primarily due to an increase in the valuation allowance recorded against certain deferred tax assets for the three months ended June 30, 2024.

The following discussion provides greater detail about our second quarter segment performance.

Ethanol Production Segment

Key operating data for our ethanol production segment is as follows:


	Three Months Ended June 30,
	2024	2023	% Variance

Ethanol (thousands of gallons)	208,483	194,753	7.0%
Distillers grains (thousands of equivalent dried tons)	463	458	1.1
Ultra-High Protein (thousands of tons)	65	44	47.7
Renewable corn oil (thousands of pounds)	73,630	64,689	13.8
Corn consumed (thousands of bushels)	71,819	67,336	6.7

Revenues in our ethanol production segment decreased $203.5 million for the three months ended June 30, 2024 compared with the same period in 2023, primarily due to lower weighted average selling prices on ethanol, distillers grains and renewable corn oil resulting in decreased revenues of $203.7 million, $38.4 million and $9.5 million, respectively,

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partially offset by higher ethanol, distillers grain and renewable corn oil volumes sold resulting in increased revenues of $38.9 million, $6.3 million and $5.2 million, respectively. Revenues also decreased as a result of hedging activities by $1.8 million.

Cost of goods sold in our ethanol production segment decreased $224.8 million for the three months ended June 30, 2024 compared with the same period last year primarily due to lower weighted average corn prices, ethanol volumes purchased and utilities, chemicals and other costs including losses associated with an extended plant shutdown in 2023, of $172.4 million, $46.1 million and $34.6 million, respectively, partially offset by higher corn volumes processed resulting in increased costs of $31.4 million. Costs also decreased as a result of hedging activities of $3.3 million.

Operating loss in our ethanol production segment decreased $22.9 million for the three months ended June 30, 2024 compared with the same period in 2023 primarily due to increased margins as outlined above. Depreciation and amortization expense for the ethanol production segment was $20.5 million for the three months ended June 30, 2024, compared with $23.3 million for the same period last year.

Agribusiness and Energy Services Segment

Revenues in our agribusiness and energy services segment decreased $34.9 million while operating income remained consistent for the three months ended June 30, 2024 compared with the same period in 2023. The decrease in revenues was primarily due to a decrease in ethanol and distillers grains trading prices, partially offset by an increase in natural gas trading volumes.

Intersegment Eliminations

Intersegment eliminations of revenues was relatively consistent for the three months ended June 30, 2024 compared with the same period in 2023.

Corporate Activities

Operating income was impacted by a decrease in corporate activities of $1.9 million for the three months ended June 30, 2024 compared to the same period in 2023, primarily due to decreased personnel costs during the three months ended June 30, 2024.

Six Months Ended June 30, 2024 Compared with the Six Months Ended June 30, 2023

Consolidated Results

Consolidated revenues decreased $474.5 million for the six months ended June 30, 2024 compared with the same period in 2023 primarily due to lower weighted average selling prices on ethanol, distillers grains and renewable corn oil, partially offset by higher volumes sold on ethanol, distillers grains (including Ultra-High Protein) and renewable corn oil within our ethanol production segment as described below. Revenues were also lower within our agribusiness and energy services segment as a result of decreased trading volumes.

Net loss decreased $39.4 million for the six months ended June 30, 2024 compared with the same period last year primarily due to higher margins in our ethanol production segment, higher trading margins in our agribusiness and energy services segment and decreased depreciation expense. Adjusted EBITDA increased $26.1 million for the six months ended June 30, 2024 compared with the same period last year primarily due to higher margins in our ethanol production segment. Interest expense decreased $4.2 million for the six months ended June 30, 2024 compared with the same period in 2023 primarily due to lower working capital revolver balances. Income tax expense was $0.1 million for the six months ended June 30, 2024, compared with income tax expense of $2.4 million for the same period in 2023 primarily due to a decrease in the valuation allowance recorded against certain deferred tax assets for the six months ended June 30, 2024.

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The following discussion provides greater detail about our year-to-date segment performance.

Ethanol Production Segment

Key operating data for our ethanol production segment is as follows:


	Six Months Ended June 30,
	2024	2023	% Variance

Ethanol (thousands of gallons)	416,387	401,633	3.7%
Distillers grains (thousands of equivalent dried tons)	932	940	(0.9)
Ultra-High Protein (thousands of tons)	125	96	30.2
Renewable corn oil (thousands of pounds)	140,351	132,700	5.8
Corn consumed (thousands of bushels)	143,093	138,571	3.3

Revenues in our ethanol production segment decreased $395.6 million for the six months ended June 30, 2024 compared with the same period in 2023, primarily due to lower weighted average selling prices on ethanol, distillers grains, and renewable corn oil resulting in decreased revenues of $357.3 million, $70.7 million, and $19.2 million, respectively, partially offset by higher ethanol, distillers grains (including Ultra-High Protein), and renewable corn oil volumes sold resulting in increased revenues of $38.8 million, $5.1 million and $4.7 million, respectively. Revenues also increased as a result of hedging activities by $3.0 million.

Cost of goods sold in our ethanol production segment decreased $422.7 million for the six months ended June 30, 2024 compared with the same period last year primarily due to lower weighted average corn prices resulting in $346.9 million in decreased costs, lower ethanol volumes purchased of $75.4 million, lower utilities costs of $52.7 million and lower freight costs of $6.8 million, partially offset by higher corn volumes processed resulting in increased corn costs of $31.7 million and hedging activities of $8.1 million.

Operating loss decreased $31.2 million for the six months ended June 30, 2024 compared with the same period in 2023 primarily due to increased margins in ethanol production as outlined above. Depreciation and amortization expense for the ethanol production segment was $41.1 million for the six months ended June 30, 2024, compared with $47.0 million for the same period last year, with the decrease primarily due to certain assets becoming fully depreciated.

Agribusiness and Energy Services Segment

Revenues in our agribusiness and energy services segment decreased $78.3 million while operating income increased $1.9 million for the six months ended June 30, 2024 compared with the same period in 2023. The decrease in revenues was primarily due to a decrease in ethanol, natural gas and distillers grains trading prices. Operating income increased primarily as a result of higher grain storage volumes.

Intersegment Eliminations

Intersegment eliminations of revenues increased by $0.7 million for the six months ended June 30, 2024 compared with the same period in 2023 primarily due to increased corn origination fees paid to the agribusiness and energy services segment as a result of higher corn volumes processed.

Corporate Activities

Operating loss was impacted by a decrease in corporate activities of $3.3 million for the six months ended June 30, 2024 compared to the same period in 2023, primarily due to decreased personnel costs.

Liquidity and Capital Resources

Our principal sources of liquidity include cash generated from operating activities and bank credit facilities. We fund our operating expenses and service debt primarily with operating cash flows. Capital resources for maintenance and growth expenditures are funded by a variety of sources, including cash generated from operating activities or from debt and equity capital markets. Our ability to access capital markets for debt under reasonable terms depends on our financial condition,

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credit ratings and market conditions. We believe that our ability to obtain financing at reasonable rates based on these factors remains sufficient and provides a solid foundation to meet our future liquidity and capital resource requirements.

On June 30, 2024, we had $195.6 million in cash and cash equivalents and $29.5 million in restricted cash. We also had $219.6 million available under our committed revolving credit agreement, subject to restrictions or other lending conditions. Funds at certain subsidiaries are generally required for their ongoing operational needs and restricted from distribution. At June 30, 2024, our subsidiaries had approximately $112.8 million of net assets that were not available to use in the form of dividends, loans or advances due to restrictions contained in their credit facilities.

Net cash used in operating activities was $65.7 million for the six months ended June 30, 2024, compared with net cash used in operating activities of $168.4 million for the same period in 2023. Net cash used in operating activities compared to the prior year was primarily affected by a lower net loss as well as a decrease in cash used related to lower payments of accounts payables and for inventory when compared to the same period of the prior year. Net cash used in investing activities was $55.5 million for the six months ended June 30, 2024 compared with net cash used in investing activities of $57.6 million for the same period in 2023. Investing activities compared to the prior year were primarily affected by a decrease in capital expenditures partially offset by an increase in investments in equity method investments. Net cash used in financing activities was $32.4 million for the six months ended June 30, 2024 compared with net cash provided by financing activities of $85.5 million for the same period in 2023, primarily due to lower net proceeds from short-term borrowing arrangements and the extinguishment of non-controlling interest when compared to the same period in 2023.

Additionally, Green Plains Finance Company, Green Plains Trade, Green Plains Grain and Green Plains Commodity Management use revolving credit facilities to finance working capital requirements. We frequently draw from and repay these facilities, which results in significant cash movements reflected on a gross basis within financing activities as proceeds from and payments on short-term borrowings.

We incurred net capital expenditures of approximately $39.5 million during the six months ended June 30, 2024, primarily for the clean sugar expansion project at Shenandoah and for various other capital projects. Capital spending for the remainder of 2024 is expected to be between $50.0 million and $70.0 million, which is subject to review prior to the initiation of any project. This excludes an estimated $110 million of additional expenditures related to our carbon capture and sequestration projects expected to occur in 2024 and 2025 and to be funded through project related financing. The 2024 estimate includes additional expenditures to deploy FQT's CST™ technology, as well as expenditures for various other capital projects, which are expected to be financed with cash on hand and with cash provided by operating activities.

Our business is highly sensitive to the price of commodities, particularly for corn, ethanol, distillers grains (including Ultra-High Protein), renewable corn oil and natural gas. We use derivative financial instruments to reduce the market risk associated with fluctuations in commodity prices. Sudden changes in commodity prices may require cash deposits with brokers for margin calls or significant liquidity with little advanced notice to meet margin calls, depending on our open derivative positions. We continuously monitor our exposure to margin calls and believe we will continue to maintain adequate liquidity to cover margin calls from our operating results and borrowings.

In August 2014 and October 2019, our board of directors authorized a share repurchase program of up to $200.0 million of our common stock. Under the program, we may repurchase shares in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers or by other means. The timing and amount of repurchase transactions are determined by our management based on market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time without prior notice. Since inception of the repurchase program, we have repurchased 7.4 million shares of common stock for approximately $92.8 million under the program. We did not repurchase any shares of common stock during the second quarter of 2024.

We believe we have sufficient working capital for our existing operations. A continued sustained period of unprofitable operations, however, may strain our liquidity. We may sell additional assets or equity or borrow capital to improve or preserve our liquidity, expand our business or acquire businesses.

Debt

We were in compliance with our debt covenants at June 30, 2024. Based on our forecasts, we anticipate we will maintain compliance at each of our subsidiaries for the next twelve months or have sufficient liquidity available on a consolidated basis to resolve noncompliance. We cannot provide assurance that actual results will approximate our forecasts or that we will inject the necessary capital into a subsidiary to maintain compliance with its respective covenants. In the event a subsidiary is unable to comply with its debt covenants, the subsidiary’s lenders may determine that an event

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of default has occurred, and following notice, the lenders may terminate the commitment and declare the unpaid balance due and payable.

Corporate Activities

In March 2021, we issued $230.0 million of unsecured 2.25% convertible senior notes due in 2027, or the 2.25% notes. The 2.25% notes bear interest at a rate of 2.25% per year, payable on March 15 and September 15 of each year. The initial conversion rate is 31.6206 shares of our common stock per $1,000 principal amount of 2.25% notes (equivalent to an initial conversion price of approximately $31.62 per share of our common stock), representing an approximately 37.5% premium over the offering price of our common stock. The conversion rate is subject to adjustment upon the occurrence of certain events, including but not limited to; the event of a stock dividend or stock split; the issuance of additional rights, options and warrants; spinoffs; or a tender or exchange offering. In addition, we may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including our calling the 2.25% notes for redemption. We may settle the 2.25% notes in cash, common stock or a combination of cash and common stock. At June 30, 2024, the outstanding principal balance on the 2.25% notes was $230.0 million.

Ethanol Production Segment

On February 9, 2021, Green Plains SPE LLC, a wholly-owned special purpose subsidiary and parent of Green Plains Obion and Green Plains Mount Vernon issued $125.0 million of junior secured mezzanine notes due February 2026 with BlackRock. These notes accrue interest at an annual rate of 11.75% and will mature on February 9, 2026.

Green Plains Shenandoah, a wholly-owned subsidiary, has a $75.0 million secured loan agreement, which matures on September 1, 2035. During the second quarter of 2024, the agreement was modified to remove the Wood River facility from the assets considered to be secured under the loan agreement and Green Plains Wood River was removed as a counterparty to the loan agreement. At June 30, 2024, the outstanding principal balance was $72.4 million on the loan and the interest rate was 5.02%.

Green Plains Partners, through a wholly owned subsidiary, has a secured term loan to fund working capital, capital expenditures and other general partnership purposes. The term loan has a maturity date of July 20, 2026. The term loan does not require any principal payments; however, the partnership has the option to prepay $1.5 million per quarter. Prepayments totaling $1.5 million and $3.0 million were made during the three and six months ended June 30, 2024, respectively. Interest on the term loan is based on 3-month SOFR plus 8.26%, and is payable on the 15th day of each March, June, September and December. As of June 30, 2024, the term loan had a balance of $53.0 million and an interest rate of 13.60%.

We also have small equipment financing loans, finance leases on equipment or facilities, and other forms of debt financing.

Agribusiness and Energy Services Segment

Green Plains Finance Company, Green Plains Grain and Green Plains Trade have total senior secured revolving commitments of $350.0 million and an accordion feature whereby amounts available under the facility may be increased by up to $100.0 million of new lender commitments subject to certain conditions. The facility matures in March 2027. Each SOFR rate loan shall bear interest for each day at a rate per annum equal to the Term SOFR rate for the outstanding period plus a Term SOFR adjustment and an applicable margin of 2.25% to 2.50%, which is dependent on undrawn availability under the facility. Each base rate loan shall bear interest at a rate per annum equal to the base rate plus the applicable margin of 1.25% to 1.50%, which is dependent on undrawn availability under the facility. The unused portion of the facility is also subject to a commitment fee of 0.275% to 0.375%, dependent on undrawn availability. At June 30, 2024, the outstanding principal balance was $120.0 million on the facility and the interest rate was 8.74%.

Green Plains Commodity Management has an uncommitted $40.0 million secured revolving credit facility to finance margins related to its hedging programs. During the first quarter of 2023, this revolving credit facility was extended five years to mature on April 30, 2028. Advances are subject to variable interest rates equal to SOFR plus 1.75%. At June 30, 2024, the outstanding principal balance was $4.6 million on the facility and the interest rate was 7.09%.

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Refer to Note 8 - Debt in the notes to the consolidated financial statements included herein for more information about our debt.

Effects of Inflation

We have experienced inflationary impacts on labor costs, wages, components, equipment, other inputs and services across our business and inflation and its impact could escalate in future quarters, many of which are beyond our control. Moreover, we have fixed price arrangements with our customers and are not able to pass those costs along in most instances. As such, inflationary pressures could have a material adverse effect on our performance and financial statements.

Contractual Obligations and Commitments

In addition to debt, our material future obligations include certain lease agreements and contractual and purchase commitments related to commodities, storage and transportation. Aggregate minimum lease payments under the operating lease agreements for future fiscal years as of June 30, 2024 totaled $91.2 million. As of June 30, 2024, we had contracted future purchases of grain, distillers grains and natural gas valued at approximately $163.3 million and future commitments for storage and transportation valued at approximately $19.8 million. Refer to Note 13 – Commitments and Contingencies included in the notes to the consolidated financial statements included herein for more information.

Critical Accounting Policies and Estimates

Critical accounting policies, including those relating to derivative financial instruments and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. Information about our critical accounting policies and estimates are included in our annual report on Form 10-K for the year ended December 31, 2023.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We use various financial instruments to manage and reduce our exposure to various market risks, including changes in commodity prices and interest rates. We conduct the majority of our business in U.S. dollars and are not currently exposed to material foreign currency risk.

Interest Rate Risk

We are exposed to interest rate risk through our loans which bear interest at variable rates. Interest rates on our variable-rate debt are based on the market rate for the lender’s prime rate or SOFR. At June 30, 2024, we had $614.4 million in debt, $177.5 million of which had variable interest rates. A 10% increase in interest rates would affect our interest cost by approximately $1.8 million per year.

For additional information related to our debt, see Note 8 – Debt included herein as part of the notes to the consolidated financial statements and Note 12 – Debt included as part of the notes to the consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2023.

