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Achieved the highest second quarter net income per share in company history, attributed to disciplined operating teams and favorable market tailwinds.

Performance was significantly bolstered by Section 45Z production tax credits, which contributed approximately $18.4 million directly to gross profit during the quarter.

Gross profit grew approximately 144% year-over-year even when excluding the impact of 45Z tax credits, driven by stronger industry crush margins.

Operational success is supported by a robust balance sheet with no bank debt and $379.5 million in cash and short-term investments, allowing for internal funding of all growth projects.

Management attributes the record results to a combination of commercial execution and constructive market fundamentals, including record export demand for U.S. ethanol.

Strategic positioning remains focused on low-carbon initiatives, with the carbon capture project viewed as a primary driver for future carbon intensity score improvements.

Management anticipates third quarter results will exceed the prior year's performance, maintaining a positive outlook on near-term profitability.

The One Earth facility expansion remains on schedule for completion by the end of 2026, with a phased production increase targeting 200 million gallons by mid-2027.

Future value capture under the 45Z program is expected to increase once the carbon capture and sequestration project becomes fully operational.

The company is actively evaluating capital allocation options, including potential ethanol plant acquisitions, related industry investments, and continued share buybacks.

Regulatory progress continues with the EPA issuing draft Class VI well permits, though final timelines remain dependent on Illinois state-level pipeline approvals.

SG&A expenses increased to $15.6 million from $6.2 million, primarily due to higher incentive compensation and restricted stock awards tied to record financial performance.

The Illinois moratorium on carbon sequestration expired on July 1, allowing the company to begin the application process for a critical 5-mile connector pipeline.

Total capital investment in ethanol expansion and carbon capture projects reached approximately $191.2 million through the end of the second quarter.

Management noted potential impacts from RIN credit volatility but expects strong ethanol exports and E15 approval in California to mitigate major risks.

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The expansion will follow a step-by-step process, moving from the current 150 million gallons to 175 million gallons initially.

Management expects to reach the 200 million gallon production level by early to mid-2027, following required EPA and Illinois EPA approvals.

While federal EPA draft permits have been issued, the primary bottleneck is the approval of a 5-mile pipeline connector by the Illinois Commerce Commission.

Management lacks exact clarity on the state-level timeline but will apply for the necessary permits as soon as possible following the end of the state moratorium.

The company has significant excess capacity in its wells and is open to hosting third-party projects, such as direct air capture.

Current focus remains exclusively on getting their own project operational to maximize 45Z tax credit benefits before pursuing external partnerships.

Management anticipates some impact on RINs but does not expect a major disruption to ethanol sales due to a 13% year-to-date increase in exports.

The expected approval of E15 in California is projected to add approximately 695 million gallons of consumption, providing a demand buffer.