Green Plains (GPRE) risk factors, FY2025 10-K

Green Plains's FY2025 10-K, filed Feb 10, 2026, lists 41 risk factors in 2 groups. Against the prior year's 45: 4 new, 8 dropped, 8 substantially reworded.

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Risk factors listed
412 groups
New this year
4vs 45 last year
Dropped
8since the prior 10-K
Substantially reworded
8of those kept
Section length
10k wordsItem 1A

What the changes say

  • New risks highlight trade tariff pressures, debt covenant compliance, and regulatory shifts impacting renewable fuels and protein products.

What changed since the prior 10-K

New

  • NewRisks Related to our Business and Industry

    Ultra-High Protein. Our Ultra-High Protein has unique nutritional advantages and a higher protein concentration than

    Ultra-high protein and renewable corn oil face pricing pressure, customer acceptance hurdles, and production consistency requirements.

  • NewRisks Related to our Business and Industry

    SREs, largely clearing the backlog from 2016-2024

    Judicial changes to federal agency authority and EPA Reid Vapor Pressure waiver limits could restrict summertime E15 sales.

  • NewRisks Related to our Business and Industry

    If the United States were to withdraw from or materially modify certain international trade agreements, our business, financial condition and results of operations could be materially adversely affected

    Proposed tariffs and potential withdrawal from trade agreements by the Trump administration threaten agricultural and ethanol exports to China, Mexico, and Canada.

  • NewRisks Related to our Business and Industry

    Our indebtedness could negatively affect our financial condition, decrease our liquidity and impair our ability to operate the business

    Debt covenants requiring minimum working capital and equity levels could restrict liquidity and cause default if commodity prices fluctuate.

Dropped

  • DroppedRisks Related to our Business and Industry

    during the summer driving season. As of this filing, according to Prime the Pump, E15 is sold year-round at approximately 3,724 stations

  • DroppedRisks Related to our Business and Industry

    Carbon Capture and Sequestration projects we are committed to could be delayed or cease operations

  • DroppedRisks Related to our Business and Industry

    financial condition and results of operations could be materially adversely affected

  • DroppedRisks Related to our Business and Industry

    Our debt exposes us to numerous risks that could have significant consequences to our shareholders

  • DroppedRisks Related to our Business and Industry

    We are required to comply with a number of covenants under our existing loan agreements that could impact our liquidity

    E15 stations and Reid vapor pressure summer driving season details.

  • DroppedRisks Related to our Business and Industry

    We operate in a capital intensive business and rely on cash generated from operations and external financing, which could be limited

  • DroppedRisks Related to our Business and Industry

    The ability or willingness of OPEC and other oil exporting nations to set and maintain production levels has a significant impact on oil and natural gas commodity prices

  • DroppedRisks Related to our Business and Industry

    Our review of strategic alternatives may be disruptive to our business

    Carbon capture and sequestration project delays and CI benefits.

Reworded

  • 90% rewrittenRisks Related to our Business and Industry

    We may fail to realize the anticipated benefits of mergers, acquisitions, joint ventures or partnerships

    Expanded disclosure on integration risks, due diligence failures, and dilution or debt from future acquisitions.

  • 60% rewrittenRisks Related to our Business and Industry

    Future demand for ethanol is uncertain and changes in public perception, consumer acceptance and overall consumer demand for transportation fuel could affect demand

    Removed lengthy debate on corn ethanol criticisms and added details on E15, E85, and SAF market requirements.

  • 56% rewrittenRisks Related to our Business and Industry

    We may be affected by or unable to fulfill our strategies

    Added specific risks regarding failure to achieve projected operating yields, technology performance, and sales margins.

    Was: We may be affected by or unable to fulfill our total transformation strategies

  • 53% rewrittenRisks Related to our Business and Industry

    Our operating results are highly sensitive to commodity prices

    Removed specific mention of the war in Ukraine from global political and economic issues affecting corn.

  • 49% rewrittenRisks Related to our Business and Industry

    Compliance with evolving environmental, health and safety laws and regulations, particularly those related to climate change, could be costly

    Updated plant count from ten to nine facilities operating under grandfathered RFS pathways.

  • 46% rewrittenRisks Related to our Business and Industry

    Increased ethanol industry penetration by oil and other multinational companies could impact our margins

    Added consequence that oil refiners increasing ethanol ownership could diminish independent producer pricing and demand.

  • 43% rewrittenRisks Related to our Business and Industry

    Our ability to maintain the required regulatory permits or manage changes in environmental, safety and TTB regulations is essential to successfully operating our plants

    No substantive text changes made to environmental and TTB regulations.

  • 32% rewrittenRisks Related to our Business and Industry

    Domestic and foreign government biofuels programs could change and impact the ethanol market

    No substantive text changes made to domestic and foreign biofuels programs.

