Page 1

Green Plains Green Plains Reports Second Quarter 2021 Financial Results August 2 , 2021 Results for the Second Quarter of 2021 : • Net income attributable to the company of $ 9.7 million , or $ 0.20 per diluted share inclusive of a $ 3.8 million loss related to the sale of certain assets and a $ 9.5 million charge related to a private exchange of convertible notes • Adjusted EBITDA of $ 54.8 million , exclusive of a $ 3.8 million loss related to the sale of certain assets • Consolidated crush margin of $ 0.37 per gallon • Strong liquidity position , with cash , cash equivalents and restricted cash of $ 615.4 million and $ 294.2 million available under committed credit facilities OMAHA , Neb . , Aug. 02 , 2021 ( GLOBE NEWSWIRE ) -- Green Plains Inc. ( NASDAQ : GPRE ) today announced financial results for the second quarter of 2021. Net income attributable to the company was $ 9.7 million , or $ 0.20 per diluted share inclusive of a loss related to the sale of certain assets of $ 3.8 million and a $ 9.5 million charge related to a privately negotiated exchange of convertible notes compared with a net loss of $ 8.2 million , or $ ( 0.24 ) per diluted share , for the same period in 2020. Revenues were $ 724.4 million for the second quarter of 2021 compared with $ 388.0 million for the same period last year . " The first half of 2021 has been transformational for Green Plains , culminating with a strong second quarter , " said Todd Becker , president and chief executive officer . " We continue to pursue our path to 2024 with an intense focus on executing our strategy while strong financial results from the second quarter have provided additional liquidity to achieve our transformation plan . We are executing on key milestones to deploy Ultra - High Protein technology across our platform , including naming Fagen as our exclusive construction partner and breaking ground at an additional location . As part of our execution plan , we have ordered essential long lead time equipment for our projects , keeping each location on a path toward on - time completion . " " We are establishing the key building blocks across our company to drive sales , marketing , innovation and technology goals and are making great progress in each of our four strategic areas of growth : Ultra - High Protein , renewable corn oil , clean sugar and carbon capture and sequestration , " added Becker . " In each of these areas our focus remains on delivering on our 2024 and 2025 targets . " Advancing Strategic Growth Opportunities " We have achieved a number of key milestones with our Ultra - High Protein initiative this year with additional objectives underway , " added Becker . " We continue to work with customers across all species on use and application of this innovative product in 2022 and beyond . We also plan to break ground on additional locations in the coming weeks and months as our construction program ramps up . To support our ongoing transition to creating sustainable ingredients , we have been building a deep sales and development team focused on innovation and delivering value to our customers . " " Our renewable corn oil strategy continues to evolve and we believe we will be able to further monetize this opportunity , " added Becker . “ As the market expands and begins to focus on waste oils with significantly lower carbon intensity than food oils , we believe we will have the opportunity to further participate in the robust renewable diesel margin by committing significant volumes to one of the many projects looking for long term supply sources . " " During the quarter , we delivered our first shipments of dextrose produced with our Clean Sugar Technology from the Innovation Center at York , " added Becker . " Based on favorable early feedback , we are moving forward with reviewing opportunities to deploy Clean Sugar Technology on a larger scale . We believe this keeps us on track to deliver low - carbon , sustainable ingredients for various markets , further expanding what we can produce from each kernel of corn . " " While Green Plains is the largest committed shipper on the Summit Carbon Solutions Midwest Carbon Express pipeline , we are also a founding shareholder of SCS , which gives us an option to be a substantial equity investor and partner in the project , " said Becker . " We have engaged a world class due diligence team of engineering firms , right of way experts and pipeline construction firms to help Green Plains make a more well - informed decision on capital allocation and thus far , believe this project has a high probability of success and could prove beneficial to the value of Green Plains . " " We believe our growing focus on low - carbon , innovative ingredients , supported through expanded protein opportunities , renewable corn oil and future opportunities in carbon capture and sequestration , keeps us on a continued path to deliver on our 2024 and 2025 financial goals , " concluded Becker . Second Quarter Highlights and Recent Developments • Announced Fagen , Inc. as exclusive construction partner for Ultra - High Protein buildout • Announced ground breaking at Green Plains Central City LLC for construction of MSC ™ Ultra - High Protein • Began batch operations for the clean sugar project at the Innovation Center at York , Neb . to produce dextrose to target applications in food production , renewable chemicals and synthetic biology • Announced additional locations to join Summit Carbon Solutions ' carbon capture and sequestration project • Announced Negil McPherson Jr. as Chief People Officer and promoted Leslie van der Meulen to EVP Product Marketing and Innovation Results of Operations