Sep 2, 2026 earnings call — Record earnings and One Earth expansion progress
Reported record second quarter net income per share of $1.06 per share.
Revenue $0.2B (est $0.2B) · EPS $1.06 (est $0.42)
Key quotes
"Our expansion project at the One Earth Energy facility in Gibson City continue to progress on schedule, and we remain on track to complete construction of the additional ethanol production capacity by the end of 2026."
"On August 17, the U.S. Environmental Protection Agency issued draft permits for 3 Class VI injection wells associated with our One Earth carbon capture project."
"During the second quarter, we recognized approximately $18.4 million in Section 45Z production tax credit income bringing the year-to-date total to approximately $26 million."
Analyst Q&A 2
Production capacity, permit timing, and outside projects
Q (Mason Bourne · AWH Capital): Analyst asked if “online by the end of the year” means the full 50 million and whether 200 million gallons is the long-term target or could go higher. He also asked for timeline clarity from the Illinois EPA on the Class 6 well and whether that permit would enable third-party gallon sales.
A: Management said they are stepping up in stages: they currently produce approximately 150 million gallon, will next move to 175 million, and then must apply for 200 million. They said they expect to be close to 200 million gallons early next year but do not have great clarity on the Illinois permit timing; a 5-mile pipeline connector needs Commerce/Illinois Pipeline Commission approval and the moratorium ended at the end of June. On third-party gallons, they said they would welcome projects like direct air to CO2 but have nothing imminent and are focused on getting their own project going.
"We are producing at this time approximately 150 million gallon and the next step will be 175 million." — Zafar Rizvi (CEO)
RIN credits effect and buybacks plans
Q (DJM Investments): Analyst asked how recent RIN credit news and exemptions might affect cash flows over the next 12–18 months. He also asked about share buybacks and how management plans to deploy capital if carbon capture/45 credits are approved.
A: Management said there may be some impact on RINs but they do not expect a major effect on ethanol sales; ethanol exports rose 13% in the first 6 months and they expect exports to keep increasing, and they noted biodiesel RINs D4 and D6 are included in the discussion. On capital deployment, management said they have been large share buyers historically, buy what they can at market prices, view buybacks as their chosen way to return capital, and will also consider acquisitions of other ethanol plants or related businesses.
"I think at this time, certainly, there will be some impact on RINs, but I'm not sure that will be impacted so much on ethanol sale." — Zafar Rizvi (CEO)