Commodity Price Risk

Our business is highly sensitive to commodity price risk, particularly for ethanol, corn, distillers grains (including Ultra-High Protein), renewable corn oil and natural gas. Ethanol prices are sensitive to world crude oil supply and demand, the price of crude oil, gasoline, corn, the price of substitute fuels, refining capacity and utilization, government regulation and consumer demand for alternative fuels. Corn prices are affected by weather conditions, yield, changes in domestic and global supply and demand, and government programs and policies. Distillers grains and Ultra-High Protein prices are impacted by livestock numbers on feed, prices for feed alternatives and supply, which is associated with ethanol plant production. Renewable corn oil prices are impacted by prices for renewable diesel fuel, diesel fuel and competing feedstocks. Natural gas prices are influenced by severe weather in the summer and winter and hurricanes in the spring, summer and fall. Other factors include North American energy exploration and production, and the amount of natural gas in underground storage during injection and withdrawal seasons.

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To reduce the risk associated with fluctuations in the price of ethanol, corn, distillers grains, Ultra-High Protein, renewable corn oil and natural gas, at times we use forward fixed-price physical contracts and derivative financial instruments, such as futures and options executed on the Chicago Board of Trade, the New York Mercantile Exchange and the Chicago Mercantile Exchange. We focus on locking in favorable operating margins, when available, using a model that continually monitors market prices for corn, natural gas and other inputs relative to the price for ethanol and distillers grains at each of our production facilities. We create offsetting positions using a combination of forward fixed-price purchases, sales contracts and derivative financial instruments. As a result, we frequently have gains on derivative financial instruments that are offset by losses on forward fixed-price physical contracts or inventories and vice versa. Our results are impacted by a mismatch of gains or losses associated with the derivative instrument during a reporting period when the physical commodity purchases or sale has not yet occurred. During the three months ended June 30, 2024, revenues included net losses of $1.8 million, while cost of goods sold included net losses of $6.1 million, and during the six months ended June 30, 2024, revenues included net losses of $1.9 million, and cost of goods sold included net losses of $5.7 million, associated with derivative financial instruments.

Ethanol Production Segment

In the ethanol production segment, net gains and losses from settled derivative instruments are offset by physical commodity purchases or sales to achieve the intended operating margins. To reduce commodity price risk caused by market fluctuations, we enter into exchange-traded futures and options contracts that serve as economic hedges.

Our exposure to market risk, which includes the impact of our risk management activities resulting from our fixed-price purchase and sale contracts and derivatives, is based on the estimated net income effect resulting from a hypothetical 10% change in price for the next 12 months starting on June 30, 2024, which is as follows (in thousands):


Commodity	Estimated Total Volume Requirements for the Next 12 Months (1)	Unit of Measure	Net Income Effect of Approximate 10% Change in Price
Ethanol	903,000	Gallons	$112,136
Corn	310,000	Bushels	$98,483
Distillers grains (2)	2,200	Tons (3)	$25,927
Renewable corn oil	300,000	Pounds	$9,196
Natural gas	26,400	MmBTU	$4,568

(1)Estimated volumes assume production at full capacity.

(2)Includes Ultra-High Protein.

(3)Distillers grains quantities are stated on an equivalent dried ton basis.

Agribusiness and Energy Services Segment

In the agribusiness and energy services segment, our physical purchase and sale contracts and derivatives are marked to market. Our inventories are carried at the lower of average cost or net realizable value, except fair-value hedged inventories. To reduce commodity price risk caused by market fluctuations for purchase and sale commitments of grain and grain held in inventory, we enter into exchange-traded futures and options contracts that serve as economic hedges.

The market value of exchange-traded futures and options used for hedging are highly correlated with the underlying market value of grain inventories and related purchase and sale contracts for grain. The less correlated portion of inventory and purchase and sale contract market values, known as basis, is much less volatile than the overall market value of exchange-traded futures and tends to follow historical patterns. We manage this less volatile risk by constantly monitoring our position relative to the price changes in the market. Inventory values are affected by the month-to-month spread in the futures markets. These spreads are also less volatile than overall market value of our inventory and tend to follow historical patterns, but cannot be mitigated directly. Our accounting policy for futures and options, as well as the underlying inventory held for sale and purchase and sale contracts, is to reflect their current market values and include gains and losses in the consolidated statement of operations.

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Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures designed to ensure the information that must be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, as appropriate, to allow timely decisions regarding required financial disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Under the supervision and participation of our chief executive officer and chief financial officer, management carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2024 as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act and concluded that our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

Management is responsible for establishing and maintaining effective internal control over financial reporting to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our consolidated financial statements for external purposes in accordance with U.S. generally accepted accounting principles. There were no material changes in our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

We are currently involved in litigation that has arisen during the ordinary course of business. We do not believe this litigation will have a material adverse effect on our financial position, results of operations or cash flows.

Item 1A. Risk Factors.

Investors should carefully consider the discussion of risks and the other information in our annual report on Form 10-K for the year ended December 31, 2023, in Part I, Item 1A, “Risk Factors,” and the discussion of risks and other information in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” under “Cautionary Information Regarding Forward-Looking Statements,” of this report. Investors should also carefully consider the discussion of risks with the partnership under the heading “Risk Factors” and other information in their annual report on Form 10-K for the year ended December 31, 2023. Although we have attempted to discuss key factors, our investors need to be aware that other risks may prove to be important in the future. New risks may emerge at any time and we cannot predict such risks or estimate the extent to which they may affect our financial performance.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The company withholds shares when restricted stock grants are vested to satisfy statutory minimum required payroll tax withholding obligations. The following table lists the shares that were withheld during the second quarter of 2024:


Period	Total Number of Shares Withheld	Average Price Paid per Share
April 1 - April 30	—	$	—
May 1 - May 31	7,491	30.78
June 1 - June 30	—	—
Total	7,491	$	30.78

In August 2014 and October 2019, our board of directors authorized a share repurchase program of up to $200 million of our common stock. Under this program, we may repurchase shares in open market transactions, privately negotiated transactions, accelerated buyback programs, tender offers or by other means. The timing and amount of the transactions are determined by management based on its evaluation of market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time, without prior notice. Since inception of the repurchase program, the company has repurchased approximately 7.4 million shares of common stock for approximately $92.8 million under the program. We did not repurchase any shares during the second quarter of 2024.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

During the three months ended June 30, 2024, no director or officer of the company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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Item 6. Exhibits.

Exhibit Index


Exhibit No.			Description of Exhibit
10.1			Modification to the Loan Agreement , dated May 24 , 202 4 , by and among Green Plains Wood River LLC, and Green Plains Shen andoah, LLC, as the Borrower s , and Met L ife Re al Estate Lending LLC, as the L ender
31.1			Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Section 302 of the Sarbanes-Oxley Act of 2002
31.2			Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Section 302 of the Sarbanes-Oxley Act of 2002
32.1			Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2			Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101			The following information from Green Plains Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements
104			The cover page from Green Plains Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, formatted in iXBRL.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	GREEN PLAINS INC.
	(Registrant)

Date: August 6, 2024	By:	/s/ Todd A. Becker
		Todd A. Becker
		President and Chief Executive Officer
		(Principal Executive Officer)


Date: August 6, 2024	By:	/s/ James E. Stark
		James E. Stark
		Chief Financial Officer
		(Principal Financial Officer)

Exhibit 10.1

Loan 200527

MODIFICATION OF LOAN DOCUMENTS AND CONSENT TO RELEASE

This Modification of Loan Documents and Consent to Release (this “Consent”) is entered into as of May 24, 2024 (the “Effective Date”) by and among Green Plains Wood River LLC, a Delaware limited liability company and Green Plains Shenandoah LLC, a Delaware limited liability company (collectively, the “Original Borrowers”) and MetLife Real Estate Lending LLC, a Delaware limited liability company (“Lender”).

WHEREAS, Original Borrowers executed and delivered to Lender a Promissory Note dated as of September 3, 2020, in the original principal amount of SEVENTY-FIVE MILLION AND NO/100 DOLLARS ($75,000,000.00) (“Note”), as further evidence by a Loan Agreement dated as of the date of the Note among Original Borrowers and Lender (as amended, the “Loan Agreement”) and secured by a Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filing dated September 3, 2020 from Green Plains Wood River LLC in favor of Lender, recorded in the office of the Register of Deeds of Hall County, Nebraska as Instrument #202006587 and re-recorded on September 8, 2020, in the office of the Register of Deeds of Hall County, Nebraska as Instrument #202006667 (the “Hall County Deed of Trust”), Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filing dated September 3, 2020 from Green Plains Wood River LLC in favor of Lender, recorded on September 3, 2020, in the office of the Register of Deeds of Buffalo County, Nebraska as Instrument #2020-06191 and re-recorded on September 8, 2020, in the office of the Register of Deeds of Buffalo County, Nebraska as Instrument #2020-06244 (the “Buffalo County Deed of Trust”), and the Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing dated September 3, 2020 from Green Plains Shenandoah LLC in favor of Lender, which was recorded on September 23, 2020 with the Fremont County, Iowa Recorder, in Book 2020 at Page 1061 and re-recorded on September 8, 2020 with the Fremont County, Iowa Recorder, in Book 2020 at Page 1077 (the “Iowa Mortgage”). The Loan Agreement, Note, Hall County Deed of Trust, Buffalo County Deed of Trust, Iowa Mortgage and all other documents evidencing and/or securing the loan are, collectively, the “Loan Documents”. Capitalized terms used herein but not otherwise defined shall have the meanings attributed to them in the Loan Agreement.

WHEREAS, Original Borrowers have requested that Lender consent and agree to release Green Plains Wood River LLC (hereinafter, the “Released Borrower”) from further liability under the Loan Documents and to release Lender’s lien on Released Borrower’s real estate and personal property described in the Hall Deed of Trust and the Buffalo County Deed of Trust, all of which Lender has granted its consent, subject to the terms and conditions set forth herein.

WHEREAS, Green Plains Shenandoah LLC (“Reaffirming Borrower”) joins in this Consent, to evidence its consent to the transactions herein and to reaffirm and ratify its obligations as the remaining “Borrower” under the Loan Documents.

NOW, THEREFORE, the parties hereby agree as follows:

1.Released Borrower and Reaffirming Borrower represent, warrant and acknowledge that there is good and valuable consideration for the agreements of the parties herein.

2.Reaffirming Borrower represents and warrants that all representations, warranties and covenants contained in the Loan Documents remain true and correct as of the date hereof. Reaffirming Borrower acknowledges that there is no event of default under the Loan Documents, that the obligations and undertakings of Reaffirming Borrower are valid and enforceable according to their terms. Reaffirming Borrower and Released Borrower each acknowledge that it has no claims, defenses or offsets to their obligations and undertakings in the Loan Documents. Additionally, Reaffirming Borrower authorizes Lender to file such financing statements and amendments and continuations thereto as Lender deems necessary to perfect its security interest or to prevent its security interest from becoming unsecured or lapsing.

3.Reaffirming Borrower and Released Borrower each further: (a) represent that it is not insolvent as of the date hereof or will not become insolvent, as a result of the matters herein; and (b) the transactions described herein are not entered into to delay, hinder or defraud any creditor of such parties.

4.Within five (5) Business Days after the Effective Date, Lender will file Deeds of Reconveyance of the Hall County Deed of Trust and the Buffalo County Deed of Trust to release its lien on Released Borrower’s property described therein and will file UCC-3 terminations of any UCC-1 financing statements naming Released Borrower as debtor and Lender as secured party.

5.Effective as of the Effective Date, Released Borrower shall automatically be released from any further liability under the Loan Documents, provided, however, the provisions of this paragraph shall not impair the right of Lender to bring suit against Released Borrower (a) based upon any acts or events occurring, or obligations under the Loan Documents that arise out of circumstances or conditions existing as of the Effective Date or (b) for any criminal or tortious conduct, intentional misrepresentations or fraud, or any waste or environmental contamination of the Property caused by Original Borrowers existing as of the Effective Date.

6.In consideration for Lender’s consent contained herein, Released Borrower hereby agrees as follows (Lender, any loan servicers, and their respective officers, directors, shareholders, representatives, employees, servicers, agents, attorneys, trustees, partners, contractors, advisors, subsidiaries, affiliates, predecessors, successors or assigns shall be referred to herein, collectively, as the “Lender Parties”):

(a) The Released Borrower hereby: (i) fully and finally acquits, quitclaims, releases, relinquishes, waives and discharges each of the Lender Parties of and from any and all obligations, claims, liabilities, damages, demands, debts, liens, deficiencies, suits, costs or cause or causes of action (including claims and

causes of action for usury) to, of or for the benefit (whether directly or indirectly) of the Released Borrower, or any of them individually, at law or in equity, known or unknown, contingent or otherwise, whether asserted or unasserted, whether now known or hereafter discovered, whether statutory, in contract or in tort, as well as any other kind or character of action now held, owned or possessed (whether directly or indirectly) by the Released Borrower on account of, arising out of, related to or concerning, whether directly or indirectly, proximately or remotely any Loan Documents or this Consent; (ii) waives any and all defenses to payment of the Loan for any reason; and (iii) waives any and all defenses, counterclaims or offsets to the Loan Documents (collectively, the “Released Claims”);

(b) In addition to the releases contained hereinabove, and not in limitation thereof, the Released Borrower hereby agrees that it shall forever not prosecute, or voluntarily aid in the prosecution of, any of the Released Claims, whether by claim, counterclaim or otherwise; and

(c) If, and to the extent that, any of the Released Claims are, for any reason whatsoever, not released and discharged pursuant to the provisions of paragraph (a) above, the Released Borrower hereby absolutely and unconditionally grants, sells, bargains, transfers, assigns and conveys unto Lender or the Lender Parties, as applicable, each and every of the Released Claims and any proceeds, settlements and distributions relating thereto.

7.Remaining Borrower hereby consents to the release of Released Borrower from its obligations under the Loan Documents and to Lender’s release of its lien on Released Borrower’s real estate and personal property encumbered by the Hall County Deed of Trust or the Buffalo County Deed of Trust. Remaining Borrower acknowledges that, due to the foregoing releases, effective as of April 1, 2024, the IRP added to the interest rate described in Section 3 of the Note has moved to Level 1 and will continue to adjust in accordance with Section 3 of the Note.

8.From and after the date of this Consent, (a) all statements or references within the text of the Loan Documents to (i) the “Borrower” or “debtor” shall mean and refer to Green Plains Shenandoah LLC; (ii) the “Land” shall mean and refer to the real property subject to the Security Instrument in Fremont County, Iowa; (b) all statements or references within the text of the Loan Documents to the "Security Instrument" or "Mortgage" shall mean and be references to the Iowa Mortgage (as defined herein); (c) all statements or references within the text of the Loan Documents to "the Loan Documents" shall excluding any references to the Hall County Deed of Trust and the Buffalo County Deed of Trust; and (d )all references within the text of the Loan Documents to any Land or Facility located in Wood River, Hall County, Nebraska, are deleted.

9.This Consent is an amendment to, and modification of, the Loan Documents. This Consent is not a novation of the liens and security interests created by the Iowa Mortgage, and Remaining Borrower hereby reaffirms that the liens and security interests created by the Iowa Mortgage

continue to secure the debt evidenced by the Note. The execution, delivery, and effectiveness of this Consent shall not, except as expressly provided herein, operate as a waiver of any right, power, or remedy of Lender under the Loan Documents, nor constitute a waiver of any provision of the Loan Documents. In all respects not inconsistent herewith, the Loan Documents (other than the Hall County Deed of Trust and the Buffalo County Deed of Trust, both of which are being reconveyed by Lender) shall otherwise remain unaffected, unchanged, and unimpaired and in full force and effect.

10.This Agreement may be executed in any number of counterparts, each of which counterparts shall be deemed to be an original and all of which together shall constitute but one and the same Agreement.

11.This Agreement shall be governed by and construed in accordance with the laws of the state of Iowa. Concurrently with the execution of this Consent, Reaffirming Borrower will pay to (a) Lender a servicing fee in the amount of $2,500 and all other third party fees incurred by Lender in connection with this Consent, including any appraisal and recording fees and (b) Lender’s counsel, Baird Holm LLP, the legal fees incurred by Lender in connection with the transactions contemplated by this Consent.

IN WITNESS WHEREOF, this agreement was executed as of the Effective Date.

