SOUTH DAKOTA SOYBEAN PROCESSORS LLC
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 31, 2026
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-03-28.
0001163609-25-000010
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-31.
0001163609-26-000010
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 64 previous paragraphs and 69 current paragraphs.
35 unchanged; 16 reworded; 14 added; 13 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
For the year ended December 31, 2025, we earned a net income of $17.7 million, down from $20.3 million in 2024. Despite the decline, processing margins held firm due to favorable spreads between soybean procurement costs and product sales prices. These spreads benefited from a large 2025 U.S. soybean crop—characterized by low moisture and average to above-average protein and oil content—across the area where we purchase soybeans.
Current report
In 2025, strong soybean meal demand persisted throughout the year, reaching or approaching record levels in both export and domestic markets, even as U.S. processing volumes hit records. Soybean oil demand weakened in the fourth quarter and overall, primarily due to ongoing uncertainty around EPA renewable fuel program guidance and volume requirements (renewable volume obligations).We completed construction of the new processing facility near Mitchell, South Dakota, on time and within budget. Operations began October 6, 2025, with refinery activities starting about one month later. Initial production was limited during commissioning, but product quality has been excellent, and volumes are steadily ramping up.
Current report
In 2026, we anticipate improved processing margins in 2026. An EPA announcement on renewable volume obligations is likely soon; if final volumes meet or exceed market expectations, soybean oil demand could strengthen significantly in 2026 and into 2027, driven by higher requirements for biomass-based diesel and renewable fuels. Nevertheless, challenges remain. Evolving U.S. trade policies add uncertainty, and expanding soybean production and processing capacity in South America will continue to intensify global competition. We remain focused on operational efficiency, capacity utilization (including the new Mitchell facility), and adapting to biofuel policy developments to support long-term performance.
Current report
Revenue – Revenue decreased $50.6 million, or 9.1%, for the year ended December 31, 2025, compared to the same period in 2024 The decrease was primarily driven by lower average sales price of soybean products, partially offset by an increase in quantity of soybeans processed.
Current report
Soybean processing volume increased 22.7% compared to the same period in 2024. During the fourth quarter of 2025, we completed construction of our Mitchell, South Dakota processing facility and commenced operations. Completion of the Mitchell facility materially increased the Company’s soybean processing capacity, approximately doubling total production capacity. While the facility generated revenues during the fourth quarter of 2025, such revenues were limited and subject to uncertainty as the facility continues to ramp up and we evaluate operational performance.
Current report
Gross Profit/Loss – Gross profit decreased by $4.7 million, or 16.0%, for the year ended December 31, 2025, compared to the same period in 2024. The decrease was mainly due to declining processing margins —the spread between the market value of soybean meal and soybean oil produced from soybeans and the cost of raw soybeans— during the period due to weaker product values for soybean meal and soybean oil, reflecting trends that began in 2024.
Current report
During the fourth quarter of 2025, we commenced operations at our Mitchell facility. While the startup of the facility increased overall soybean processing capacity and contributed to higher processing volumes, initial operations were subject to ramp-up inefficiencies and lower utilization rates that are typical of a startup phase, which negatively impacted processing margins during the period.
Current report
Interest Expense – Interest expense decreased by $0.3 million, or 5.1%, during the year ended December 31, 2025, compared to the same period in 2024. The decrease in interest expense was principally due to a decrease in average borrowings from our credit facilities, excluding loans by our subsidiary, High Plains Processing, LLC. Average debt outstanding totaled $52.7 million during the year ended December 31, 2025, compared to $68.2 million during the same period in 2024. Additionally, we incurred and capitalized interest related primarily to the construction of the Mitchell facility of approximately $9.3 million and $0.1 million, for the years ending December 31, 2025 and 2024, respectively.
Current report
Other Non-Operating Income (Expense) – Other non-operating income, including patronage dividend income, decreased by $3.3 million, or 67.4%, for the year ended December 31, 2025, compared to the same period in 2024. The decrease in other non-operating income was primarily attributable to a $3.5 million decrease in interest income earned on the deposit of investment proceeds received by our subsidiaries in connection with the equity financing of the Mitchell facility during 2023 and 2024. These investment proceeds were utilized in 2024 to finance construction of the facility, resulting in lower average invested balances and, consequently, lower interest income during the current period.
