Phil Boggs
Chief Financial Officer at Green Plains
This naturally reduced the gallons that we had to market. Adjusted Q2 twenty twenty five EBITDA, excluding the restructuring charges and non cash charges ended at $16,400,000 compared to Q2 twenty twenty four of $5,000,000 SG and A totaled $27,600,000 which is a $6,300,000 improvement from prior year. As we explained in Q1, we expect this to continue to improve through the rest of the year and remains on track to exit the year at a corporate and trade SG and A target of the low 40,000,000 area and a consolidated SG and A target of $93,000,000 Q2 twenty twenty five depreciation and amortization finished at $27,600,000 which includes a $3,100,000 impairment of property and equipment recorded in the Ag and Energy segment related to the closure of a non core feed business. Interest expense was $13,900,000 an increase of $6,400,000 over the prior year, which was primarily driven by expenses associated with the accounting treatment for warrants related to the $30,000,000 revolving line of credit and the prior extension of the junior mezzanine debt as well as the absence of capitalized interest from prior year project construction. We had an income tax expense of $2,300,000 Our federal net operating loss balance of $222,600,000 will provide future tax efficiencies. Our normalized tax rate going forward is expected to remain in the 23% to 24% range. On the balance sheet, our consolidated liquidity at quarter end included $152,700,000 in cash equivalents and restricted cash dollars 258,500,000.0 in working capital revolver availability, which is designated primarily for financing commodity inventories and receivables within our business. And we had $93,300,000 in unrestricted liquidity available to corporate, inclusive of the 30,000,000 line of credit that expired on July 30. But note that since the end of the quarter, we collected $23,500,000 in cash related to the sale of our Darrelson JV. Capital expenditures in Q2 were $11,000,000 including maintenance, safety and regulatory investments. For the remainder of 2025, we expect capital expenditures to be approximately $10,000,000 which excludes the carbon capture equipment for our Nebraska operations, which are already fully financed.