REAFFIRMING BORROWER:

GREEN PLAINS SHENANDOAH LLC, a Delaware limited liability company

By: Green Plains Inc., an Iowa corporation

Sole Member of Green Plains Shenandoah LLC

By: /s/ James E. Stark

Name: James E. Stark

Title: Chief Financial Officer

RELEASED BORROWER:

Green Plains Wood River LLC

a Delaware limited liability company

By: Green Plains Inc., an Iowa corporation

Sole Member of Green Plains Wood River LLC

By: /s/ James E. Stark

Name: James E. Stark

Title: Chief Financial Officer

LENDER:

MetLife Real Estate Lending LLC

a Delaware limited liability company

By: MetLife Investment Management, LLC,

its investment manager

By: /s/ Ramsey Meigs

Name: Ramsey Meigs

Its: Authorized Signatory and Director

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

I, Todd A. Becker, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Green Plains Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: August 6, 2024			/s/ Todd A. Becker
			Todd A. Becker
			President and Chief Executive Officer (Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(a) AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

I, James E. Stark, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Green Plains Inc.;

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: August 6, 2024			/s/ James E. Stark
			James E. Stark
			Chief Financial Officer (Principal Financial Officer)

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES‑OXLEY ACT OF 2002

In connection with the Quarterly Report of Green Plains Inc. (the “company”) on Form 10-Q for the fiscal quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Todd A. Becker, President and Chief Executive Officer of the company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1)The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company.


Date: August 6, 2024			/s/ Todd A. Becker
			Todd A. Becker
			President and Chief Executive Officer

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES‑OXLEY ACT OF 2002

In connection with the Quarterly Report of Green Plains Inc. (the “company”) on Form 10-Q for the fiscal quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James E. Stark, Chief Financial Officer of the company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1)The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company.


Date: August 6, 2024			/s/ James E. Stark
			James E. Stark
			Chief Financial Officer

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-32924
Entity Registrant Name	GREEN PLAINS INC.
Entity Incorporation, State or Country Code	IA
Entity Tax Identification Number	84-1652107
Entity Address, Address Line One	1811 Aksarben Drive
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68106
City Area Code	402
Local Phone Number	884-8700
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	GPRE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		64,655,091
Entity Central Index Key	0001309402
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 195,554	$ 349,574
Restricted cash	29,540	29,188
Accounts receivable, net of allowances of $293 and $85, respectively	99,067	94,446
Income taxes receivable	1,072	822
Inventories	187,983	215,810
Prepaid expenses and other	20,957	23,118
Derivative financial instruments	17,647	19,772
Total current assets	551,820	732,730
Property and equipment, net of accumulated depreciation ‎and amortization of $721,119 and $686,077, respectively	1,019,359	1,021,928
Operating lease right-of-use assets	73,077	73,993
Other assets	119,344	110,671
Total assets	1,763,600	1,939,322
Current liabilities
Accounts payable	109,329	186,643
Accrued and other liabilities	52,080	57,029
Derivative financial instruments	16,783	10,577
Operating lease current liabilities	23,863	22,908
Short-term notes payable and other borrowings	124,579	105,973
Current maturities of long-term debt	1,830	1,832
Total current liabilities	328,464	384,962
Long-term debt	483,773	491,918
Operating lease long-term liabilities	52,071	53,879
Other liabilities	18,431	18,507
Total liabilities	882,739	949,266
Commitments and contingencies (Note 13)
Stockholders' equity
Common stock, $0.001 par value; 150,000,000 shares authorized; ‎67,460,745 and 62,326,622 shares issued, and 64,655,686 ‎and 59,521,563 shares outstanding, respectively	67	62
Additional paid-in capital	1,212,845	1,113,806
Retained deficit	(311,563)	(235,801)
Accumulated other comprehensive loss	(2,807)	(3,160)
Treasury stock, 2,805,059 shares	(31,174)	(31,174)
Total Green Plains stockholders' equity	867,368	843,733
Noncontrolling interests	13,493	146,323
Total stockholders' equity	880,861	990,056
Total liabilities and stockholders' equity	$ 1,763,600	$ 1,939,322

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 293	$ 85
Property and equipment, accumulated depreciation and amortization	$ 721,119	$ 686,077
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	67,460,745	62,326,622
Common stock, outstanding (in shares)	64,655,686	59,521,563
Treasury stock (in shares)		2,805,059

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 618,825	$ 857,632	$ 1,216,039	$ 1,690,581
Costs and expenses
Cost of goods sold (excluding depreciation and amortization expenses reflected below)	581,002	842,161	1,169,849	1,674,419
Selling, general and administrative expenses	33,950	33,325	65,719	65,170
Depreciation and amortization expenses	21,584	24,626	43,071	50,012
Total costs and expenses	636,536	900,112	1,278,639	1,789,601
Operating loss	(17,711)	(42,480)	(62,600)	(99,020)
Other income (expense)
Interest income	1,490	2,771	4,000	5,936
Interest expense	(7,494)	(9,741)	(15,280)	(19,479)
Other, net	345	(161)	794	28
Total other income (expense)	(5,659)	(7,131)	(10,486)	(13,515)
Loss before income taxes and (loss) income from equity method investees	(23,370)	(49,611)	(73,086)	(112,535)
Income tax benefit (expense)	273	1,019	(56)	(2,410)
(Loss) income from equity method investees	(941)	272	(2,018)	376
Net loss	(24,038)	(48,320)	(75,160)	(114,569)
Net income attributable to noncontrolling interests	312	4,284	602	8,359
Net loss attributable to Green Plains	$ (24,350)	$ (52,604)	$ (75,762)	$ (122,928)
Earnings per share
Net income (loss) attributable to Green Plains - basic (in dollars per share)	$ (0.38)	$ (0.89)	$ (1.19)	$ (2.09)
EPS - diluted (in dollars per share)	$ (0.38)	$ (0.89)	$ (1.19)	$ (2.09)
Weighted average shares outstanding
Basic (in shares)	63,933	58,874	63,637	58,714
Diluted (in shares)	63,933	58,874	63,637	58,714

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (24,038)	$ (48,320)	$ (75,160)	$ (114,569)
Other comprehensive income (loss), net of tax:
Unrealized (losses) gains on derivatives arising during the period, net of tax benefit (expense) of $206, ($222), $2,122 and $3,801, respectively	(657)	710	(6,700)	(12,078)
Reclassification of realized losses on derivatives, net of tax benefit of ($550), ($1,134), ($2,232) and ($1,669), respectively	1,748	3,602	7,053	5,303
Other comprehensive loss, net of tax	1,091	4,312	353	(6,775)
Comprehensive income (loss)	(22,947)	(44,008)	(74,807)	(121,344)
Comprehensive income attributable to noncontrolling interests	312	4,284	602	8,359
Comprehensive loss attributable to Green Plains	$ (23,259)	$ (48,292)	$ (75,409)	$ (129,703)

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Tax (expense) benefit on unrealized gains (losses) on derivatives arising during the period	$ 206	$ (222)	$ 2,122	$ 3,801
Tax (expense) benefit on reclassification of realized losses (gains) on derivatives	$ (550)	$ (1,134)	$ (2,232)	$ (1,669)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (75,160)	$ (114,569)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	43,071	50,012
Amortization of debt issuance costs and non-cash interest expense	1,113	1,525
Inventory lower of cost or net realizable value adjustment	0	9,545
Deferred income taxes	(111)	2,131
Stock-based compensation	6,591	6,677
Loss (income) from equity method investees	2,018	(376)
Other	1,625	1,472
Changes in operating assets and liabilities
Accounts receivable	(4,829)	(23,850)
Inventories	27,827	9,947
Derivative financial instruments	8,795	5,121
Prepaid expenses and other assets	2,161	(750)
Accounts payable and accrued liabilities	(80,001)	(115,919)
Current income taxes	837	1,299
Other	346	(698)
Net cash used in operating activities	(65,717)	(168,433)
Cash flows from investing activities:
Purchases of property and equipment, net	(39,484)	(48,902)
Investment in equity method investees	(16,023)	(8,696)
Net cash used in investing activities	(55,507)	(57,598)
Cash flows from financing activities
Payments of principal on long-term debt	(7,849)	(2,420)
Proceeds from short-term borrowings	338,384	761,455
Payments on short-term borrowings	(320,185)	(652,740)
Debt prepayment cost	(29,196)	0
Payments of transaction costs	(5,951)	0
Payments of dividends and distributions	0	(11,802)
Payments of loan fees	0	(16)
Payments related to tax withholdings for stock-based compensation	(4,587)	(8,938)
Other financing activities	(3,060)	0
Net cash provided by (used in) financing activities	(32,444)	85,539
Net change in cash and cash equivalents, and restricted cash	(153,668)	(140,492)
Cash, cash equivalents and restricted cash, beginning of period	378,762	500,276
Cash, cash equivalents and restricted cash, end of period	225,094	359,784
Reconciliation of total cash and cash equivalents, and restricted cash
Cash and cash equivalents	195,554	312,858
Restricted cash	29,540	46,926
Total cash and cash equivalents, and restricted cash	225,094	359,784
Supplemental disclosures of cash flow
Cash paid for income taxes, net	533	721
Cash paid for interest	14,452	17,717
Capital expenditures in accounts payable	6,292	5,979
Issuance of common stock as a result of the Merger	5	0
Non-cash extinguishment of non-controlling interest within additional paid-in capital	133,765	0
Non-cash ARO additions	$ 1,037	$ 2,930

Basis of Presentation, Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies	BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES References to the Company References to “Green Plains” or the “company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries. Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company acquired all of the publicly held common units of the partnership not already owned by the company and its affiliates. Refer to Note 3 - Acquisition included herein for more information. The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements. The accompanying unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP for complete financial statements, the unaudited consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 9, 2024. The unaudited financial information reflects adjustments, which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not affect total revenues, costs and expenses or net income, but increased cost of goods sold and decreased gross margin, within the ethanol production segment. Costs historically reported as operations and maintenance expenses in the consolidated statements of operations are now being reported within cost of goods sold. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Certain accounting policies, including but not limited to those relating to derivative financial instruments and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. Description of Business The company operates within two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities. As a result of the Merger, the partnership's operations are included in the ethanol production operating segment. Cash and Cash Equivalents Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less. Restricted Cash The company has restricted cash, which can only be used for funding letters of credit and for payment towards a credit agreement. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses. To the degree these segregated balances are cash and cash equivalents, they are considered restricted cash on the consolidated balance sheets. Revenue Recognition The company recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue. Sales of ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities by the company’s marketing business are recognized when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the transfer of control of products or services. Revenues related to marketing for third parties are presented on a gross basis as the company controls the product prior to the sale to the end customer, takes title of the product and has inventory risk. Unearned revenue is recorded for goods in transit when the company has received payment but control has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer. The company routinely enters into physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical commodity. Revenues include net gains or losses from derivatives related to products sold while cost of goods sold includes net gains or losses from derivatives related to commodities purchased. Revenues also include realized gains and losses on related derivative financial instruments and reclassifications of realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Sales of products are recognized when control of the product is transferred to the customer, which depends on the agreed upon shipment or delivery terms. Shipping and Handling Costs The company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, the company records customer payments associated with shipping and handling costs as a component of revenue, and classifies such costs as a component of cost of goods sold. Cost of Goods Sold Cost of goods sold includes materials, direct labor, shipping, plant overhead and transportation costs. Materials include the cost of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs, as well as reclassifications of gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Direct labor includes all compensation and related benefits of non-management personnel involved in production. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold. Plant overhead consists primarily of plant utilities, repairs and maintenance and outbound freight charges. Transportation costs include railcar leases, freight and shipping of the company's products, as well as storage costs incurred at destination terminals. The company uses exchange-traded futures and options contracts and forward purchase and sale contracts to attempt to minimize the effect of price changes on ethanol, renewable corn oil, grain and natural gas. Exchange-traded futures and options contracts are valued at quoted market prices and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for basis differences, primarily in transportation, between the exchange-traded market and local market where the terms of the contract is based. Changes in forward purchase contracts and exchange-traded futures and options contracts are recognized as a component of cost of goods sold. Derivative Financial Instruments The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to attempt to minimize risk and the effect of commodity price changes including but not limited to, corn, ethanol, natural gas and other agricultural and energy products. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk; however, there may be situations when these hedging activities themselves result in losses. By using derivatives to hedge exposures to changes in commodity prices, the company is exposed to credit and market risk. The company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring their financial condition. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The company manages market risk by incorporating parameters to monitor exposure within its risk management strategy, which limits the types of derivative instruments and strategies the company can use and the degree of market risk it can take using derivative instruments. Forward contracts are recorded at fair value unless the contracts qualify for, and the company elects, normal purchase or sale exceptions. Changes in fair value are recorded in operating income unless the contracts qualify for, and the company elects, cash flow hedge accounting treatment. Certain qualifying derivatives related to ethanol production and agribusiness and energy services are designated as cash flow hedges. The company evaluates the derivative instrument to ascertain its effectiveness prior to entering into cash flow hedges. Unrealized gains and losses are reflected in accumulated other comprehensive income or loss until the gain or loss from the underlying hedged transaction is realized and the physical transaction is completed. When it becomes probable a forecasted transaction will not occur, the cash flow hedge treatment is discontinued, which affects earnings. These derivative financial instruments are recognized in current assets or current liabilities at fair value. At times, the company hedges its exposure to changes in inventory values and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in the current period for changes in fair value. Estimated fair values carried at market are based on exchange-quoted prices, adjusted as appropriate for regional location basis values which represent differences in local markets including transportation as well as quality or grade differences. Basis values are generally determined using inputs from broker quotations or other market transactions. However, a portion of the value may be derived using unobservable inputs. Ineffectiveness of the hedges is recognized in the current period to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative. Investments in Equity Method Investees The company's equity method investments, which consist primarily of the company's 50% investment in GP Turnkey Tharaldson, including additional contributions during 2024, totaled $55.1 million and $41.7 million as of June 30, 2024 and December 31, 2023, respectively, and are reflected in other assets on the consolidated balance sheet. Interest capitalized related to our equity method investments for the six months ended June 30, 2024 totaled $0.8 million.

Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

Revenue by Source

The following tables disaggregate revenue by major source (in thousands):


	Three Months Ended June 30, 2024
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	23,279		518		—		23,797
Renewable corn oil	—		—		—		—
Other	15,270		2,056		—		17,326
Intersegment revenues	1,179		75		(1,254)		—
Total revenues from contracts with customers	39,728		2,649		(1,254)		41,123
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	387,096		86,123		—		473,219
Distillers grains	63,845		5,563		—		69,408
Renewable corn oil	33,405		—		—		33,405
Other	1,369		301		—		1,670
Intersegment revenues	—		6,313		(6,313)		—
Total revenues from contracts accounted for as derivatives	485,715		98,300		(6,313)		577,702
Total Revenues	$	525,443	$	100,949	$	(7,567)	$	618,825


	Six Months Ended June 30, 2024
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	48,079		518		—		48,597
Renewable corn oil	—		—		—		—
Other	29,617		4,468		—		34,085
Intersegment revenues	2,392		164		(2,556)		—
Total revenues from contracts with customers	80,088		5,150		(2,556)		82,682
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	737,208		159,498		—		896,706
Distillers grains	141,768		15,253		—		157,021
Renewable corn oil	67,565		—		—		67,565
Other	4,473		7,592		—		12,065
Intersegment revenues	—		12,452		(12,452)		—
Total revenues from contracts accounted for as derivatives	951,014		194,795		(12,452)		1,133,357
Total Revenues	$	1,031,102	$	199,945	$	(15,008)	$	1,216,039


	Three Months Ended June 30, 2023
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	20,027		—		—		20,027
Renewable corn oil	—		—		—		—
Other	9,473		1,822		—		11,295
Intersegment revenues	1,133		42		(1,175)		—
Total revenues from contracts with customers	30,633		1,864		(1,175)		31,322
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	551,388		118,487		—		669,875
Distillers grains	101,533		11,452		—		112,985
Renewable corn oil	37,725		5		—		37,730
Other	7,656		(1,936)		—		5,720
Intersegment revenues	—		5,951		(5,951)		—
Total revenues from contracts accounted for as derivatives	698,302		133,959		(5,951)		826,310
Total Revenues	$	728,935	$	135,823	$	(7,126)	$	857,632


	Six Months Ended June 30, 2023
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	42,594		—		—		42,594
Renewable corn oil	—		—		—		—
Other	19,059		10,272		—		29,331
Intersegment revenues	2,238		94		(2,332)		—
Total revenues from contracts with customers	63,891		10,366		(2,332)		71,925
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	1,049,575		207,126		—		1,256,701
Distillers grains	215,901		22,815		—		238,716
Renewable corn oil	82,021		721		—		82,742
Other	15,265		25,232		—		40,497
Intersegment revenues	—		11,949		(11,949)		—
Total revenues from contracts accounted for as derivatives	1,362,762		267,843		(11,949)		1,618,656
Total Revenues	$	1,426,653	$	278,209	$	(14,281)	$	1,690,581

(1)Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606.

