Financials

FINANCIAL RECAP

• Comparison of operations for the three months ended:
  • Total revenues were down ~10% quarter over quarter. This was due to the combination of lower ethanol and distillers values, and lower production rates from planned outages. However, we also saw a 35% increase in our crush margins quarter over quarter, primarily from lower corn costs. The net result was the $1.1MM reduction in our gross profits period over period.
• Comparison of operations for the six months ended:
  • Total revenues were down nearly $4.0MM. As noted above, this was mainly the result of the lower production rates and lower distillers values.
  • Corn costs were down nearly 9% for the comparative six-month periods. This being the primary factor in the 7% increase in gross profits.
• In early February 2026, U.S. Treasury issued additional guidance related to the clean fuel production credit (45Z). In accordance with generally accepted accounting policy, Siouxland recognized this transferable tax credit for gallons produced from January 1, 2025 through March 31^st, 2026. The estimated fair market value of these credits, recorded as other income in the March 31, 2026, quarter ending, resulted in the substantial increases in comparative net incomes for the periods.
• Working capital continues to build back after the $2,200/unit distribution paid during the second quarter of FY26. As of March 31, 2026, working capital sits at $43.0MM, which is up $6.1MM from our most recent fiscal year end September 30, 2025.
• Excluding the recent Company unit redemption in January 2026, 10 units have traded this fiscal year to date at a weighted average of $44,400/unit.