Current report
Cash Flows Provided by (Used in) Operating Activities
Current report
The $97.3 million decline in cash flows from operating activities was primarily driven by a $8.8 million decrease in net income, along with a $83.7 million reduction in cash generated from change in current assets and liabilities. The change in current assets and current liabilities was primarily driven by higher inventories, offset by increase in accrued commodity purchases and expenses.
Current report
The $125.8 million increase in cash flows provided by financing activities was principally due to an increase in borrowings with our lender and a decrease in distributions paid to our members, offset by a decrease in proceeds from issuance of new capital units in our consolidated entities. Net proceeds from seasonal borrowings and long-term debt increased by $212.0 million during the year ended December 31, 2025, compared to $69.2 million during the same period in 2024. A $31.8 million reduction in cash distributions to members during the year ended December 31, 2025, compared to the same period in 2024, further contributed to the increase. This increase was partially offset by a decrease in proceeds from the issuance and sale of new securities in our consolidated entities in connection with the equity financing of the Mitchell facility. During the year ended December 31, 2024, our subsidiaries received $57.5 million in investment proceeds in connection with their equity financing, which were subsequently contributed for the construction and development of the new facility.
Current report
Cash Flows from Operating Activities
Current report
Effective March 2025, the State of South Dakota Department of Transportation agreed to loan the Davison Regional Railroad Authority $12.6 million for purposes of making improvements to the railway infrastructure at the Mitchell facility. In consideration of this secured loan, we agreed to provide a guarantee to the State of South Dakota Department of Transportation for the full amount of the loan, plus 2% interest. This guarantee was converted into a direct obligation of ours in May 2025, when we received the entire loan proceeds and assumed responsibility for paying the annual principal and interest payments. Beginning in October 2026, we will make annual principal and interest payments of $987,500. These payments will continue through October 1, 2032, at which time a final balloon payment will be due for the remaining unpaid principal and any accrued interest.
Removed paragraphs (13)
Previous report
Our consolidated net income decreased from $70.4 million in 2023 to $20.3 million in 2024 as we encountered various changes in the market. In 2023, robust demand for soybean oil from renewable fuel markets propelled soybean processing margins to very high levels. By contrast, processing margins in 2024 were set back as the industry experienced new challenges. Early in 2024, renewable fuel margins fell as the overproduction of renewable diesel and biodiesel in the market caused a sharp drop in margins and a corresponding reduction in demand for soybean oil. Imports of used cooking oil also surged to record levels, displacing soybean oil as a renewable fuel feedstock. Later in 2024, a lack of guidance and clarity from the U.S. government on the proposed rule changes in the 45Z Clean Fuel program created uncertainty in the biofuels market, causing biofuel producers not to purchase soybean oil feedstocks. Finally, new soybean processing capacity came online, causing overproduction of soybean meal and oil and depressing prices in the process.
Previous report
In 2025, we expect markets to adjust and respond more positively than in 2024. Soybean meal and oil exports are currently tracking at a record pace, though imposition of tariffs by countries like Canada, Mexico, and China could slow the pace. Moreover, we have an ample supply of soybeans from last year’s crop which puts us in a good position production wise for the first half of the year. While we are still dealing with the uncertainties of the 45Z program, there is a strong desire to increase renewable fuel volume obligations and to address the imports of used cooking oil. We believe that we are positioned well to handle these challenges and deliver value and strong returns.
Previous report
We are also encouraged by the progress of our new oilseed project, High Plains Processing, near Mitchell, South Dakota. Construction is on schedule, and equipment deliveries are nearly complete. Barring any inclement weather or construction delays, we believe the plant will commence operations in October 2025.
Previous report
Revenue – Revenue decreased $18.4 million, or 2.5%, for the year ended December 31, 2023, compared to the same period in 2022. The decrease in revenues was primarily due to a 10.7% decrease in the average sales price of refined soybean oil. Oil prices were adversely affected by reduced demand from the renewable diesel industry following a delay in start-up of and various production issues encountered by renewable diesel plants in 2023.