Major Customers

ACQUISITION	6 Months Ended
ACQUISITION	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITION	ACQUISITION Green Plains Partners Merger On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company issued approximately 4.7 million shares of common stock to acquire all of the publicly held common units of the partnership not already owned by the company prior to the Merger at a fixed exchange ratio of 0.405 shares of the company's common stock, par value $0.001 per share, along with $2.50 of cash consideration for each partnership common unit. The total consideration as a result of the Merger was $143.1 million, which was comprised of $29.2 million in cash and $113.9 million of common stock exchanged. As a result of the Merger, the partnership's common units are no longer publicly traded. The interests in the partnership owned by the company and its subsidiaries remain outstanding as limited partner interests in the surviving entity. The General Partner of the partnership will continue to own the non-economic general partner interest in the surviving entity. Since the company controlled the partnership prior to the Merger and continues to control the partnership after the Merger, the company accounted for the change in its ownership interest in the partnership as an equity transaction during the six months ended June 30, 2024, which is reflected as a reduction of non-controlling interest with a corresponding increase to common stock and additional paid-in capital. No gain or loss was recognized in the consolidated statements of operations as a result of the Merger. Prior to the effective time of the Merger on January 9, 2024, public unitholders owned a 49.2% limited partner interest, the company owned a 48.8% limited partner interest and a 2.0% general partner interest in the partnership. The earnings of the partnership that were attributed to its common units held by the public for the year ended December 31, 2023 are reflected in net income attributable to non-controlling interest in the consolidated statements of operations. For the six months ended June 30, 2024, the non-controlling interest attributed to the partnership common units held by the public of $133.8 million were recorded as a reduction of non-controlling interest with a corresponding increase to additional paid-in capital. The company incurred transaction costs of $5.5 million related to the Merger during the six months ended June 30, 2024 and $2.0 million during the year ended December 31, 2023. These costs were directly related to the Merger consisting primarily of financial advisory services, legal services and other professional fees, and were recorded as an offset to the issuance of common stock within additional paid-in capital.

Fair Value Disclosures

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures

FAIR VALUE DISCLOSURES

The following methods, assumptions and valuation techniques were used in estimating the fair value of the company’s financial instruments:

Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities the company can access at the measurement date.

There have been no changes in valuation techniques and inputs used in measuring fair value. The company’s assets and liabilities by level are as follows (in thousands):


	Fair Value Measurements at June 30, 2024
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Assets
Cash and cash equivalents	$	195,554	$	—	$	195,554
Restricted cash	29,540		—		29,540
Inventories carried at market	—		17,083		17,083
Derivative financial instruments - assets	—		4,614		4,614
Total assets measured at fair value	$	225,094	$	21,697	$	246,791

Liabilities
Accounts payable (1)	$	—	$	30,144	$	30,144
Accrued and other liabilities (2)	—		3,337		3,337
Derivative financial instruments - liabilities	—		16,783		16,783
Other liabilities (2)	—		1,612		1,612
Total liabilities measured at fair value	$	—	$	51,876	$	51,876


	Fair Value Measurements at December 31, 2023
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Assets
Cash and cash equivalents	$	349,574	$	—	$	349,574
Restricted cash	29,188		—		29,188
Inventories carried at market	—		45,898		45,898
Derivative financial instruments - assets	—		13,311		13,311
Total assets measured at fair value	$	378,762	$	59,209	$	437,971

Liabilities
Accounts payable (1)	$	—	$	54,716	$	54,716
Accrued and other liabilities (2)	—		9,917		9,917
Derivative financial instruments - liabilities	—		10,577		10,577
Other liabilities (2)	—		659		659
Total liabilities measured at fair value	$	—	$	75,869	$	75,869

Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

As a result of the Merger, the partnership's operations are included in the ethanol production operating segment. The following changes were made to the company's operating segments:

•The revenue and operating results from fuel storage and transportation services previously disclosed within the partnership segment are now included within the ethanol production segment.

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,
	2024		2023		2024		2023
Revenues
Ethanol production
Revenues from external customers	$	524,264	$	727,802	$	1,028,710	$	1,424,415
Intersegment revenues	1,179		1,133		2,392		2,238
Total segment revenues	525,443		728,935		1,031,102		1,426,653
Agribusiness and energy services
Revenues from external customers	94,561		129,830		187,329		266,166
Intersegment revenues	6,388		5,993		12,616		12,043
Total segment revenues	100,949		135,823		199,945		278,209
Revenues including intersegment activity	626,392		864,758		1,231,047		1,704,862
Intersegment eliminations	(7,567)		(7,126)		(15,008)		(14,281)
	$	618,825	$	857,632	$	1,216,039	$	1,690,581

Refer to Note 2 - Revenue, for further disaggregation of revenue by operating segment.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of goods sold
Ethanol production (1)	$	495,053	$	719,878	$	1,003,355	$	1,426,011
Agribusiness and energy services	93,516		129,409		181,502		262,689
Intersegment eliminations	(7,567)		(7,126)		(15,008)		(14,281)
	$	581,002	$	842,161	$	1,169,849	$	1,674,419


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Gross margin
Ethanol production (1)	$	30,390	$	9,057	$	27,747	$	642
Agribusiness and energy services	7,433		6,414		18,443		15,520
	$	37,823	$	15,471	$	46,190	$	16,162


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Depreciation and amortization
Ethanol production	$	20,544	$	23,253	$	41,078	$	47,007
Agribusiness and energy services	497		536		1,002		1,349
Corporate activities	543		837		991		1,656
	$	21,584	$	24,626	$	43,071	$	50,012


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating income (loss)
Ethanol production (2)	$	(2,213)	$	(25,139)	$	(35,866)	$	(67,089)
Agribusiness and energy services	2,166		2,173		8,170		6,299
Corporate activities	(17,664)		(19,514)		(34,904)		(38,230)
	$	(17,711)	$	(42,480)	$	(62,600)	$	(99,020)

(2)Operating loss for ethanol production includes an inventory lower of average cost or net realizable value adjustment of $9.5 million for the three and six months ended June 30, 2023.

The following table sets forth total assets by operating segment (in thousands):


	June 30, 2024		December 31, 2023
Total assets (1)
Ethanol production	$	1,295,412	$	1,275,562
Agribusiness and energy services	362,445		413,937
Corporate assets	109,982		254,300
Intersegment eliminations	(4,239)		(4,477)
	$	1,763,600	$	1,939,322

(1)Asset balances by segment exclude intercompany balances.

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

The components of inventories are as follows (in thousands):


	June 30, 2024		December 31, 2023
Finished goods	$	70,922	$	73,975
Commodities held for sale	17,083		45,898
Raw materials	32,751		32,820
Work-in-process	14,255		14,454
Supplies and parts	52,972		48,663
	$	187,983	$	215,810

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

DERIVATIVE FINANCIAL INSTRUMENTS

Fair Values of Derivative Instruments

The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands):


	Asset Derivatives' Fair Value						Liability Derivatives' Fair Value
	June 30, 2024			December 31, 2023			June 30, 2024		December 31, 2023
Derivative financial instruments - forwards	$	4,614	(1)	$	13,311	(2)	$	16,783	$	10,577
Other liabilities	—			—			209		2
Total	$	4,614		$	13,311		$	16,992	$	10,579

cash flow hedging instruments, $0.8 million of unrealized gains on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.

Refer to Note 4 - Fair Value Disclosures, which contains fair value information related to derivative financial instruments.

Effect of Derivative Instruments on Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income


	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues	$	—	$	(1,518)	$	3,736	$	(1,518)
Cost of goods sold	(2,298)		(3,218)		(13,021)		(5,454)
Net loss recognized in loss before income taxes	$	(2,298)	$	(4,736)	$	(9,285)	$	(6,972)


	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Gain (Loss) Recognized in Other Comprehensive Income on Derivatives	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Commodity contracts	$	(863)	$	932	$	(8,822)	$	(15,879)


		Amount of Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Exchange-traded futures and options	Revenues	$	(146)	$	(3,269)	$	(1,219)	$	(11,145)
Forwards	Revenues	(1,715)		3,967		(4,444)		4,626
Exchange-traded futures and options	Cost of goods sold	8,617		25,367		11,654		33,733
Forwards	Cost of goods sold	(9,559)		(32,713)		(6,691)		(32,287)
Net gain (loss) recognized in income (loss) before income taxes		$	(2,803)	$	(6,648)	$	(700)	$	(5,073)

The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands):


	June 30, 2024				December 31, 2023
Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities		Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Inventories	$	17,083	$	(1,373)	$	45,898	$	(1,104)

Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations


	Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended June 30,
	2024				2023
	Revenue		Cost of Goods Sold		Revenue		Cost of Goods Sold
Loss on cash flow hedging relationships

Commodity contracts
Amount of loss on exchange-traded futures reclassified from accumulated other comprehensive income into income	$	—	$	(2,298)	$	(1,518)	$	(3,218)

Gain (loss) on fair value hedging relationships

Commodity contracts
Fair-value hedged inventories	—		1,014		—		(1,063)
Exchange-traded futures designated as hedging instruments	—		(2,858)		—		1,247
Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded	$	—	$	(4,142)	$	(1,518)	$	(3,034)


	Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Six Months Ended June 30,
	2024				2023
	Revenue		Cost of Goods Sold		Revenue		Cost of Goods Sold
Gain (loss) on cash flow hedging relationships

Commodity contracts
Amount of gain (loss) on exchange traded futures reclassified from accumulated other comprehensive income into income	$	3,736	$	(13,021)	$	(1,518)	$	(5,454)

Gain (loss) on fair value hedging relationships

Commodity contracts
Fair-value hedged inventories	—		(3,347)		—		(10,420)
Exchange-traded futures designated as hedging instruments	—		2,404		—		11,925
Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded	$	3,736	$	(13,964)	$	(1,518)	$	(3,949)

The notional volume of open commodity derivative positions as of June 30, 2024, are as follows (in thousands):

Exchange-Traded (1)

Non-Exchange-Traded (2)

Derivative
Instruments

Net Long &
(Short)

Long

(Short)

Unit of
Measure

Commodity

Futures

(18,380)

Bushels

Corn

Futures

12,300

(3)

Bushels

Corn

Futures

(660)

(4)

Bushels

Corn

Futures

(3,864)

Gallons

Ethanol

Futures

(34,230)

(3)

Gallons

Ethanol

Futures

(1,958)

MmBTU

Natural Gas

Futures

9,513

(3)

MmBTU

Natural Gas

Futures

(5,760)

(4)

MmBTU

Natural Gas

Futures

Tons

Soybean Meal

Options

961

Bushels

Soybeans

Forwards

25,289

—

Bushels

Corn

Forwards

—

(226,298)

Gallons

Ethanol

Forwards

124

(231)

Tons

Distillers Grains

Forwards

—

(58,803)

Pounds

Renewable Corn Oil

Forwards

8,788

(12)

MmBTU

Natural Gas

(1)Notional volume of exchange-traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.

(3)Notional volume of exchange-traded futures used for cash flow hedges.

(4)Notional volume of exchange-traded futures used for fair value hedges.

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

DEBT

The components of long-term debt are as follows (in thousands):


	June 30, 2024		December 31, 2023
Corporate
2.25% convertible notes due 2027 (1)	$	230,000	$	230,000
Green Plains SPE LLC
$125.0 million junior secured mezzanine notes due 2026 (2)	125,000		125,000
Green Plains Shenandoah
$75.0 million loan agreement (3)	72,375		73,125
Green Plains Partners
$60.0 million term loan (4)	52,969		55,969
Other	9,465		14,669
Total book value of long-term debt	489,809		498,763
Unamortized debt issuance costs	(4,206)		(5,013)
Less: current maturities of long-term debt	(1,830)		(1,832)
Total long-term debt	$	483,773	$	491,918

(1)The 2.25% notes had $3.4 million and $4.0 million of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023, respectively.

(2)The junior notes had $0.3 million and $0.4 million of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023, respectively.

(3)The loan had $0.3 million of unamortized debt issuance costs as of both June 30, 2024 and December 31, 2023.

(4)The term loan had $0.2 million and $0.3 million of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023, respectively.

The components of short-term notes payable and other borrowings are as follows (in thousands):


	June 30, 2024		December 31, 2023
Green Plains Finance Company, Green Plains Grain and Green Plains Trade
$350.0 million revolver	$	120,000	$	99,000
Green Plains Commodity Management
$40.0 million hedge line	4,579		6,973
	$	124,579	$	105,973

Corporate Activities

conversion rate for any conversion that occurs in connection with certain corporate events, including the company’s calling the 2.25% notes for redemption.

Ethanol Production Segment

The company also has small equipment financing loans, finance leases on equipment or facilities, and other forms of debt financing.

Agribusiness and Energy Services Segment

Covenant Compliance

The company was in compliance with its debt covenants as of June 30, 2024.

Restricted Net Assets

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

Restricted Stock Awards and Deferred Stock Units

The restricted non-vested stock awards and deferred stock units activity for the six months ended June 30, 2024 is as follows:


	Non-Vested Shares and Deferred Stock Units	Weighted- Average Grant- Date Fair Value		Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2023	607,894	$	30.79
Granted	454,875	20.32
Forfeited	(5,162)	24.27
Vested	(346,839)	29.38
Non-Vested at June 30, 2024	710,768	$	24.82	2.1

Performance Share Awards

The non-vested performance share award activity for the six months ended June 30, 2024, is as follows:


	Performance Shares	Weighted- Average Grant- Date Fair Value		Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2023	404,740	$	30.51
Granted	270,307	23.00
Vested	(136,475)	26.22
Non-Vested at June 30, 2024	538,572	$	27.82	1.9

Green Plains Partners

The non-vested unit-based awards activity for the six months ended June 30, 2024, is as follows:


	Non-Vested Units	Weighted- Average Grant- Date Fair Value		Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2023	18,549	$	12.94
Vested (1)	(18,549)	12.94
Non-Vested at June 30, 2024 (1)	—	$	—	0.0

(1)Pursuant to the Merger Agreement, each of these awards became fully vested at the effective time of the Merger on January 9, 2024.

Stock-Based Compensation Expense

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period.

