Thu, Jun 13, 7:44 PM (130 days ago)
Highwater Ethanol, LLC reported a net loss of $1.6 million for Q2 2024, a significant decline from the $1.75 million net income in Q2 2023. Revenue fell by 33.2% to $32.5 million, driven by lower ethanol prices and sales volumes. Cost of goods sold also decreased by 27.6%, but gross profit turned negative at -$796,637. Operating expenses remained relatively stable at $1.1 million. Cash and cash equivalents decreased significantly to $20.98 million from $41.52 million as of October 31, 2023, mainly due to member distributions of $16.16 million. Current liabilities dropped to $10.91 million from $20.57 million, reflecting reduced accounts payable. The company remains compliant with its financial covenants, although liquidity concerns persist. Future operations may be impacted by volatile commodity prices and operational uncertainties.