Previous report
Gross Profit/Loss – Gross profit increased $5.0 million, or 6.8%, for the year ended December 31, 2023, compared to 2022. The increase in gross profit was mainly due to improved board crush margins and growing conditions. Board crush margins improved primarily because of drought conditions in Argentina and North America. Argentina, which accounts for nearly 30% of the world's soybean meal exports, experienced a severe drought which shifted demand for soybean meal to the U.S. as a source. This shift allowed producers, like us, to benefit from increased export opportunities. Partially offsetting the increase in gross profit was a $4.7 million increase, or 12.9%, in production costs in 2023, compared to 2022. The increase in production costs was due to increases in maintenance, personnel, and utility costs resulting from inflation and supply shortages.
Previous report
Interest Expense – Interest expense increased $0.6 million, or 28.7%, during the year ended December 31, 2023, compared to the same period in 2022. The increase in interest expense was due to an increase in interest rates on our senior debt with CoBank. As of December 31, 2023, the interest rate on our revolving long-term loan was 7.85%, compared to 6.85% as of December 31, 2022. The increase in interest expense was partially offset by an $18.7 million decrease in borrowings from our lines of credit, as borrowing decreased due to improved profitability. The average debt level in 2023 was approximately $40.0 million, compared to $58.3 million in 2022.
Previous report
Other Non-Operating Income (Expense) – Other non-operating income, including patronage dividend income, increased $0.1 million, or 5.0%, for the year ended December 31, 2023, compared to the same period in 2022. The increase in other non-operating income was due to a $1.6 million increase in interest income. During the year ended December 31, 2023, interest income was $1.6 million, compared to $0 in 2022. Partially offsetting the increase in interest income was a $1.3 million decrease in gains on our interest rate hedge instruments. During the year ended December 31, 2023, we had losses on interest rate hedges of $0.2 million, compared to gains of $1.1 million during the same period in 2022.
Previous report
Cash Flows Provided by Operating Activities
Previous report
Cash Flows Provided by Operating Activities
Previous report
The $101.5 million increase in cash flows from operating activities was largely due to a $101.4 million decrease in inventories. During the year ended December 31, 2023, our inventories decreased by $60.8 million, compared to a $40.6 million increase during the same period in 2022.
Previous report
The $94.2 million increase in cash flows used for investing activities was due to a $94.3 million increase in expenditures for purchases of various property and equipment which were principally made for the construction and development of the High Plains Processing plant and contributed to our subsidiary, High Plains Partners, as part of our investment into this entity.
Previous report
The $67.3 million increase in cash flows from (used for) financing activities was principally due to the receipt of $98.1 million in investments received by High Plains Partners, the proceeds of which were contributed to pay for the construction and development of the High Plains Processing plant. Partially offsetting the increase is a $19.2 million increase in cash distributions to our members in 2023, compared to 2022.
Previous report
The second line of credit is a multiple advance note payable. The primary purpose of this note is to finance our investment and ownership in the High Plains Processing plant through our subsidiaries and any large capital project. Under this $50.5 million loan, principal payments of $4.5 million are made every six months which began on October 20, 2024 and end on the date of maturity, March 20, 2028, at which time a balloon payment is due for the remaining balance. The principal balance outstanding on this note was $50.5 million and $0 as of December 31, 2024 and 2023, respectively. Starting March 17, 2025, this note was consolidated into the note of the revolving term loan (see below).
Reworded paragraphs (16)
Previous wording
Operating Expenses – Administrative expenses, including selling, general and administrative expenses, increased approximately $0.8 million, or 14.4%, during the year ended December 31, 2023, compared to the same period in 2022. The increase was primarily due to an increase in legal and personnel costs.
Current wording
Operating Expenses – Administrative expenses, including selling, general and administrative expenses, increased approximately $1.2 million, or 19.7%, during the year ended December 31, 2025, compared to the same period in 2024, due to an increase in payroll, professional and related costs associated with the start-up of the Mitchell facility.
Previous wording
Net Income/Loss – We generated a net income of $70.5 million during the year ended December 31, 2023, a $3.0 million increase from 2022. The increase is primarily attributable to an increase in gross profit and other non-operating income.
Current wording
Net Income/Loss – We generated a net income of $17.7 million during the year ended December 31, 2025, a $2.4 million decrease from 2024. The decrease was primarily attributable to lower gross margins resulting from reduced processing spreads and weaker product pricing during the period.
Previous wording
Operating Expenses – Administrative expenses, including selling, general and administrative expenses, decreased approximately $0.5 million, or 6.7%, during the year ended December 31, 2024, compared to the same period in 2023, due to a decrease in labor costs. The decrease was partially offset by an increase in professional and related costs associated with the start-up of the High Plains Processing plant.