The basic and diluted EPS are calculated as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
EPS - basic and diluted
Net loss attributable to Green Plains	$	(24,350)	$	(52,604)	$	(75,762)	$	(122,928)
Weighted average shares outstanding - basic and diluted	63,933		58,874		63,637		58,714
EPS - basic and diluted	$	(0.38)	$	(0.89)	$	(1.19)	$	(2.09)

Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (1)	7,713		8,459		7,674		8,528

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Components of stockholders’ equity for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands):


	Common Stock			Additional Paid-in Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Treasury Stock			Total Green Plains Stockholders' Equity		Non- Controlling Interests		Total Stockholders' Equity
	Shares	Amount								Shares	Amount

Balance, December 31, 2023	62,327	$	62	$	1,113,806	$	(235,801)	$	(3,160)	2,805	$	(31,174)	$	843,733	$	146,323	$	990,056
Net loss	—	—		—		(51,412)		—		—	—		(51,412)		290		(51,122)
Other comprehensive loss before reclassification	—	—		—		—		(6,043)		—	—		(6,043)		—		(6,043)
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		5,305		—	—		5,305		—		5,305
Other comprehensive loss, net of tax	—	—		—		—		(738)		—	—		(738)		—		(738)
Investment in subsidiaries	—	—		—		—		—		—	—		—		166		166
Partnership Merger	4,746	5		97,035		—		—		—	—		97,040		(133,765)		(36,725)
Stock-based compensation	349	—		(1,169)		—		—		—	—		(1,169)		—		(1,169)
Balance, March 31, 2024	67,422	67		1,209,672		(287,213)		(3,898)		2,805	(31,174)		887,454		13,014		900,468
Net loss	—	—		—		(24,350)		—		—	—		(24,350)		312		(24,038)
Other comprehensive loss before reclassification	—	—		—		—		(657)		—	—		(657)		—		(657)
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		1,748		—	—		1,748		—		1,748
Other comprehensive income, net of tax	—	—		—		—		1,091		—	—		1,091		—		1,091
Investment in subsidiaries	—	—		—		—		—		—	—		—		167		167
Stock-based compensation	39	—		3,173		—		—		—	—		3,173		—		3,173
Balance, June 30, 2024	67,461	$	67	$	1,212,845	$	(311,563)	$	(2,807)	2,805	$	(31,174)	$	867,368	$	13,493	$	880,861


	Common Stock			Additional Paid-in Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Treasury Stock			Total Green Plains Stockholders' Equity		Non- Controlling Interests		Total Stockholders' Equity
	Shares	Amount								Shares	Amount

Balance, December 31, 2022	62,101	$	62	$	1,110,151	$	(142,417)	$	(26,591)	2,805	$	(31,174)	$	910,031	$	151,035	$	1,061,066
Net loss	—	—		—		(70,324)		—		—	—		(70,324)		4,075		(66,249)
Cash dividends and distributions declared	—	—		—		—		—		—	—		—		(5,305)		(5,305)
Other comprehensive loss before reclassification	—	—		—		—		(12,788)		—	—		(12,788)		—		(12,788)
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		1,701		—	—		1,701		—		1,701
Other comprehensive loss, net of tax	—	—		—		—		(11,087)		—	—		(11,087)		—		(11,087)
Investment in subsidiaries	—	—		—		—		—		—	—		—		185		185
Stock-based compensation	217	—		(5,632)		—		—		—	—		(5,632)		59		(5,573)
Balance, March 31, 2023	62,318	62		1,104,519		(212,741)		(37,678)		2,805	(31,174)		822,988		150,049		973,037
Net loss	—	—		—		(52,604)		—		—	—		(52,604)		4,284		(48,320)
Cash dividends and distributions declared	—	—		—		—		—		—	—		—		(6,497)		(6,497)
Other comprehensive income before reclassification	—	—		—		—		710		—	—		710		—		710
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		3,602		—	—		3,602		—		3,602
Other comprehensive income, net of tax	—	—		—		—		4,312		—	—		4,312		—		4,312
Investment in subsidiaries	—	—		—		—		—		—	—		—		8		8
Stock-based compensation	15	—		3,252		—		—		—	—		3,252		60		3,312
Balance, June 30, 2023	62,333	$	62	$	1,107,771	$	(265,345)	$	(33,366)	2,805	$	(31,174)	$	777,948	$	147,904	$	925,852

Amounts reclassified from accumulated other comprehensive loss are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,				Statements of Operations Classification
	2024		2023		2024		2023
Gains (losses) on cash flow hedges
Commodity derivatives	$	—	$	(1,518)	$	3,736	$	(1,518)	(1)
Commodity derivatives	(2,298)		(3,218)		(13,021)		(5,454)		(2)
Total gains (losses) on cash flow hedges	(2,298)		(4,736)		(9,285)		(6,972)		(3)
Income tax benefit	550		1,134		2,232		1,669		(4)
Amounts reclassified from accumulated other comprehensive loss	$	(1,748)	$	(3,602)	$	(7,053)	$	(5,303)

(1)Revenues

(2)Costs of goods sold

(3)Loss before income taxes and (loss) income from equity method investees

(4)Income tax benefit (expense)

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The company records actual income tax expense or benefit during interim periods rather than on an annual effective tax rate method. Certain items are given discrete period treatment and the tax effect of those items are reported in full in the relevant interim period. Green Plains Partners is a limited partnership, which is treated as a flow-through entity for federal income tax purposes and is not subject to federal income taxes. The IRA was signed into law on August 16, 2022. The IRA includes significant law changes relating to tax, climate change, energy and health care. The IRA significantly expands clean energy incentives by providing an estimated $370 billion of new energy related tax credits over the next ten years. It also permits more flexibility for taxpayers to use the credits with direct-pay and transferable credit options. In addition, the IRA includes key revenue-raising provisions which include a 15% book-income alternative minimum tax on corporations with adjusted financial statement income over $1 billion, a 1% excise tax on the value of certain net stock repurchases by publicly traded companies, and the reinstatement of Superfund excise taxes. The company expects it will benefit from certain energy related tax credits in future years and not be negatively impacted by the revenue raising provisions; however, the company does not have enough information to provide a reasonable estimate of future tax benefits at this time. On January 9, 2024, the transactions contemplated by the Merger Agreement were completed as described in more detail in Note 3 - Acquisition included herein. For income tax purposes, the total consideration given by the company in exchange for the remaining interest in the partnership, creates a tax basis in the acquired interest. Because the GAAP basis in the acquired interest is less than the total consideration, a new deferred tax asset was created. The company's valuation allowance on deferred tax assets increased by a corresponding amount, which did not have a material impact on the company's consolidated financial statements. The company recorded income tax benefit of $0.3 million for the three months ended June 30, 2024, compared with income tax benefit of $1.0 million for the same period in 2023. The decrease in the amount of tax benefit recorded for the three months ended June 30, 2024 was primarily due to an increase in the valuation allowance recorded against deferred tax assets related to gains (losses) on derivatives. The effective tax rate can be affected by variances in the estimates and amounts of taxable income among the various states, entities and activity types, realization of tax credits, adjustments from resolution of tax matters under review, valuation allowances and the company’s assessment of its liability for uncertain tax positions. Unrecognized tax benefits of approximately $51.4 million have been recorded as a reduction of the deferred tax assets associated with the federal tax credit carryforwards, which are currently under audit. The appeals hearing related to the research and development ("R&D") tax credits is scheduled for September 2024. The results of the current audit may cause the company to significantly increase or decrease the unrecognized tax benefits associated with R&D tax credits for periods under audit and for periods not under audit, which could impact the company's effective tax rate. At this time, the company does not have enough information to be able to estimate the potential financial statement impact.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Leases

The components of lease expense are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease expense
Operating lease expense	$	7,110	$	6,843	$	14,118	$	13,589
Variable lease expense (benefit) (1)	350		(176)		664		(307)
Total lease expense	$	7,460	$	6,667	$	14,782	$	13,282

Supplemental cash flow information related to operating leases is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	7,051	$	6,642	$	14,039	$	12,839

Right-of-use assets obtained in exchange for lease obligations
Operating leases	3,955		6,798		11,118		23,456

Supplemental balance sheet information related to operating leases is as follows:


	June 30, 2024		December 31, 2023
Weighted average remaining lease term	4.2 years		4.5 years

Weighted average discount rate	5.33	%	5.16	%

Aggregate minimum lease payments under the operating lease agreements for the remainder of 2024 and in future years are as follows (in thousands):


Year Ending December 31,	Amount
2024	$	14,404
2025	24,520
2026	17,750
2027	13,590
2028	5,957
Thereafter	9,055
Total	85,276
Less: Present value discount	(9,342)
Lease liabilities	$	75,934

Other Commitments

Legal

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTOn August 2, 2024, the company entered into a definitive agreement to sell the unit train terminal in Birmingham, which assets are reported in the ethanol production segment. The company expects the transaction to close in the third quarter and the proceeds

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss attributable to Green Plains	$ (24,350)	$ (52,604)	$ (75,762)	$ (122,928)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation, Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Financial Statements	Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company acquired all of the publicly held common units of the partnership not already owned by the company and its affiliates. Refer to Note 3 - Acquisition included herein for more information. The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements. The accompanying unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP for complete financial statements, the unaudited consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 9, 2024. The unaudited financial information reflects adjustments, which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not affect total revenues, costs and expenses or net income, but increased cost of goods sold and decreased gross margin, within the ethanol production segment. Costs historically reported as operations and maintenance expenses in the consolidated statements of operations are now being reported within cost of goods sold.
Use of Estimates in the Preparation of Consolidated Financial Statements	Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Certain accounting policies, including but not limited to those relating to derivative financial instruments and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements.
Description of Business	Description of Business The company operates within two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities. As a result of the Merger, the partnership's operations are included in the ethanol production operating segment.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.
Restricted Cash	Restricted Cash The company has restricted cash, which can only be used for funding letters of credit and for payment towards a credit agreement. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses. To the degree these segregated balances are cash and cash equivalents, they are considered restricted cash on the consolidated balance sheets.
Revenue Recognition	Revenue Recognition The company recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue. Sales of ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities by the company’s marketing business are recognized when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the transfer of control of products or services. Revenues related to marketing for third parties are presented on a gross basis as the company controls the product prior to the sale to the end customer, takes title of the product and has inventory risk. Unearned revenue is recorded for goods in transit when the company has received payment but control has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer. The company routinely enters into physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical commodity. Revenues include net gains or losses from derivatives related to products sold while cost of goods sold includes net gains or losses from derivatives related to commodities purchased. Revenues also include realized gains and losses on related derivative financial instruments and reclassifications of realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Sales of products are recognized when control of the product is transferred to the customer, which depends on the agreed upon shipment or delivery terms.
Shipping and Handling Costs	Shipping and Handling Costs The company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, the company records customer payments associated with shipping and handling costs as a component of revenue, and classifies such costs as a component of cost of goods sold.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold includes materials, direct labor, shipping, plant overhead and transportation costs. Materials include the cost of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs, as well as reclassifications of gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Direct labor includes all compensation and related benefits of non-management personnel involved in production. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold. Plant overhead consists primarily of plant utilities, repairs and maintenance and outbound freight charges. Transportation costs include railcar leases, freight and shipping of the company's products, as well as storage costs incurred at destination terminals. The company uses exchange-traded futures and options contracts and forward purchase and sale contracts to attempt to minimize the effect of price changes on ethanol, renewable corn oil, grain and natural gas. Exchange-traded futures and options contracts are valued at quoted market prices and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for basis differences, primarily in transportation, between the exchange-traded market and local market where the terms of the contract is based. Changes in forward purchase contracts and exchange-traded futures and options contracts are recognized as a component of cost of goods sold.
Derivative Financial Instruments	Derivative Financial Instruments The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to attempt to minimize risk and the effect of commodity price changes including but not limited to, corn, ethanol, natural gas and other agricultural and energy products. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk; however, there may be situations when these hedging activities themselves result in losses. By using derivatives to hedge exposures to changes in commodity prices, the company is exposed to credit and market risk. The company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring their financial condition. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The company manages market risk by incorporating parameters to monitor exposure within its risk management strategy, which limits the types of derivative instruments and strategies the company can use and the degree of market risk it can take using derivative instruments. Forward contracts are recorded at fair value unless the contracts qualify for, and the company elects, normal purchase or sale exceptions. Changes in fair value are recorded in operating income unless the contracts qualify for, and the company elects, cash flow hedge accounting treatment. Certain qualifying derivatives related to ethanol production and agribusiness and energy services are designated as cash flow hedges. The company evaluates the derivative instrument to ascertain its effectiveness prior to entering into cash flow hedges. Unrealized gains and losses are reflected in accumulated other comprehensive income or loss until the gain or loss from the underlying hedged transaction is realized and the physical transaction is completed. When it becomes probable a forecasted transaction will not occur, the cash flow hedge treatment is discontinued, which affects earnings. These derivative financial instruments are recognized in current assets or current liabilities at fair value. At times, the company hedges its exposure to changes in inventory values and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in the current period for changes in fair value. Estimated fair values carried at market are based on exchange-quoted prices, adjusted as appropriate for regional location basis values which represent differences in local markets including transportation as well as quality or grade differences. Basis values are generally determined using inputs from broker quotations or other market transactions. However, a portion of the value may be derived using unobservable inputs. Ineffectiveness of the hedges is recognized in the current period to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative.

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Major Source

The following tables disaggregate revenue by major source (in thousands):


	Three Months Ended June 30, 2024
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	23,279		518		—		23,797
Renewable corn oil	—		—		—		—
Other	15,270		2,056		—		17,326
Intersegment revenues	1,179		75		(1,254)		—
Total revenues from contracts with customers	39,728		2,649		(1,254)		41,123
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	387,096		86,123		—		473,219
Distillers grains	63,845		5,563		—		69,408
Renewable corn oil	33,405		—		—		33,405
Other	1,369		301		—		1,670
Intersegment revenues	—		6,313		(6,313)		—
Total revenues from contracts accounted for as derivatives	485,715		98,300		(6,313)		577,702
Total Revenues	$	525,443	$	100,949	$	(7,567)	$	618,825


	Six Months Ended June 30, 2024
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	48,079		518		—		48,597
Renewable corn oil	—		—		—		—
Other	29,617		4,468		—		34,085
Intersegment revenues	2,392		164		(2,556)		—
Total revenues from contracts with customers	80,088		5,150		(2,556)		82,682
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	737,208		159,498		—		896,706
Distillers grains	141,768		15,253		—		157,021
Renewable corn oil	67,565		—		—		67,565
Other	4,473		7,592		—		12,065
Intersegment revenues	—		12,452		(12,452)		—
Total revenues from contracts accounted for as derivatives	951,014		194,795		(12,452)		1,133,357
Total Revenues	$	1,031,102	$	199,945	$	(15,008)	$	1,216,039


	Three Months Ended June 30, 2023
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	20,027		—		—		20,027
Renewable corn oil	—		—		—		—
Other	9,473		1,822		—		11,295
Intersegment revenues	1,133		42		(1,175)		—
Total revenues from contracts with customers	30,633		1,864		(1,175)		31,322
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	551,388		118,487		—		669,875
Distillers grains	101,533		11,452		—		112,985
Renewable corn oil	37,725		5		—		37,730
Other	7,656		(1,936)		—		5,720
Intersegment revenues	—		5,951		(5,951)		—
Total revenues from contracts accounted for as derivatives	698,302		133,959		(5,951)		826,310
Total Revenues	$	728,935	$	135,823	$	(7,126)	$	857,632


	Six Months Ended June 30, 2023
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	42,594		—		—		42,594
Renewable corn oil	—		—		—		—
Other	19,059		10,272		—		29,331
Intersegment revenues	2,238		94		(2,332)		—
Total revenues from contracts with customers	63,891		10,366		(2,332)		71,925
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	1,049,575		207,126		—		1,256,701
Distillers grains	215,901		22,815		—		238,716
Renewable corn oil	82,021		721		—		82,742
Other	15,265		25,232		—		40,497
Intersegment revenues	—		11,949		(11,949)		—
Total revenues from contracts accounted for as derivatives	1,362,762		267,843		(11,949)		1,618,656
Total Revenues	$	1,426,653	$	278,209	$	(14,281)	$	1,690,581

(1)Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606.

Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Assets and Liabilities at Fair Value

The company’s assets and liabilities by level are as follows (in thousands):


	Fair Value Measurements at June 30, 2024
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Assets
Cash and cash equivalents	$	195,554	$	—	$	195,554
Restricted cash	29,540		—		29,540
Inventories carried at market	—		17,083		17,083
Derivative financial instruments - assets	—		4,614		4,614
Total assets measured at fair value	$	225,094	$	21,697	$	246,791

Liabilities
Accounts payable (1)	$	—	$	30,144	$	30,144
Accrued and other liabilities (2)	—		3,337		3,337
Derivative financial instruments - liabilities	—		16,783		16,783
Other liabilities (2)	—		1,612		1,612
Total liabilities measured at fair value	$	—	$	51,876	$	51,876


	Fair Value Measurements at December 31, 2023
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Assets
Cash and cash equivalents	$	349,574	$	—	$	349,574
Restricted cash	29,188		—		29,188
Inventories carried at market	—		45,898		45,898
Derivative financial instruments - assets	—		13,311		13,311
Total assets measured at fair value	$	378,762	$	59,209	$	437,971

Liabilities
Accounts payable (1)	$	—	$	54,716	$	54,716
Accrued and other liabilities (2)	—		9,917		9,917
Derivative financial instruments - liabilities	—		10,577		10,577
Other liabilities (2)	—		659		659
Total liabilities measured at fair value	$	—	$	75,869	$	75,869

Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Financial Data of Operating Segments

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,
	2024		2023		2024		2023
Revenues
Ethanol production
Revenues from external customers	$	524,264	$	727,802	$	1,028,710	$	1,424,415
Intersegment revenues	1,179		1,133		2,392		2,238
Total segment revenues	525,443		728,935		1,031,102		1,426,653
Agribusiness and energy services
Revenues from external customers	94,561		129,830		187,329		266,166
Intersegment revenues	6,388		5,993		12,616		12,043
Total segment revenues	100,949		135,823		199,945		278,209
Revenues including intersegment activity	626,392		864,758		1,231,047		1,704,862
Intersegment eliminations	(7,567)		(7,126)		(15,008)		(14,281)
	$	618,825	$	857,632	$	1,216,039	$	1,690,581

Refer to Note 2 - Revenue, for further disaggregation of revenue by operating segment.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of goods sold
Ethanol production (1)	$	495,053	$	719,878	$	1,003,355	$	1,426,011
Agribusiness and energy services	93,516		129,409		181,502		262,689
Intersegment eliminations	(7,567)		(7,126)		(15,008)		(14,281)
	$	581,002	$	842,161	$	1,169,849	$	1,674,419


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Gross margin
Ethanol production (1)	$	30,390	$	9,057	$	27,747	$	642
Agribusiness and energy services	7,433		6,414		18,443		15,520
	$	37,823	$	15,471	$	46,190	$	16,162


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Depreciation and amortization
Ethanol production	$	20,544	$	23,253	$	41,078	$	47,007
Agribusiness and energy services	497		536		1,002		1,349
Corporate activities	543		837		991		1,656
	$	21,584	$	24,626	$	43,071	$	50,012


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating income (loss)
Ethanol production (2)	$	(2,213)	$	(25,139)	$	(35,866)	$	(67,089)
Agribusiness and energy services	2,166		2,173		8,170		6,299
Corporate activities	(17,664)		(19,514)		(34,904)		(38,230)
	$	(17,711)	$	(42,480)	$	(62,600)	$	(99,020)

(2)Operating loss for ethanol production includes an inventory lower of average cost or net realizable value adjustment of $9.5 million for the three and six months ended June 30, 2023.

