Adjusted EBITDA, excluding restructuring and noncash charges, was $16.4 million in Q2 2025 versus $5 million in Q2 2024.
Capital expenditures were $11 million in Q2, with an expected $10 million for the remainder of 2025 excluding fully financed carbon capture equipment.
Depreciation and amortization were $27.6 million, including a $3.1 million impairment related to closure of a noncore feed business.
Green Plains reported a net loss of $72.2 million or $1.09 per share in Q2 2025, compared to a loss of $24.4 million or $0.38 per share in Q2 2024.
Interest expense increased by $6.4 million to $13.9 million due to accounting treatment of warrants and absence of capitalized interest.
Liquidity at quarter end included $152.7 million in cash and equivalents, $258.5 million revolver availability, and $93.3 million unrestricted liquidity.
Revenue for Q2 2025 was $552.8 million, down 10.7% year-over-year due to exiting ethanol marketing for Tharaldson and placing Fairmont ethanol asset on care and maintenance.
SG&A expenses improved by $6.3 million year-over-year to $27.6 million and are on track to exit 2025 at low $40 million run rate for corporate and trade SG&A.
The results included $44.9 million in noncash charges related to sale or impairment of noncore assets and $2.5 million in one-time restructuring charges.
Cash generation was $27 million in Q2, marking the fifth consecutive quarter of positive cash flow, despite working capital timing impacts.
Contracted net value creation reached a record $376 million, more than doubling from the previous quarter and exceeding guidance.
Net subscriber value grew 182% year-over-year to $17,000, the highest in company history, driven by a 70% storage attachment rate and cost efficiencies.
Sunrun delivered strong financial results in Q2 2025 with $1.6 billion in aggregate subscriber value, a 40% year-over-year increase.
Sunrun paid down $21 million in recourse debt during the quarter and ended with $618 million in unrestricted cash, up $13 million from Q1.
Dafinchi