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South Dakota Soybean Processors, LLC reported sharply improved results for the six months ended June 30, 2026. Revenue was $552.5 million, up 141.7% year over year, and net income attributable to the company rose to $19.5 million from $3.4 million, driven by stronger processing margins and higher soybean oil prices supported by updated Renewable Volume Obligations.
The new Mitchell, South Dakota facility effectively doubled processing capacity and was a key driver of higher volumes, though the subsidiary still incurred a net loss. Leverage rose, with long‑term debt at $323.1 million and interest expense up more than fourfold. Despite higher earnings and working capital of about $78.8 million, operating activities used $51.0 million of cash due to large swings in working capital and derivative mark‑to‑market losses, which management views as timing effects on economic hedges. The company has substantial liquidity through multiple CoBank credit facilities and reports effective controls, no material legal proceedings, and no changes to key risk factors.
South Dakota Soybean Processors, LLC held its 2026 Annual Meeting of Members in Volga, South Dakota on June 16, 2026. Members received management’s report on the business and the audited financial statements for the fiscal year ended December 31, 2024.
Three members were elected to the board of managers, one from each geographical district. In District 1, Brandon Hope was elected with 135 votes and 14 abstentions. In District 2, Spencer Enninga was elected with 108 votes and 4 abstentions. In District 3, Adam Schindler was elected with 51 votes, ahead of Edward Verhelst with 39 votes and Ronald Welter with 28 votes, with no abstentions recorded.
South Dakota Soybean Processors, LLC posted a net loss attributable to the company of $4.3 million for the quarter ended March 31, 2026, versus net income of $4.4 million a year earlier. Revenue nearly doubled to $225.5 million, driven by a 91.2% increase in soybean processing volumes following the startup of the Mitchell, South Dakota facility.
Despite this growth, gross margin swung to a loss as cost of revenues exceeded sales and the company recorded $43.4 million in unrealized commodity derivative losses tied to rising crush values. Interest expense rose sharply to $6.1 million on higher borrowings supporting expansion. Management attributes the weaker results to temporary regulatory delays in renewable fuels markets, start-up inefficiencies at Mitchell, and mark-to-market effects, and expects stronger performance later in 2026 as record Renewable Volume Obligations support soybean oil demand.
South Dakota Soybean Processors, LLC is holding its 2026 Annual Meeting of Members on June 16, 2026 in Volga, South Dakota to present 2025 audited results and elect three managers, one from each geographic district, to serve until the 2029 meeting.
Only Class A members of record as of May 1, 2026 may vote, with each of the 2,256 Class A members entitled to one vote regardless of their 30,411,500 Class A units. A quorum requires at least 118 members by ballot or in person. Members can vote by mail or email ballot received by June 16, 2026 at 10:00 a.m. CDT, or in person at the meeting.
The proxy outlines board structure, committee memberships and independence, executive officer biographies, and a pay-for-performance compensation program using base salary, profit-based cash bonuses, and deferred compensation. In 2025 the CEO earned total compensation of $600,414 and the disclosed CEO pay ratio was 9.8:1, based on a median employee compensation of $61,327.
South Dakota Soybean Processors, LLC entered into an Amended and Restated Revolving Credit Promissory Note with lender CoBank, ACB on April 9, 2026. This Restated Note increases the principal available under the Company’s seasonal loan from $20 million to $30 million, providing additional short-term borrowing capacity while leaving all other material terms under the existing Credit Agreement dated March 17, 2025, and its amendments unchanged. The Restated Note will be included as an exhibit in the Company’s next periodic report.
South Dakota Soybean Processors, LLC reported 2025 net income of $17.7 million, down from $20.3 million in 2024, on revenue of $503.8 million versus $554.4 million. Gross margin narrowed as soybean meal and oil prices fell despite higher crush volumes.
The company completed its new Mitchell, South Dakota processing and refining facility on time and within budget in late 2025, nearly doubling total production capacity. Capital expenditures reached $202.2 million, largely for this project, funded by increased CoBank borrowings.
Working capital was $25.4 million at year-end. Long-term debt obligations total $310.2 million, and several revolving and term facilities provide additional liquidity. The company distributed $7.6 million in cash (25.0¢ per unit) to members in 2025 and had 30,411,500 Class A capital units outstanding.
South Dakota Soybean Processors, LLC reported unaudited 2025 results that finished close to its internal forecast, delivering what it calls solid returns. Revenue for the year was $503,815,120, generating gross profit of $24,698,076 and net income attributable to the company of $17,735,646, or $0.58 per capital unit on 30,411,500 units.
Total assets as of December 31, 2025 were $842,782,234, with members’ equity of $341,227,011. The new High Plains Processing plant began soybean crushing in October and refining in November and is progressing toward full-capacity operations. In 2025 the subsidiary used bonus depreciation, creating a sizable tax loss allocated to members, which management notes is a timing difference that does not affect operating performance or cash.
South Dakota Soybean Processors, LLC updated its agreement with Chief Executive Officer Thomas J. Kersting. The new Amended and Restated Employment Agreement replaces his prior contract dated January 1, 2023, but keeps all terms the same except for base salary.
Under the amended agreement, Mr. Kersting’s base salary will increase to $440,000 for the years ended December 31, 2026 and 2027. The full details of his employment terms are set out in the Amended Agreement, which is included as Exhibit 10.1 and incorporated by reference.
South Dakota Soybean Processors, LLC approved and declared a cash distribution of $0.28 per outstanding capital unit, for a total distribution of approximately $8.5 million. This payment is expected to be made to members on February 12, 2026, providing immediate cash returns to unit holders.
South Dakota Soybean Processors, LLC entered into an Amended and Restated Credit Agreement with its lender, CoBank, ACB, replacing its prior credit agreement dated March 17, 2025. Under the new terms, the principal available under the company’s seasonal loan decreases from $70 million to $20 million, while the maturity date is extended to December 1, 2026. The agreement also lowers the company’s unconsolidated working capital requirement from $14 million to $10 million, easing this financial covenant. All other material terms from the prior credit agreement and its amendments remain in place, and the full Restated Credit Agreement will be included as an exhibit in the company’s next periodic report.