Total Assets for Operating Segments

The following table sets forth total assets by operating segment (in thousands):


	June 30, 2024		December 31, 2023
Total assets (1)
Ethanol production	$	1,295,412	$	1,275,562
Agribusiness and energy services	362,445		413,937
Corporate assets	109,982		254,300
Intersegment eliminations	(4,239)		(4,477)
	$	1,763,600	$	1,939,322

(1)Asset balances by segment exclude intercompany balances.

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Components of Inventories

The components of inventories are as follows (in thousands):


	June 30, 2024		December 31, 2023
Finished goods	$	70,922	$	73,975
Commodities held for sale	17,083		45,898
Raw materials	32,751		32,820
Work-in-process	14,255		14,454
Supplies and parts	52,972		48,663
	$	187,983	$	215,810

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Financial Instruments

The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands):


	Asset Derivatives' Fair Value						Liability Derivatives' Fair Value
	June 30, 2024			December 31, 2023			June 30, 2024		December 31, 2023
Derivative financial instruments - forwards	$	4,614	(1)	$	13,311	(2)	$	16,783	$	10,577
Other liabilities	—			—			209		2
Total	$	4,614		$	13,311		$	16,992	$	10,579

cash flow hedging instruments, $0.8 million of unrealized gains on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.

Derivative Instruments, Gain (Loss) in Statement of Financial Performance


	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues	$	—	$	(1,518)	$	3,736	$	(1,518)
Cost of goods sold	(2,298)		(3,218)		(13,021)		(5,454)
Net loss recognized in loss before income taxes	$	(2,298)	$	(4,736)	$	(9,285)	$	(6,972)


	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Gain (Loss) Recognized in Other Comprehensive Income on Derivatives	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Commodity contracts	$	(863)	$	932	$	(8,822)	$	(15,879)


		Amount of Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Exchange-traded futures and options	Revenues	$	(146)	$	(3,269)	$	(1,219)	$	(11,145)
Forwards	Revenues	(1,715)		3,967		(4,444)		4,626
Exchange-traded futures and options	Cost of goods sold	8,617		25,367		11,654		33,733
Forwards	Cost of goods sold	(9,559)		(32,713)		(6,691)		(32,287)
Net gain (loss) recognized in income (loss) before income taxes		$	(2,803)	$	(6,648)	$	(700)	$	(5,073)

The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands):


	June 30, 2024				December 31, 2023
Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities		Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Inventories	$	17,083	$	(1,373)	$	45,898	$	(1,104)

Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations


	Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended June 30,
	2024				2023
	Revenue		Cost of Goods Sold		Revenue		Cost of Goods Sold
Loss on cash flow hedging relationships

Commodity contracts
Amount of loss on exchange-traded futures reclassified from accumulated other comprehensive income into income	$	—	$	(2,298)	$	(1,518)	$	(3,218)

Gain (loss) on fair value hedging relationships

Commodity contracts
Fair-value hedged inventories	—		1,014		—		(1,063)
Exchange-traded futures designated as hedging instruments	—		(2,858)		—		1,247
Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded	$	—	$	(4,142)	$	(1,518)	$	(3,034)


	Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Six Months Ended June 30,
	2024				2023
	Revenue		Cost of Goods Sold		Revenue		Cost of Goods Sold
Gain (loss) on cash flow hedging relationships

Commodity contracts
Amount of gain (loss) on exchange traded futures reclassified from accumulated other comprehensive income into income	$	3,736	$	(13,021)	$	(1,518)	$	(5,454)

Gain (loss) on fair value hedging relationships

Commodity contracts
Fair-value hedged inventories	—		(3,347)		—		(10,420)
Exchange-traded futures designated as hedging instruments	—		2,404		—		11,925
Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded	$	3,736	$	(13,964)	$	(1,518)	$	(3,949)

Open Position Derivative Financial Instruments

The notional volume of open commodity derivative positions as of June 30, 2024, are as follows (in thousands):

Exchange-Traded (1)

Non-Exchange-Traded (2)

Derivative
Instruments

Net Long &
(Short)

Long

(Short)

Unit of
Measure

Commodity

Futures

(18,380)

Bushels

Corn

Futures

12,300

(3)

Bushels

Corn

Futures

(660)

(4)

Bushels

Corn

Futures

(3,864)

Gallons

Ethanol

Futures

(34,230)

(3)

Gallons

Ethanol

Futures

(1,958)

MmBTU

Natural Gas

Futures

9,513

(3)

MmBTU

Natural Gas

Futures

(5,760)

(4)

MmBTU

Natural Gas

Futures

Tons

Soybean Meal

Options

961

Bushels

Soybeans

Forwards

25,289

—

Bushels

Corn

Forwards

—

(226,298)

Gallons

Ethanol

Forwards

124

(231)

Tons

Distillers Grains

Forwards

—

(58,803)

Pounds

Renewable Corn Oil

Forwards

8,788

(12)

MmBTU

Natural Gas

(1)Notional volume of exchange-traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.

(3)Notional volume of exchange-traded futures used for cash flow hedges.

(4)Notional volume of exchange-traded futures used for fair value hedges.

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Components of Long-Term Debt

The components of long-term debt are as follows (in thousands):


	June 30, 2024		December 31, 2023
Corporate
2.25% convertible notes due 2027 (1)	$	230,000	$	230,000
Green Plains SPE LLC
$125.0 million junior secured mezzanine notes due 2026 (2)	125,000		125,000
Green Plains Shenandoah
$75.0 million loan agreement (3)	72,375		73,125
Green Plains Partners
$60.0 million term loan (4)	52,969		55,969
Other	9,465		14,669
Total book value of long-term debt	489,809		498,763
Unamortized debt issuance costs	(4,206)		(5,013)
Less: current maturities of long-term debt	(1,830)		(1,832)
Total long-term debt	$	483,773	$	491,918

(1)The 2.25% notes had $3.4 million and $4.0 million of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023, respectively.

(2)The junior notes had $0.3 million and $0.4 million of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023, respectively.

(3)The loan had $0.3 million of unamortized debt issuance costs as of both June 30, 2024 and December 31, 2023.

(4)The term loan had $0.2 million and $0.3 million of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023, respectively.

Components of Short-term Notes Payable and Other Borrowings

The components of short-term notes payable and other borrowings are as follows (in thousands):


	June 30, 2024		December 31, 2023
Green Plains Finance Company, Green Plains Grain and Green Plains Trade
$350.0 million revolver	$	120,000	$	99,000
Green Plains Commodity Management
$40.0 million hedge line	4,579		6,973
	$	124,579	$	105,973

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Non-Vested Stock Award and Deferred Stock Unit Activity

The restricted non-vested stock awards and deferred stock units activity for the six months ended June 30, 2024 is as follows:


	Non-Vested Shares and Deferred Stock Units	Weighted- Average Grant- Date Fair Value		Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2023	607,894	$	30.79
Granted	454,875	20.32
Forfeited	(5,162)	24.27
Vested	(346,839)	29.38
Non-Vested at June 30, 2024	710,768	$	24.82	2.1

Non-Vested Performance Share Award Activity

The non-vested performance share award activity for the six months ended June 30, 2024, is as follows:


	Performance Shares	Weighted- Average Grant- Date Fair Value		Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2023	404,740	$	30.51
Granted	270,307	23.00
Vested	(136,475)	26.22
Non-Vested at June 30, 2024	538,572	$	27.82	1.9

The non-vested unit-based awards activity for the six months ended June 30, 2024, is as follows:


	Non-Vested Units	Weighted- Average Grant- Date Fair Value		Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2023	18,549	$	12.94
Vested (1)	(18,549)	12.94
Non-Vested at June 30, 2024 (1)	—	$	—	0.0

(1)Pursuant to the Merger Agreement, each of these awards became fully vested at the effective time of the Merger on January 9, 2024.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

The basic and diluted EPS are calculated as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
EPS - basic and diluted
Net loss attributable to Green Plains	$	(24,350)	$	(52,604)	$	(75,762)	$	(122,928)
Weighted average shares outstanding - basic and diluted	63,933		58,874		63,637		58,714
EPS - basic and diluted	$	(0.38)	$	(0.89)	$	(1.19)	$	(2.09)

Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (1)	7,713		8,459		7,674		8,528

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Stockholders' Equity

Components of stockholders’ equity for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands):


	Common Stock			Additional Paid-in Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Treasury Stock			Total Green Plains Stockholders' Equity		Non- Controlling Interests		Total Stockholders' Equity
	Shares	Amount								Shares	Amount

Balance, December 31, 2023	62,327	$	62	$	1,113,806	$	(235,801)	$	(3,160)	2,805	$	(31,174)	$	843,733	$	146,323	$	990,056
Net loss	—	—		—		(51,412)		—		—	—		(51,412)		290		(51,122)
Other comprehensive loss before reclassification	—	—		—		—		(6,043)		—	—		(6,043)		—		(6,043)
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		5,305		—	—		5,305		—		5,305
Other comprehensive loss, net of tax	—	—		—		—		(738)		—	—		(738)		—		(738)
Investment in subsidiaries	—	—		—		—		—		—	—		—		166		166
Partnership Merger	4,746	5		97,035		—		—		—	—		97,040		(133,765)		(36,725)
Stock-based compensation	349	—		(1,169)		—		—		—	—		(1,169)		—		(1,169)
Balance, March 31, 2024	67,422	67		1,209,672		(287,213)		(3,898)		2,805	(31,174)		887,454		13,014		900,468
Net loss	—	—		—		(24,350)		—		—	—		(24,350)		312		(24,038)
Other comprehensive loss before reclassification	—	—		—		—		(657)		—	—		(657)		—		(657)
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		1,748		—	—		1,748		—		1,748
Other comprehensive income, net of tax	—	—		—		—		1,091		—	—		1,091		—		1,091
Investment in subsidiaries	—	—		—		—		—		—	—		—		167		167
Stock-based compensation	39	—		3,173		—		—		—	—		3,173		—		3,173
Balance, June 30, 2024	67,461	$	67	$	1,212,845	$	(311,563)	$	(2,807)	2,805	$	(31,174)	$	867,368	$	13,493	$	880,861


	Common Stock			Additional Paid-in Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Treasury Stock			Total Green Plains Stockholders' Equity		Non- Controlling Interests		Total Stockholders' Equity
	Shares	Amount								Shares	Amount

Balance, December 31, 2022	62,101	$	62	$	1,110,151	$	(142,417)	$	(26,591)	2,805	$	(31,174)	$	910,031	$	151,035	$	1,061,066
Net loss	—	—		—		(70,324)		—		—	—		(70,324)		4,075		(66,249)
Cash dividends and distributions declared	—	—		—		—		—		—	—		—		(5,305)		(5,305)
Other comprehensive loss before reclassification	—	—		—		—		(12,788)		—	—		(12,788)		—		(12,788)
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		1,701		—	—		1,701		—		1,701
Other comprehensive loss, net of tax	—	—		—		—		(11,087)		—	—		(11,087)		—		(11,087)
Investment in subsidiaries	—	—		—		—		—		—	—		—		185		185
Stock-based compensation	217	—		(5,632)		—		—		—	—		(5,632)		59		(5,573)
Balance, March 31, 2023	62,318	62		1,104,519		(212,741)		(37,678)		2,805	(31,174)		822,988		150,049		973,037
Net loss	—	—		—		(52,604)		—		—	—		(52,604)		4,284		(48,320)
Cash dividends and distributions declared	—	—		—		—		—		—	—		—		(6,497)		(6,497)
Other comprehensive income before reclassification	—	—		—		—		710		—	—		710		—		710
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		3,602		—	—		3,602		—		3,602
Other comprehensive income, net of tax	—	—		—		—		4,312		—	—		4,312		—		4,312
Investment in subsidiaries	—	—		—		—		—		—	—		—		8		8
Stock-based compensation	15	—		3,252		—		—		—	—		3,252		60		3,312
Balance, June 30, 2023	62,333	$	62	$	1,107,771	$	(265,345)	$	(33,366)	2,805	$	(31,174)	$	777,948	$	147,904	$	925,852

Reclassification From Accumulated Other Comprehensive Income (Loss)

Amounts reclassified from accumulated other comprehensive loss are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,				Statements of Operations Classification
	2024		2023		2024		2023
Gains (losses) on cash flow hedges
Commodity derivatives	$	—	$	(1,518)	$	3,736	$	(1,518)	(1)
Commodity derivatives	(2,298)		(3,218)		(13,021)		(5,454)		(2)
Total gains (losses) on cash flow hedges	(2,298)		(4,736)		(9,285)		(6,972)		(3)
Income tax benefit	550		1,134		2,232		1,669		(4)
Amounts reclassified from accumulated other comprehensive loss	$	(1,748)	$	(3,602)	$	(7,053)	$	(5,303)

(1)Revenues

(2)Costs of goods sold

(3)Loss before income taxes and (loss) income from equity method investees

(4)Income tax benefit (expense)

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Expense

The components of lease expense are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease expense
Operating lease expense	$	7,110	$	6,843	$	14,118	$	13,589
Variable lease expense (benefit) (1)	350		(176)		664		(307)
Total lease expense	$	7,460	$	6,667	$	14,782	$	13,282

Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to operating leases is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	7,051	$	6,642	$	14,039	$	12,839

Right-of-use assets obtained in exchange for lease obligations
Operating leases	3,955		6,798		11,118		23,456

Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases is as follows:


	June 30, 2024		December 31, 2023
Weighted average remaining lease term	4.2 years		4.5 years

Weighted average discount rate	5.33	%	5.16	%

Aggregate Minimum Lease Payments

Aggregate minimum lease payments under the operating lease agreements for the remainder of 2024 and in future years are as follows (in thousands):


Year Ending December 31,	Amount
2024	$	14,404
2025	24,520
2026	17,750
2027	13,590
2028	5,957
Thereafter	9,055
Total	85,276
Less: Present value discount	(9,342)
Lease liabilities	$	75,934

Basis of Presentation, Description of Business and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Total assets	$ 1,763,600	$ 1,939,322
Total liabilities	$ 882,739	949,266
Number of operating segments \| segment	2
GP Turnkey Tharaldson LLC
Variable Interest Entity [Line Items]
Ownership percentage	50.00%
Equity method investments	$ 55,100	$ 41,700
Interest capitalized	$ 800

