Every 10-Q that HIGHWATER ETHANOL LLC (HEOL) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, 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 (HEOL) reports a sharp turnaround in profitability for the nine months ended July 31, 2026, driven by stronger operating margins and substantial federal clean fuel tax credits. Revenue was $111.9 million, with ethanol sales up 7.6% and corn oil revenue up 29.0% versus the prior-year period. Cost of goods sold fell as average corn cost per bushel declined 9.8%, lifting gross margin to 15.61% of revenue from 3.85%. The company recognized $11.7 million of Section 45Z tax credits and sold $14.3 million of 2025 credits, helping net income rise to $24.8 million from $1.2 million. Cash increased to $34.9 million with no long‑term debt and $30 million of undrawn credit capacity. Highwater plans about $12.1 million of efficiency‑focused capital projects and has applied to increase its permitted ethanol production, while cautioning that earnings are sensitive to commodity volatility, Middle East conflict impacts on energy prices, and the temporary nature of Section 45Z incentives.
Highwater Ethanol reported a sharp turnaround to strong profitability for the quarter ended April 30, 2026. Quarterly revenue rose to $38.4 million from $35.1 million, while net income swung from a loss of $0.5 million to profit of $8.3 million, driven by wider crush margins and federal tax incentives.
For the first six months, revenue reached $72.8 million and net income was $13.9 million, compared with a loss a year earlier. The company recognized $6.7 million of Section 45Z clean fuel production tax credits and later sold $14.3 million of 2025 credits, adding a significant new income stream.
Highwater ended the period with $23.0 million of cash, no long‑term debt and $85.1 million of members’ equity, while maintaining unused revolving credit capacity. Management highlights ongoing exposure to volatile corn, natural gas and ethanol prices, and notes that Middle East conflict has temporarily boosted energy prices but could also pressure future demand and pricing.
Highwater Ethanol, LLC reported a strong turnaround quarter, earning net income of $5,609,932 on revenues of $34,401,853 for the three months ended January 31, 2026. Gross margin improved sharply as cost of goods sold fell to 89.76% of revenue from 97.08% a year earlier.
Results were boosted by $3,300,000 in federal Section 45Z clean fuel tax credits recorded in other income, helping other income, net reach $3,525,274. Core operations also strengthened, with ethanol revenue up about 2.8% and corn oil revenue up 26.8%, while corn and natural gas costs declined.
The company generated $4,271,323 of cash from operating activities, ended the quarter with $19,784,199 in cash and cash equivalents, and had no outstanding borrowings on its $30,000,000 of committed credit facilities. It declared member distributions of $6,652,100, or $1,400 per unit.