Current wording
Operating Expenses – Administrative expenses, including selling, general and administrative expenses, decreased approximately $0.5 million, or 6.7%, during the year ended December 31, 2024, compared to the same period in 2023, due to a decrease in labor costs. The decrease was partially offset by an increase in professional and related costs associated with the start-up of the Mitchell facility.
Previous wording
Interest Expense – Interest expense increased $3.6 million, or 126.2%, during the year ended December 31, 2024, compared to the same period in 2023. The increase in interest expense was due to a $28.6 million increase in borrowings from our credit facilities with our senior lender, CoBank. The average debt level was $68.2 million during 2024, compared to $39.6 million in 2023. Debt levels increased mainly to fund our investment commitment into the High Plains Processing plant through our subsidiaries.
Current wording
Interest Expense – Interest expense increased $3.6 million, or 126.2%, during the year ended December 31, 2024, compared to the same period in 2023. The increase in interest expense was due to a $28.6 million increase in borrowings from our credit facilities with our senior lender, CoBank. The average debt level was $68.2 million during 2024, compared to $39.6 million in 2023. Debt levels increased mainly to fund our investment commitment into the Mitchell facility through our subsidiaries.
Previous wording
Other Non-Operating Income (Expense) – Other non-operating income, including patronage dividend income, increased $2.8 million, or 140.2%, for the year ended December 31, 2024, compared to the same period in 2023. The increase in other non-operating income was due to a $2.6 million increase in interest income. Interest income increased from the deposit of investment proceeds which were received by our subsidiaries in connection with their equity financing of the High Plains Processing plant.
Current wording
Other Non-Operating Income (Expense) – Other non-operating income, including patronage dividend income, increased $2.8 million, or 140.2%, for the year ended December 31, 2024, compared to the same period in 2023. The increase in other non-operating income was due to a $2.6 million increase in interest income. Interest income increased from the deposit of investment proceeds which were received by our subsidiaries in connection with their equity financing of the Mitchell facility.
Previous wording
Our primary sources of liquidity are cash provided by operations and borrowings under our various revolving lines of credit which are discussed below under “Indebtedness.” On December 31, 2024, we had working capital, defined as current assets less current liabilities, of approximately $24.5 million, compared to working capital of $100.2 million on December 31, 2023. Working capital decreased between periods primarily due to expenditures related to the construction and development of the High Plains Processing plant, which we have a controlling ownership stake through our subsidiaries.
Current wording
Our primary sources of liquidity are cash provided by operations and borrowings under our various revolving lines of credit which are discussed below under “Indebtedness.” On December 31, 2025, we had working capital, defined as current assets less current liabilities, of approximately $25.4 million, compared to working capital of $24.5 million on December 31, 2024. The increase in working capital was primarily driven by higher inventories, offset by decreases in cash and cash equivalents, increase in accrued commodity purchases and expenses, and increase in indebtedness associated with the commencement of operations at the Mitchell facility.
Previous wording
The $71.8 million increase in cash flows used for investing activities was primarily driven by the $71.4 million increase in expenditures for purchasing various property and equipment. During 2024, we spent $175.7 million on property and equipment purchases, largely for the construction and development of the High Plains Processing plant, compared to $104.3 million during 2023.
Current wording
The $71.8 million increase in cash flows used for investing activities was primarily driven by the $71.4 million increase in expenditures for purchasing various property and equipment. During 2024, we spent $175.7 million on property and equipment purchases, largely for the construction and development of the Mitchell facility, compared to $104.3 million during 2023.
Previous wording
We hold various credit facilities with CoBank, our primary lender, to meet the short and long-term needs of our operations. The first credit line is a revolving long-term loan. Under this loan, we may borrow funds, as needed, up to the credit line maximum, or $65.0 million, and then pay down the principal whenever excess cash is available. Repaid amounts may be borrowed up to the available credit line. The available credit line decreases by $3.25 million every six months until the credit line’s maturity on March 20, 2028 at which time a balloon payment for the remaining balance is due. We pay a 0.40% annual commitment fee on any funds not borrowed. The principal balance outstanding on the revolving term loan was $0 as of December 31, 2024 and 2023, respectively.