Revenue - Disaggregation of Revenue by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 41,123	$ 31,322	$ 82,682	$ 71,925
Total revenues from contracts accounted for as derivatives	577,702	826,310	1,133,357	1,618,656
Total Revenues	618,825	857,632	1,216,039	1,690,581
Ethanol
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Total revenues from contracts accounted for as derivatives	473,219	669,875	896,706	1,256,701
Distillers grains
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	23,797	20,027	48,597	42,594
Total revenues from contracts accounted for as derivatives	69,408	112,985	157,021	238,716
Renewable corn oil
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Total revenues from contracts accounted for as derivatives	33,405	37,730	67,565	82,742
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	17,326	11,295	34,085	29,331
Total revenues from contracts accounted for as derivatives	1,670	5,720	12,065	40,497
Ethanol Production
Disaggregation of Revenue [Line Items]
Total revenues from contracts accounted for as derivatives	0	0	0	0
Total Revenues	524,264	727,802	1,028,710	1,424,415
Ethanol Production \| Ethanol
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Total revenues from contracts accounted for as derivatives	387,096	551,388	737,208	1,049,575
Ethanol Production \| Distillers grains
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	23,279	20,027	48,079	42,594
Total revenues from contracts accounted for as derivatives	63,845	101,533	141,768	215,901
Ethanol Production \| Renewable corn oil
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Total revenues from contracts accounted for as derivatives	33,405	37,725	67,565	82,021
Ethanol Production \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	15,270	9,473	29,617	19,059
Total revenues from contracts accounted for as derivatives	1,369	7,656	4,473	15,265
Agribusiness & Energy Services
Disaggregation of Revenue [Line Items]
Total revenues from contracts accounted for as derivatives	(6,313)	(5,951)	(12,452)	(11,949)
Total Revenues	94,561	129,830	187,329	266,166
Agribusiness & Energy Services \| Ethanol
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Total revenues from contracts accounted for as derivatives	86,123	118,487	159,498	207,126
Agribusiness & Energy Services \| Distillers grains
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	518	0	518	0
Total revenues from contracts accounted for as derivatives	5,563	11,452	15,253	22,815
Agribusiness & Energy Services \| Renewable corn oil
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Total revenues from contracts accounted for as derivatives	0	5	0	721
Agribusiness & Energy Services \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	2,056	1,822	4,468	10,272
Total revenues from contracts accounted for as derivatives	301	(1,936)	7,592	25,232
Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	626,392	864,758	1,231,047	1,704,862
Operating Segments \| Ethanol Production
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	39,728	30,633	80,088	63,891
Total revenues from contracts accounted for as derivatives	485,715	698,302	951,014	1,362,762
Total Revenues	525,443	728,935	1,031,102	1,426,653
Operating Segments \| Agribusiness & Energy Services
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	2,649	1,864	5,150	10,366
Total revenues from contracts accounted for as derivatives	98,300	133,959	194,795	267,843
Total Revenues	100,949	135,823	199,945	278,209
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(1,254)	(1,175)	(2,556)	(2,332)
Total revenues from contracts accounted for as derivatives	(6,313)	(5,951)	(12,452)	(11,949)
Total Revenues	(7,567)	(7,126)	(15,008)	(14,281)
Intersegment Eliminations \| Ethanol
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Total revenues from contracts accounted for as derivatives	0	0	0	0
Intersegment Eliminations \| Distillers grains
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Total revenues from contracts accounted for as derivatives	0	0	0	0
Intersegment Eliminations \| Renewable corn oil
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Total revenues from contracts accounted for as derivatives	0	0	0	0
Intersegment Eliminations \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Total revenues from contracts accounted for as derivatives	0	0	0	0
Intersegment Eliminations \| Ethanol Production
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(1,179)	(1,133)	(2,392)	(2,238)
Total Revenues	(1,179)	(1,133)	(2,392)	(2,238)
Intersegment Eliminations \| Agribusiness & Energy Services
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(75)	(42)	(164)	(94)
Total Revenues	$ (6,388)	$ (5,993)	$ (12,616)	$ (12,043)

Revenue - Narrative (Details) - Revenue Benchmark - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Customer A
Disaggregation of Revenue [Line Items]
Concentration risk	13.00%	15.00%	14.00%	14.00%
Customer B
Disaggregation of Revenue [Line Items]
Concentration risk	10.00%	11.00%

ACQUISITION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions			3 Months Ended	6 Months Ended
	Jan. 09, 2024	Jan. 08, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)				$ 0.001	$ 0.001
Partnership Merger			$ (36,725)
Common Stock
Business Acquisition [Line Items]
Partnership Merger			$ 5
Green Plains Partners Merger
Business Acquisition [Line Items]
Shares issued	4.7			4.7
Cash consideration per partnership common unit (in dollars per share)	$ 2.50
Consideration transferred	$ 143,100
Consideration paid for business acquisition	29,200			$ 29,200
Common stock exchanged	$ 113,900
Partnership Merger				133,800
Estimated fees				$ 5,500	$ 2,000
Green Plains Partners Merger \| Green Plains Partners LP
Business Acquisition [Line Items]
Limited partner interest		48.80%
General partnership interest		2.00%
Green Plains Partners Merger \| Common Stock
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)	$ 0.001			$ 0.001
Entity shares issued per acquire share (in shares)	$ 0.405
Green Plains Partners Merger \| Public Unitholders \| Green Plains Partners LP
Business Acquisition [Line Items]
Limited partner interest		49.20%

Fair Value Disclosures - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 195,554	$ 349,574
Restricted cash	29,540	29,188
Inventories carried at market	17,083	45,898
Derivative financial instruments - assets	4,614	13,311
Total assets measured at fair value	246,791	437,971
Liabilities
Accounts payable	30,144	54,716
Accrued and other liabilities	3,337	9,917
Derivative financial instruments - liabilities	16,783	10,577
Other liabilities	1,612	659
Total liabilities measured at fair value	51,876	75,869
Potential Earn-Out Payments
Liabilities
Accrued and other liabilities	3,300	9,900
Other liabilities	1,400	700
Quoted Prices in ‎ Active Markets for ‎Identical Assets (Level 1)
Assets
Cash and cash equivalents	195,554	349,574
Restricted cash	29,540	29,188
Inventories carried at market	0	0
Derivative financial instruments - assets	0	0
Total assets measured at fair value	225,094	378,762
Liabilities
Accounts payable	0	0
Accrued and other liabilities	0	0
Derivative financial instruments - liabilities	0	0
Other liabilities	0	0
Total liabilities measured at fair value	0	0
Significant Other ‎Observable Inputs (Level 2)
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Inventories carried at market	17,083	45,898
Derivative financial instruments - assets	4,614	13,311
Total assets measured at fair value	21,697	59,209
Liabilities
Accounts payable	30,144	54,716
Accrued and other liabilities	3,337	9,917
Derivative financial instruments - liabilities	16,783	10,577
Other liabilities	1,612	659
Total liabilities measured at fair value	$ 51,876	$ 75,869

Fair Value Disclosures - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value of debt	$ 561.8	$ 585.0
Book value of debt	610.2	599.7
Fair value of accounts receivable	$ 99.1	$ 94.4

Segment Information - Narrative (Details)	6 Months Ended
Segment Information - Narrative (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Information - Financial Data of Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 618,825	$ 857,632	$ 1,216,039	$ 1,690,581
Cost of goods sold	581,002	842,161	1,169,849	1,674,419
Gross margin	37,823	15,471	46,190	16,162
Operating income (loss)	(17,711)	(42,480)	(62,600)	(99,020)
Depreciation and amortization	21,584	24,626	43,071	50,012
Lower of cost or market adjustment		9,500		9,500	$ 2,600
Operating Segments
Segment Reporting Information [Line Items]
Revenues	626,392	864,758	1,231,047	1,704,862
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(7,567)	(7,126)	(15,008)	(14,281)
Cost of goods sold	(7,567)	(7,126)	(15,008)	(14,281)
Corporate Activities
Segment Reporting Information [Line Items]
Operating income (loss)	(17,664)	(19,514)	(34,904)	(38,230)
Depreciation and amortization	543	837	991	1,656
Ethanol Production
Segment Reporting Information [Line Items]
Revenues	524,264	727,802	1,028,710	1,424,415
Ethanol Production \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	525,443	728,935	1,031,102	1,426,653
Cost of goods sold	495,053	719,878	1,003,355	1,426,011
Gross margin	30,390	9,057	27,747	642
Operating income (loss)	(2,213)	(25,139)	(35,866)	(67,089)
Depreciation and amortization	20,544	23,253	41,078	47,007
Ethanol Production \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(1,179)	(1,133)	(2,392)	(2,238)
Agribusiness & Energy Services
Segment Reporting Information [Line Items]
Revenues	94,561	129,830	187,329	266,166
Agribusiness & Energy Services \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	100,949	135,823	199,945	278,209
Cost of goods sold	93,516	129,409	181,502	262,689
Gross margin	7,433	6,414	18,443	15,520
Operating income (loss)	2,166	2,173	8,170	6,299
Depreciation and amortization	497	536	1,002	1,349
Agribusiness & Energy Services \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	$ (6,388)	$ (5,993)	$ (12,616)	$ (12,043)

Segment Information - Total Assets for Operating Segments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 1,763,600	$ 1,939,322
Operating Segments \| Ethanol Production
Segment Reporting Information [Line Items]
Total assets	1,295,412	1,275,562
Operating Segments \| Agribusiness & Energy Services
Segment Reporting Information [Line Items]
Total assets	362,445	413,937
Corporate assets
Segment Reporting Information [Line Items]
Total assets	109,982	254,300
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total assets	$ (4,239)	$ (4,477)

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2023
Inventory Disclosure [Abstract]
Lower of cost or market adjustment	$ 9.5	$ 9.5	$ 2.6

Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 70,922	$ 73,975
Commodities held for sale	17,083	45,898
Raw materials	32,751	32,820
Work-in-process	14,255	14,454
Supplies and parts	52,972	48,663
Inventories	$ 187,983	$ 215,810

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated other comprehensive loss	$ 2,807		$ 2,807		$ 3,160
Energy trading contracts gain	$ 500	$ 400	$ 2,300	$ 4,200

Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 4,614	$ 13,311
Liability Derivatives, Fair Value	16,992	10,579
Derivative Financial Instruments, Assets
Derivatives, Fair Value [Line Items]
Asset Derivatives, Fair Value	4,614	13,311
Net unrealized gains on exchange traded futures and options contracts included in balance sheet	13,000	6,500
Net unrealized gains (losses) on derivative financial instruments	800	700
Derivative Financial Instruments, Assets \| Fair Value Hedging
Derivatives, Fair Value [Line Items]
Unrealized gains (loss) on derivative financial instruments designated as fair value instruments		700
Derivative Financial Instruments, Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives, Fair Value	16,783	10,577
Net unrealized gains (losses) on derivative financial instruments	(200)
Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives, Fair Value	$ 209	$ 2

Derivative Financial Instruments - Gain (Loss) in Statement of Financial Performance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	$ (2,298)	$ (4,736)	$ (9,285)	$ (6,972)
Carrying Amount of the Hedged Assets	17,083		17,083		$ 45,898
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities	(1,373)		(1,373)		$ (1,104)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Location of Gain (Loss) Recognized in Income on Derivatives	(2,803)	(6,648)	(700)	(5,073)
Revenues
Derivative Instruments, Gain (Loss) [Line Items]
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	0	(1,518)	3,736	(1,518)
Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded	0	(1,518)	3,736	(1,518)
Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	(2,298)	(3,218)	(13,021)	(5,454)
Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded	(4,142)	(3,034)	(13,964)	(3,949)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Other Comprehensive Income on Derivatives	(863)	932	(8,822)	(15,879)
Commodity contracts \| Revenues
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Fair Value Hedges Recognized in Earnings	0	0	0	0
Commodity contracts \| Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Fair Value Hedges Recognized in Earnings	1,014	(1,063)	(3,347)	(10,420)
Exchange-traded futures and options \| Revenues \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Location of Gain (Loss) Recognized in Income on Derivatives	(146)	(3,269)	(1,219)	(11,145)
Exchange-traded futures and options \| Cost of goods sold \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Location of Gain (Loss) Recognized in Income on Derivatives	8,617	25,367	11,654	33,733
Forwards \| Revenues \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Location of Gain (Loss) Recognized in Income on Derivatives	(1,715)	3,967	(4,444)	4,626
Forwards \| Cost of goods sold \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Location of Gain (Loss) Recognized in Income on Derivatives	(9,559)	(32,713)	(6,691)	(32,287)
Exchange Future \| Revenues
Derivative Instruments, Gain (Loss) [Line Items]
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	0	(1,518)	3,736	(1,518)
Gain (Loss) on Fair Value Hedges Recognized in Earnings	0	0	0	0
Exchange Future \| Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	(2,298)	(3,218)	(13,021)	(5,454)
Gain (Loss) on Fair Value Hedges Recognized in Earnings	$ (2,858)	$ 1,247	$ 2,404	$ 11,925

Derivative Financial Instruments - Open Position Derivative Financial Instruments (Details) contract in Thousands	Jun. 30, 2024 contract
Corn \| Exchange Traded \| Long \| Cash Flow Hedging \| Futures
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	12,300
Corn \| Exchange Traded \| Short \| Futures
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	18,380
Corn \| Exchange Traded \| Short \| Fair Value Hedging \| Futures
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	660
Corn \| Non-Exchange Traded \| Long \| Forwards
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	25,289
Corn \| Non-Exchange Traded \| Short \| Forwards
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	0
Ethanol \| Exchange Traded \| Short \| Futures
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	3,864
Ethanol \| Exchange Traded \| Short \| Cash Flow Hedging \| Futures
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	34,230
Ethanol \| Non-Exchange Traded \| Long \| Forwards
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	0
Ethanol \| Non-Exchange Traded \| Short \| Forwards
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	226,298
Natural Gas \| Exchange Traded \| Long \| Cash Flow Hedging \| Futures
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	9,513
Natural Gas \| Exchange Traded \| Short \| Futures
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	1,958
Natural Gas \| Exchange Traded \| Short \| Fair Value Hedging \| Futures
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	5,760
Natural Gas \| Non-Exchange Traded \| Long \| Forwards
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	8,788
Natural Gas \| Non-Exchange Traded \| Short \| Forwards
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	12
Soybeans In Bushels \| Exchange Traded \| Long \| Equity Option
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	961
Soybean Meal in Tons \| Exchange Traded \| Long \| Futures
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	13
Distillers Grains in Tons \| Non-Exchange Traded \| Long \| Forwards
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	124
Distillers Grains in Tons \| Non-Exchange Traded \| Short \| Forwards
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	231
Corn Oil \| Non-Exchange Traded \| Long \| Forwards
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	0
Corn Oil \| Non-Exchange Traded \| Short \| Forwards
Derivative [Line Items]
Open commodity derivative positions, long (short) (in contracts)	58,803

Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2021	Feb. 09, 2021
Debt Instrument [Line Items]
Total book value of long-term debt	$ 489,809	$ 498,763
Unamortized debt issuance costs	(4,206)	(5,013)
Less: current maturities of long-term debt	(1,830)	(1,832)
Total long-term debt	$ 483,773	491,918
Convertible Notes \| 2.25% Convertible Notes Due 2027 \| Corporate Activities
Debt Instrument [Line Items]
Interest rate, stated percentage	2.25%		2.25%
Face amount			$ 230,000
Total book value of long-term debt	$ 230,000	230,000
Unamortized debt issuance costs	$ (3,400)	(4,000)
$75.0 Million Delayed Draw Loan Agreement
Debt Instrument [Line Items]
Interest rate, stated percentage	5.02%
Other Debt Obligations
Debt Instrument [Line Items]
Total book value of long-term debt	$ 9,465	14,669
Green Plains SPE LLC \| $125.0 Million Junior Secured Mezzanine Notes Due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	11.75%
Face amount	$ 125,000			$ 125,000
Total book value of long-term debt	125,000	125,000
Unamortized debt issuance costs	$ (300)	(400)
Green Plains Shenandoah \| $75.0 Million Delayed Draw Loan Agreement
Debt Instrument [Line Items]
Interest rate, stated percentage	5.02%
Face amount	$ 75,000
Total book value of long-term debt	72,375	73,125
Unamortized debt issuance costs	(300)	(300)
Partnership Segment [Member] \| $60.0 Million Term Loan
Debt Instrument [Line Items]
Total book value of long-term debt	52,969	55,969
Credit Facility \| Partnership Segment [Member]
Debt Instrument [Line Items]
Face amount	60,000
Unamortized debt issuance costs	$ (200)	$ (300)

Debt - Components of Short-term Notes Payable and Other Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Short-term notes payable and other borrowings	$ 124,579	$ 105,973
$350.0 million revolver
Debt Instrument [Line Items]
Face amount	350,000
Short-term notes payable and other borrowings	120,000	99,000
Green Plains Commodity Management \| $40.0 million hedge line
Debt Instrument [Line Items]
Face amount	40,000
Short-term notes payable and other borrowings	$ 4,579	$ 6,973

Debt - Corporate Activities Narrative (Details) - 2.25% Convertible Notes Due 2027 - Convertible Notes - Corporate Activities $ / shares in Units, $ in Millions	1 Months Ended
	Mar. 31, 2021 USD ($) day $ / shares	Jun. 30, 2024
Debt Instrument [Line Items]
Face amount \| $	$ 230.0
Interest rate, stated percentage	2.25%	2.25%
Debt conversion price (in dollars per share) \| $ / shares	$ 31.62
Debt conversion price percentage	37.50%
Percent of excess of applicable conversion price	140.00%
Convertible threshold trading days (in days)	20
Consecutive convertible threshold trading days (in days)	30
Redemption price, percentage	100.00%
Percent of principal amount, cash price for repurchase	100.00%
Convertible rate	3.16206%

