Here are the 10-K annual reports from Highwater Ethanol LLC (HEOL) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow HEOL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full HEOL filings page.
Highwater Ethanol, LLC operates a dry-mill ethanol plant near Lamberton, Minnesota, designed for 50 million gallons per year and running at an annual rate of approximately 70.2 million gallons as of October 31, 2025. The company produces fuel-grade ethanol, distillers grains and corn oil, with ethanol providing 77% of fiscal 2025 revenue, distillers grains 14% and corn oil 9%.
Highwater relies heavily on corn and natural gas, making profitability sensitive to commodity price spreads between inputs and ethanol and co-product prices. Corn prices were higher in the fiscal year ended October 31, 2025, though the USDA estimated a record 2025 U.S. corn crop of approximately 16.8 billion bushels. The company secures natural gas through contracts with Northern Natural Gas, CenterPoint and an energy management agreement with Kinect, and electricity through a long-term agreement with a cooperative.
Marketing of ethanol, dried distillers grains and corn oil is concentrated with RPMG under exclusive agreements, creating significant customer dependence. Highwater recognized $10,400,000 of Section 45Z clean fuel production tax credits as of October 31, 2025, but warns that failure to meet carbon intensity, wage or other requirements, or regulatory changes, could reduce or eliminate these expected benefits. The business faces extensive regulatory, environmental, RFS and LCFS exposure, increasing competition from large ethanol producers and alternative fuels, and broader macro risks such as pandemics, geopolitical shocks and ESG-driven capital constraints. As of October 31, 2025, the company had 43 full-time employees and approximately $20,000,000 available to draw on its Term Revolving Loan for working capital.