Current wording
We hold various credit facilities with CoBank, our primary lender, to meet the short and long-term needs of our operations. The first credit line is a revolving long-term loan. Under this loan, we may borrow funds, as needed, up to the credit line maximum, or $65.0 million, and then pay down the principal whenever excess cash is available. Repaid amounts may be borrowed up to the available credit line. The available credit line decreases by $3.25 million every six months until the credit line’s maturity on March 20, 2030 at which time a balloon payment for the remaining balance is due. We pay a 0.40% annual commitment fee on any funds not borrowed. The principal balance outstanding on the revolving term loan was $19.7 million and $50.5 million as of December 31, 2025 and 2024, respectively. Approximately $38.8 million in remaining commitments was available to borrow on the revolving term loan as of December 31, 2025.
Previous wording
The third credit line is a revolving working capital (seasonal) loan. The primary purpose of this loan is to finance our operating needs. We may borrow up to $70.0 million until the loan's maturity on December 1, 2025. We pay a 0.20% annual commitment fee on any funds not borrowed; however, we have the option to reduce the credit line during any given commitment period listed in the credit agreement to avoid the commitment fee. As of December 31, 2024 and 2023, the principal balance outstanding on this credit line was $0 and $0.0 million, respectively.
Current wording
The second credit line is a revolving working capital (seasonal) loan. The primary purpose of this loan is to finance our operating needs. We may borrow up to $20.0 million until the loan's maturity on December 1, 2026. We pay a 0.20% annual commitment fee on any funds not borrowed; however, we have the option to reduce the credit line during any given commitment period listed in the credit agreement to avoid the commitment fee. As of December 31, 2025 and 2024, there was no principal balance outstanding on this credit line.
Previous wording
The fourth line of credit is a delayed-draw term loan. Under this loan, our subsidiary may borrow funds, as needed up to $254.0 million. Principal payments of $4.5 million are made quarterly beginning six months after the completion date of the High Plains Processing facility. The quarterly principal payments will increase $1.0 million on the anniversary date and continue until the maturity date of December 31, 2029. Our subsidiary pays a 0.50% annual commitment fee on any funds not borrowed. The principal balance outstanding on the delayed-draw term loan was $18.7 million and $0 as of December 31, 2024 and 2023, respectively. Under this loan, $235.3 million was available to be borrowed as of December 31, 2024.
Current wording
The third line of credit is a delayed-draw term loan. Under this loan, our subsidiary may borrow funds, as needed up to $254.0 million. Principal payments of $4.5 million are made quarterly beginning six months after the completion date of the Mitchell facility. The quarterly principal payments will increase $1.0 million on the anniversary date and continue until the maturity date of December 31, 2029. Our subsidiary pays a 0.50% annual commitment fee on any funds not borrowed. The principal balance outstanding on the delayed-draw term loan was $221.5 million and $18.7 million as of December 31, 2025 and 2024, respectively. Under this loan, $32.5 million was available to be borrowed as of December 31, 2025.
Previous wording
The last line of credit is another revolving term loan. Under this loan, our subsidiary may borrow funds, as needed, up to the credit line maximum, or $40.0 million, and then pay down the principal whenever excess cash is available. Repaid amounts may be borrowed up to the available credit line until the credit line’s maturity on December 31, 2029 at which time a balloon payment for the remaining balance is due. Our subsidiary pays a 0.50% annual commitment fee on any funds not borrowed. The principal balance outstanding on the revolving term loan was $0 as of December 31, 2024 and 2023. Under this loan, $40.0 million was available to be borrowed as of December 31, 2024.
Current wording
The fourth line of credit is another revolving term loan. Under this loan, our subsidiary may borrow funds, as needed, up to the credit line maximum, or $40.0 million, and then pay down the principal whenever excess cash is available. Repaid amounts may be borrowed up to the available credit line until the credit line’s maturity on
Previous wording
The revolving, multiple advance, seasonal and delayed-draw loans with CoBank are set up with a variable rate option. The variable rate is set daily by CoBank. We also have a fixed rate option on all three loans, allowing us to fix rates for any period between one day and the entire commitment period. The annual interest rate on the revolving term and multiple advance loans was 6.56% and 7.85% as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the interest rate on the seasonal loan is 6.56% and 2.31%, respectively. As of December 31, 2024, the interest rate on our subsidiary's delayed-draw and revolving term loans was 7.76%. We were in compliance with all covenants and conditions under the loans as of December 31, 2024.