Debt - Ethanol Production Segment, Partnership Segment, Covenant Compliance, and Restricted Net Assets Narrative (Details) $ in Thousands		3 Months Ended	6 Months Ended
	Jul. 20, 2021 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) $ / gal	Jun. 30, 2023 USD ($)	Feb. 11, 2022 USD ($)	Feb. 09, 2021 USD ($)
Debt Instrument [Line Items]
Amount of restricted net assets		$ 112,800	$ 112,800
Debt prepayment cost			29,196	$ 0
BlackRock \| Partnership Segment [Member] \| Credit Facility
Debt Instrument [Line Items]
Debt instrument, debt purchased					$ 1,000
$125.0 Million Junior Secured Mezzanine Notes Due 2026 \| Green Plains SPE LLC
Debt Instrument [Line Items]
Face amount		$ 125,000	$ 125,000			$ 125,000
Interest rate, stated percentage		11.75%	11.75%
Debt instrument, retired or refinanced term with no prepayment premium			42 months
$125.0 Million Junior Secured Mezzanine Notes Due 2026 \| Green Plains SPE LLC \| Elect To Pay In Cash
Debt Instrument [Line Items]
Interest rate, basis spread on variable rate, percentage			6.00%
$125.0 Million Junior Secured Mezzanine Notes Due 2026 \| Green Plains SPE LLC \| Paid In Kind
Debt Instrument [Line Items]
Interest rate, basis spread on variable rate, percentage			6.75%
$75.0 Million Delayed Draw Loan Agreement
Debt Instrument [Line Items]
Interest rate, stated percentage		5.02%	5.02%
$75.0 Million Delayed Draw Loan Agreement \| Green Plains Shenandoah
Debt Instrument [Line Items]
Face amount		$ 75,000	$ 75,000
Interest rate, stated percentage		5.02%	5.02%
Interest rate premium		1.50%	1.50%
Annual principal payments		$ 1,500	$ 1,500
Minimum loan to value ratio, percent			50.00%
Fixed charge coverage ratio		1.25	1.25
Debt service reserve term of future payments			6 months
Minimum working capital required for compliance, per gallon (in dollars per gallon) \| $ / gal			0.10
Minimum working capital required for compliance			$ 90,300
$75.0 Million Delayed Draw Loan Agreement \| Green Plains Shenandoah \| Minimum
Debt Instrument [Line Items]
Unused capacity fee, percentage			0.00%
$75.0 Million Delayed Draw Loan Agreement \| Green Plains Shenandoah \| Maximum
Debt Instrument [Line Items]
Unused capacity fee, percentage			1.50%
$60.0 Million Term Loan \| Partnership Segment [Member]
Debt Instrument [Line Items]
Option to prepay per quarter, amount	$ 1,500
Debt prepayment cost		$ 1,500	$ 3,000
$60.0 Million Term Loan \| Minimum \| Partnership Segment [Member]
Debt Instrument [Line Items]
Minimum debt service coverage ratio		1.10	1.10
$60.0 Million Term Loan \| Maximum \| Partnership Segment [Member]
Debt Instrument [Line Items]
Maximum consolidated leverage ratio		2.50	2.50
$60.0 Million Term Loan \| Secured Overnight Financing Rate (SOFR) \| Partnership Segment [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage		13.60%	13.60%
Interest rate, basis spread on variable rate, percentage	8.26%

Debt - Agribusiness And Energy Services Segment Narrative (Details) - USD ($) $ in Thousands		6 Months Ended
	Mar. 25, 2022	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Short-term note payable		$ 124,579	$ 105,973
Agribusiness & Energy Services \| Green Plains Commodity Management \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 40,000
Interest rate, stated percentage		7.09%
Agribusiness & Energy Services \| Green Plains Commodity Management \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate, basis spread on variable rate, percentage		1.75%
$350.0 million revolver
Debt Instrument [Line Items]
Short-term note payable		$ 120,000	$ 99,000
$350.0 million revolver \| Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate, stated percentage		8.74%
$350.0 million revolver \| Agribusiness & Energy Services
Debt Instrument [Line Items]
Minimum current ratio required		1.00
Minimum collateral coverage ratio required		1.20
Maximum debt to capitalization ratio required		0.60
$350.0 million revolver \| Agribusiness & Energy Services \| Credit Facility
Debt Instrument [Line Items]
Debt instrument, term	5 years
Line of credit, maximum borrowing capacity	$ 350,000
$350.0 million revolver \| Agribusiness & Energy Services \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 350,000
Additional amounts available under facility, accordion feature		$ 100,000
$350.0 million revolver \| Agribusiness & Energy Services \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused capacity fee, percentage		0.275%
Change in control percentage benchmark		(0.025%)
$350.0 million revolver \| Agribusiness & Energy Services \| Revolving Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate, basis spread on variable rate, percentage		2.25%
$350.0 million revolver \| Agribusiness & Energy Services \| Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Interest rate, basis spread on variable rate, percentage		1.25%
$350.0 million revolver \| Agribusiness & Energy Services \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused capacity fee, percentage		0.375%
Change in control percentage benchmark		0.10%
$350.0 million revolver \| Agribusiness & Energy Services \| Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate, basis spread on variable rate, percentage		2.50%
$350.0 million revolver \| Agribusiness & Energy Services \| Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Interest rate, basis spread on variable rate, percentage		1.50%
Inventory Financing, $50.0 Million \| Green Plains Grain
Debt Instrument [Line Items]
Short-term note payable		$ 0

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Feb. 16, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		5,700,000		5,700,000
Number of shares remaining available		2,200,000		2,200,000
Compensation costs expensed		$ 3.5	$ 3.8	$ 6.6	$ 6.7
Unrecognized compensation costs		$ 24.0		$ 24.0
Compensation expected to be recognized, weighted-average period in years				2 years
Potential tax benefit, percentage				23.60%
Green Plains Partners Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		2,500,000		2,500,000
Green Plains Partners Long-Term Incentive Plan \| Green Plains Partners Merger
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance		1,200,000		1,200,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate				4.44%
Dividend yield				0.00%
Expected volatility				54.60%
Closing stock price (in dollars per share)		$ 20.21		$ 20.21
Fair value (in dollars per share)		$ 25.23		$ 25.23
Non-vested, shares outstanding (in shares)		538,572		538,572		404,740
Vested (in shares)				136,475
Performance Shares \| Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target percentage				100.00%
Number of Shares authorized, achievement of maximum goals				1,077,144
Achievement of maximum goals percentage				200.00%
Non-vested, shares outstanding (in shares)		538,572		538,572
Performance Shares \| Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target percentage				100.00%
Vested (in shares)	118,673
Vested target percentage	115.00%
Issuance of common stock (in shares)	136,475

Stock-Based Compensation - Non-Vested Stock Award and Deferred Stock Unit Activity (Details) - Restricted Stock Awards And Deferred Stock Units	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Non-Vested ‎ Shares and ‎ Deferred Stock ‎Units
Non-vested, beginning balance (in shares) \| shares	607,894
Granted (in shares) \| shares	454,875
Forfeited (in shares) \| shares	(5,162)
Vested (in shares) \| shares	(346,839)
Non-vested, ending balance (in shares) \| shares	710,768
Weighted- ‎Average Grant- ‎Date Fair Value
Non-vested, beginning balance (in dollars per share) \| $ / shares	$ 30.79
Granted (in dollars per share) \| $ / shares	20.32
Forfeited (in dollars per share) \| $ / shares	24.27
Vested (in dollars per share) \| $ / shares	29.38
Non-vested, ending balance (in dollars per share) \| $ / shares	$ 24.82
Non-vested, weighted-average remaining vesting term (in years)	2 years 1 month 6 days

Stock-Based Compensation - Non-Vested Performance Share Award Activity (Details) - Performance Shares	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Performance ‎Shares
Non-vested, beginning balance (in shares) \| shares	404,740
Granted (in shares) \| shares	270,307
Vested (in shares) \| shares	(136,475)
Non-vested, ending balance (in shares) \| shares	538,572
Weighted- ‎Average Grant- ‎Date Fair Value
Non-vested, beginning balance (in dollars per share) \| $ / shares	$ 30.51
Granted (in dollars per share) \| $ / shares	23.00
Vested (in dollars per share) \| $ / shares	26.22
Non-vested, ending balance (in dollars per share) \| $ / shares	$ 27.82
Non-vested, weighted-average remaining vesting term (in years)	1 year 10 months 24 days

Stock-Based Compensation - Non-Vested Unit-based Awards Activity (Details) - Non-vested Unit Based Awards Activity	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Performance ‎Shares
Non-vested, beginning balance (in shares) \| shares	18,549
Vested (in shares) \| shares	(18,549)
Non-vested, ending balance (in shares) \| shares	0
Weighted- ‎Average Grant- ‎Date Fair Value
Non-vested, beginning balance (in dollars per share) \| $ / shares	$ 12.94
Vested (in dollars per share) \| $ / shares	12.94
Non-vested, ending balance (in dollars per share) \| $ / shares	$ 0
Non-vested, weighted-average remaining vesting term (in years)	0 years

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
EPS - basic and diluted
Net loss attributable to Green Plains	$ (24,350)	$ (52,604)	$ (75,762)	$ (122,928)
Weighted average shares outstanding - basic (in shares)	63,933	58,874	63,637	58,714
EPS - basic (in dollars per share)	$ (0.38)	$ (0.89)	$ (1.19)	$ (2.09)
EPS - diluted:
Net income (loss) attributable to Green Plains	$ (24,350)	$ (52,604)	$ (75,762)	$ (122,928)
Net income (loss) attributable to Green Plains - diluted	$ (24,350)	$ (52,604)	$ (75,762)	$ (122,928)
Effect of dilutive convertible debt:
Weighted average shares outstanding - diluted (in shares)	63,933	58,874	63,637	58,714
EPS - diluted (in dollars per share)	$ (0.38)	$ (0.89)	$ (1.19)	$ (2.09)
Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (in shares)	7,713	8,459	7,674	8,528

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended	6 Months Ended
	Jan. 09, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.001	$ 0.001
Partnership Merger		$ (36,725)
Green Plains Partners Merger
Class of Stock [Line Items]
Shares issued	4.7		4.7
Consideration paid for business acquisition	$ 29,200		$ 29,200
Partnership Merger			133,800
Accumulated estimated fees			$ 7,500
Common Stock
Class of Stock [Line Items]
Partnership Merger		$ 5
Common Stock \| Green Plains Partners Merger
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001

Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 900,468	$ 990,056	$ 973,037	$ 1,061,066	$ 990,056	$ 1,061,066
Treasury stock, beginning balance (in shares)		2,805,059			2,805,059
Net loss	(24,038)	$ (51,122)	(48,320)	(66,249)	$ (75,160)	(114,569)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders			(6,497)	(5,305)
Other comprehensive loss before reclassification	(657)	(6,043)	710	(12,788)
Amounts reclassified from accumulated other comprehensive loss	1,748	5,305	3,602	1,701	7,053	5,303
Other comprehensive loss, net of tax	1,091	(738)	4,312	(11,087)	353	(6,775)
Investment in subsidiaries	167	166	8	185
Partnership Merger		(36,725)
Stock-based compensation	3,173	(1,169)	3,312	(5,573)
Ending balance	880,861	900,468	925,852	973,037	880,861	925,852
Total Green Plains Stockholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	887,454	843,733	822,988	910,031	843,733	910,031
Net loss	(24,350)	(51,412)	(52,604)	(70,324)
Other comprehensive loss before reclassification	(657)	(6,043)	710	(12,788)
Amounts reclassified from accumulated other comprehensive loss	1,748	5,305	3,602	1,701
Other comprehensive loss, net of tax	1,091	(738)	4,312	(11,087)
Partnership Merger		97,040
Stock-based compensation	3,173	(1,169)	3,252	(5,632)
Ending balance	$ 867,368	$ 887,454	$ 777,948	$ 822,988	$ 867,368	$ 777,948
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, beginning balance (shares)	67,422,000	62,327,000	62,318,000	62,101,000	62,327,000	62,101,000
Beginning balance	$ 67	$ 62	$ 62	$ 62	$ 62	$ 62
Partnership Merger (in shares)		4,746,000
Partnership Merger		$ 5
Stock-based compensation (in shares)	39,000	349,000	15,000	217,000
Common stock, ending balance (shares)	67,461,000	67,422,000	62,333,000	62,318,000	67,461,000	62,333,000
Ending balance	$ 67	$ 67	$ 62	$ 62	$ 67	$ 62
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,209,672	1,113,806	1,104,519	1,110,151	1,113,806	1,110,151
Partnership Merger		97,035
Stock-based compensation	3,173	(1,169)	3,252	(5,632)
Ending balance	1,212,845	1,209,672	1,107,771	1,104,519	1,212,845	1,107,771
Retained Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(287,213)	(235,801)	(212,741)	(142,417)	(235,801)	(142,417)
Net loss	(24,350)	(51,412)	(52,604)	(70,324)
Ending balance	(311,563)	(287,213)	(265,345)	(212,741)	(311,563)	(265,345)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(3,898)	(3,160)	(37,678)	(26,591)	(3,160)	(26,591)
Other comprehensive loss before reclassification	(657)	(6,043)	710	(12,788)
Amounts reclassified from accumulated other comprehensive loss	1,748	5,305	3,602	1,701
Other comprehensive loss, net of tax	1,091	(738)	4,312	(11,087)
Ending balance	(2,807)	(3,898)	(33,366)	(37,678)	(2,807)	(33,366)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (31,174)	$ (31,174)	$ (31,174)	$ (31,174)	$ (31,174)	$ (31,174)
Treasury stock, beginning balance (in shares)	2,805,000	2,805,000	2,805,000	2,805,000	2,805,000	2,805,000
Treasury stock, ending balance (in shares)	2,805,000	2,805,000	2,805,000	2,805,000	2,805,000	2,805,000
Ending balance	$ (31,174)	$ (31,174)	$ (31,174)	$ (31,174)	$ (31,174)	$ (31,174)
Non- Controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	13,014	146,323	150,049	151,035	146,323	151,035
Net loss	312	290	4,284	4,075
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders			(6,497)	(5,305)
Investment in subsidiaries	167	166	8	185
Partnership Merger		(133,765)
Stock-based compensation	0	0	60	59
Ending balance	$ 13,493	$ 13,014	$ 147,904	$ 150,049	$ 13,493	$ 147,904

Stockholders' Equity - Reclassification From Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 618,825		$ 857,632		$ 1,216,039	$ 1,690,581
Income tax expense (benefit)	(273)		(1,019)		56	2,410
Net loss	(24,038)	$ (51,122)	(48,320)	$ (66,249)	(75,160)	(114,569)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense (benefit)	550		1,134		2,232	1,669
Net loss	(1,748)		(3,602)		(7,053)	(5,303)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) \| Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) before income taxes and income from equity method investees	(2,298)		(4,736)		(9,285)	(6,972)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) \| Commodity contracts \| Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	0		(1,518)		3,736	(1,518)
Cost of goods sold	$ (2,298)		$ (3,218)		$ (13,021)	$ (5,454)

Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Aug. 16, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Incentives related tax credits	$ 370,000,000
Income tax benefit (expense)		$ 273	$ 1,019	$ (56)	$ (2,410)
Prior period reclassification adjustment	$ 1,000,000
Unrecognized tax benefits		$ 51,400		$ 51,400

Commitments and Contingencies - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) lease
Trading Activity, Gains and Losses, Net [Line Items]
Number of leases not yet commenced \| lease	2
Undiscounted future lease payments	$ 5.9
Term of lease that has not yet commenced	5 years
Contracted future purchases	$ 163.3
Future commitments for storage and transportation value	$ 19.8
Minimum
Trading Activity, Gains and Losses, Net [Line Items]
Operating lease remaining lease term	1 year
Maximum
Trading Activity, Gains and Losses, Net [Line Items]
Operating lease remaining lease term	13 years 4 months 24 days

Commitments and Contingencies - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 7,110	$ 6,843	$ 14,118	$ 13,589
Variable lease expense (benefit)	350	(176)	664	(307)
Total lease expense	$ 7,460	$ 6,667	$ 14,782	$ 13,282

Commitments and Contingencies - Supplemental Cash Flow Information Related To Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases	$ 7,051	$ 6,642	$ 14,039	$ 12,839
Right-of-use assets obtained in exchange for lease obligations: Operating leases	$ 3,955	$ 6,798	$ 11,118	$ 23,456

Commitments and Contingencies - Supplemental Balance Sheet Information Related to Operating Leases (Details)	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term	4 years 2 months 12 days	4 years 6 months
Weighted average discount rate	5.33%	5.16%

Commitments and Contingencies - Aggregate Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 14,404
2025	24,520
2026	17,750
2027	13,590
2028	5,957
Thereafter	9,055
Total	85,276
Less: Present value discount	(9,342)
Lease liabilities	$ 75,934

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