Here are the 8-K filings 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.
An 8-K covers material events a company has to report between its quarterly 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 amended its 2026 Executive Bonus Plan, adding eligibility for the chief executive officer and chief financial officer tied to net income above $10,000,000 and the company’s receipt of incentives under Section 45Z clean fuel production tax credits. Under the amended plan, the chief executive officer can earn an annual bonus of up to 59% of base salary, and the chief financial officer up to 56% of base salary. The goals will be assessed at the fiscal year-end on October 31, 2026; the other material plan terms remain in effect.
Highwater Ethanol, LLC reported net income of $10,836,354 for its fiscal third quarter, including operating income of $5,661,285 and other income of $5,175,069, mainly from Section 45Z tax credits. The credits accounted for $5.0 million of income in the quarter and $11.7 million over nine months; nine-month net income was approximately $24.8 million. The company said it sold its 2025 Section 45Z credits in May 2026, and the resulting $12.6 million net tax credit appears in operating activities.
Production averaged 3.07 gallons of denatured ethanol per bushel of corn ground in the third quarter. Highwater submitted an air-emissions permit application in January 2026 and hopes for approval in October 2026; with the permit, management anticipates increasing production to approximately 87 million gallons of denatured ethanol annually. A sixth fermenter and a Dryer Exhaust Energy Recovery system are expected to come online in July 2027. The board will discuss whether to make a fiscal 2026 distribution in November or December.
HIGHWATER ETHANOL LLC (HEOL) reported a governance change. On August 19, 2026, the board of governors appointed Michael D. Stein to fill a vacancy on the board. He will serve for the unexpired term of his predecessor, ending in 2029.
Stein has been assigned to the board’s risk management, audit, and fixed assets committees, indicating involvement in oversight of the company’s financial reporting, risk oversight and asset management.
Highwater Ethanol, LLC reported that William Garth resigned from its Board of Governors effective July 27, 2026. The company stated that Mr. Garth did not resign because of a disagreement with the company.
The resignation changes the composition of the Board of Governors. Brian Kletscher, Chief Executive Officer, signed the related report on July 29, 2026, on behalf of Highwater Ethanol, LLC.
Highwater Ethanol, LLC entered into a Tax Credit Purchase Agreement and sold $14,307,388 of 2025 U.S. federal clean fuel production tax credits tied to its Lamberton, Minnesota ethanol facility. The North Dakota banking counterparty paid the purchase price in cash on the Effective Date, May 29, 2026.
The buyer also received a right of first refusal through January 31, 2027 on up to $14,000,000 per year of Section 45Z tax credits generated from 2026–2029 on the same terms. The deal includes extensive tax, eligibility, emissions, prevailing wage, and insurance conditions, plus indemnities and detailed audit and cooperation provisions.
Highwater Ethanol, LLC held its 2026 annual members' meeting on March 5, 2026 to elect three governors whose terms were expiring in 2026. Members voted on a single proposal to elect David Eis, William Garth, and David Moldan to new terms.
All three nominees were elected by plurality vote to serve as governors until 2029. Vote totals were 1,812 for and 6 abstentions/withheld for Eis; 1,671 for and 147 abstentions/withheld for Garth; and 1,721 for and 97 abstentions/withheld for Moldan, confirming continuity in the company's board leadership.
Highwater Ethanol, LLC filed a current report to furnish its January 2026 member newsletter. The company posted the newsletter on its website and distributed it to each member by email or regular mail. The newsletter is attached as Exhibit 99.1 and treated as "furnished" under Regulation FD, not as "filed" for liability purposes.