Current wording
The revolving, seasonal and delayed-draw loans with CoBank are set up with a variable rate option. The variable rate is set daily by CoBank. We also have a fixed rate option on all five loans, allowing us to fix rates for any period between one day and the entire commitment period. The annual interest rate on the loans was between 5.91% and 7.11% as of December 31, 2025. We were in compliance with all covenants and conditions under the loans as of December 31, 2025.
Previous wording
We made a total of $175.7 million in capital expenditures on various property and equipment in 2024 compared to approximately $104.3 million in 2023. Significant purchases of property and equipment were made for the construction and development of the new Mitchell facility, which were contributed to our subsidiaries as part of our investment into the facility. Additional purchases were made to enhance the quality and efficiency of our Volga and Miller facilities. We anticipate spending approximately $248.0 million in capital purchases and improvements in 2025, which will be financed from our multiple advance loan and cash flows from operating activities.
Current wording
We made a total of $202.2 million in capital expenditures on various property and equipment in 2025 compared to approximately $175.7 million in 2024. Significant purchases of property and equipment were made for the construction and development of the Mitchell facility, which was completed and commenced operations during the fourth quarter of 2025. Additional purchases were made to enhance the quality and efficiency of our Volga and Miller facilities. We anticipate spending approximately $28.2 million in capital purchases and improvements in 2026, which will be financed from our revolving term loan and cash flows from operating activities.
Previous wording
(1)Represents principal and interest payments on our notes payable, which are included on our Balance Sheet.
Current wording
(1)Represents principal and interest payments on our notes payable, which are included on our Consolidated Balance Sheets.
Previous wording
See page F-10, Note 1 of our audited consolidated financial statements for a discussion on the impact, if any, of the recently pronounced accounting standards.
Current wording
See Note 1 - Principal Activity and Significant Accounting Policies, of our audited consolidated financial statements for a discussion on the impact, if any, of the recently pronounced accounting standards.
Previous wording
We account for all of our revenues from contracts with customers under ASC 606, Revenue from Contracts with Customers, which became effective January 1, 2018. As part of the adoption of ASC 606, we applied the new standard on a modified retrospective basis analyzing open contracts as of January 1, 2018. However, no cumulative effect adjustment to retained earnings was necessary as no revenue recognition differences were identified when comparing the revenue recognition criteria under ASC 606 to previous requirements.
Current wording
We account for all of our revenues from contracts with customers under ASC 606, Revenue from Contracts with Customers.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Average soybean meal prices declined by 16.6% compared to 2024, primarily due to an increase in U.S. soybean crushing capacity during 2024 and 2025. The average price of soybean oil decreased 7.0% during the year ended December 31, 2025 compared to the same period in 2024, due to a decrease in demand. Soybean oil demand from the energy sector dropped dramatically in 2024 and throughout 2025 as refining margins for biodiesel and renewable diesel producers came under pressure from overproduction, which led to production slowdowns at some locations. In addition, imports of used cooking oil and other feedstocks flooded the market, contributing to an oversupply and adversely affecting soybean oil sales.
Current report — wording carried from elsewhere
The $26.4 million increase in cash flows used for investing activities was primarily driven by an increase in expenditures for purchasing various property and equipment. During 2025, we spent $202.2 million on property and equipment purchases, largely for the construction and development of the Mitchell facility, compared to $175.7 million in 2024.
Current report — wording carried from elsewhere
December 31, 2029 at which time a balloon payment for the remaining balance is due. Our subsidiary pays a 0.50% annual commitment fee on any funds not borrowed. The principal balance outstanding on the revolving term loan was $— as of December 31, 2025 and 2024. Under this loan, $40.0 million was available to be borrowed as of December 31, 2025.
Current report — wording carried from elsewhere
The last credit line is a revolving working capital (seasonal) loan. The primary purpose of this loan is to finance the operating needs of the Mitchell facility. Our subsidiary may borrow up to $85.0 million until the loan's maturity on September 1, 2026. A 0.20% annual commitment fee is paid on any funds not borrowed; however, we have the option to reduce the credit line during any given commitment period listed in the credit agreement to avoid the commitment fee. The principal balance outstanding on this credit line was $27.4 million and $— at December 31, 2025 and 2024, respectively. Under this loan, $57.6 million of additional funds were available for borrowing as of December 31, 2025.