All 41 risk factors

Headings as the filing states them, in filing order.

Risks Related to our Business and Industry

  1. 01Our margins are dependent on managing the spread between the price of corn, natural gas, ethanol, distillers grains, Ultra-High Protein and renewable corn oil
  2. 02Our operating results are highly sensitive to commodity prices53% rewritten
  3. 03Ultra-High Protein. Our Ultra-High Protein has unique nutritional advantages and a higher protein concentration thanNew
  4. 04We may be affected by or unable to fulfill our strategies56% rewritten
  5. 05Domestic and foreign government biofuels programs could change and impact the ethanol market32% rewritten
  6. 06SREs, largely clearing the backlog from 2016-2024New
  7. 07Future demand for ethanol is uncertain and changes in public perception, consumer acceptance and overall consumer demand for transportation fuel could affect demand60% rewritten
  8. 08Our risk management and commodity trading strategies could be ineffective and expose us to decreased liquidity
  9. 09In the past, we have had operating losses and could incur future operating losses
  10. 10If the United States were to withdraw from or materially modify certain international trade agreements, our business, financial condition and results of operations could be materially adversely affectedNew
  11. 11Our indebtedness could negatively affect our financial condition, decrease our liquidity and impair our ability to operate the businessNew
  12. 12Disruptions in the credit market could limit our access to capital
  13. 13Our production level may fluctuate due to planned and unplanned downtime at our assets
  14. 14Our ability to maintain the required regulatory permits or manage changes in environmental, safety and TTB regulations is essential to successfully operating our plants43% rewritten
  15. 15Any inability to generate or obtain RINs could adversely affect our operating margins
  16. 16Compliance with evolving environmental, health and safety laws and regulations, particularly those related to climate change, could be costly49% rewritten
  17. 17We may fail to realize the anticipated benefits of mergers, acquisitions, joint ventures or partnerships90% rewritten
  18. 18Future events could result in impairment of long-lived assets, which may result in charges that adversely affect our results of operations
  19. 19Global competition could affect our profitability
  20. 20International activities such as boycotts, embargoes, product rejection, trade policies and compliance matters, may have an adverse effect on our results of operations
  21. 21Increased ethanol industry penetration by oil and other multinational companies could impact our margins46% rewritten
  22. 22Our agribusiness operations are subject to significant government regulations
  23. 23Commodities futures trading is subject to extensive regulations
  24. 24Our success depends on our ability to manage our changing operations
  25. 25We may be required to provide remedies for ethanol, distillers grains, Ultra-High Protein or renewable corn oil that do not meet the specifications defined in our sales contracts
  26. 26Business disruptions due to unforeseen operational failures or factors outside of our control could impact our ability to fulfill contractual obligations
  27. 27Our ethanol-related assets may be at greater risk of terrorist attacks, threats of war or actual war, than other possible targets
  28. 28Our network infrastructure, enterprise applications and internal technology systems could be damaged or otherwise fail and disrupt business activities
  29. 29We could be adversely affected by cyber-attacks, data security breaches and significant information technology systems interruptions
  30. 30We may not be able to hire and retain qualified personnel to operate our facilities
  31. 31Compliance with and changes in tax laws could adversely affect our performance
  32. 32Federal, state and local jurisdictions may challenge our tax return positions
  33. 33Financial performance of our equity method investments are subject to risks beyond our control and can vary substantially from period to period
  34. 34We are exposed to credit risk that could result in losses or affect our ability to make payments should a counterparty fail to perform according to the terms of our agreement
  35. 35We have limitations, as a holding company, in our ability to receive distributions from a small number of our subsidiaries
  36. 36The ability of suppliers to deliver inputs, parts, components and equipment to our facilities, and our ability to construct our facilities without disruption, could affect our business performance
  37. 37Inflation may impact the cost and/or availability of materials, inputs and labor, which could adversely affect our operating results
  38. 38Climate change, environmental, social and corporate governance issues and uncertainty regarding regulation of such matters may increase our operating costs, impact our capital markets and potentially reduce the value of our products and assets
  39. 39Our insurance policies do not cover all losses, costs or liabilities that we may experience, and insurance companies that currently insure companies in the energy industry may cease to do so or substantially increase premiums

Risks Related to our Common Stock

  1. 40The price of our common stock may be highly volatile and subject to factors beyond our control
  2. 41Anti-takeover provisions could make it difficult for a third party to acquire us

Other Green Plains 10-Ks

  • FY2024 10-K risk factors
    45 risks

    Operating results heavily depend on volatile commodity spreads between corn, natural gas, and ethanol, distillers grains, and protein products.

    Filed Feb 07, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.