South Dakota Soybean (SDSYA) posts 2025 profit and ramps new plant
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
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.
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Insights
2025 profit, strong balance sheet, and new plant ramp, but outlook faces industry uncertainties.
South Dakota Soybean Processors shows a profitable 2025 with net income attributable to the company of $17,735,646 on revenue of $503,815,120. Balance sheet scale is substantial, with total assets of $842,782,234 and members’ equity of $341,227,011, indicating meaningful invested capital behind the business.
The High Plains Processing facility moved from construction to operations, with crushing starting in October and refining in November. Management describes ongoing work to optimize throughput and efficiency, suggesting the asset is still in the ramp-up phase and its eventual contribution will depend on achieving stable, full-capacity performance.
Management highlights 2026 uncertainty from trade policy, federal programs, interest rates, and global competition, even as demand for soybean meal and oil remains strong. The tax loss created by bonus depreciation at the subsidiary level flows through to members’ Schedule K-1s, but is explicitly described as a timing difference rather than an indicator of weaker cash generation or operations.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): February 24, 2026
| (Exact name of registrant as specified in its charter) | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
( | ||
| (Registrant's telephone number, including area code) | ||
| (Former name or former address, if changed since last report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | ||||||||
Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure.
On or about February 24, 2026, South Dakota Soybean Processors, LLC published and sent a newsletter to its members containing unaudited consolidated financial statements for the year ended December 31, 2025. The newsletter is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
This report on Form 8-K is being furnished pursuant to Item 7.01 Regulation FD Disclosure. The information furnished is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section, and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
a.None.
b.None.
c.None.
d.Exhibits.
| Exhibit No. | Description | |||||||
99.1 | Winter 2026 Newsletter for South Dakota Soybean Processors, LLC | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SOUTH DAKOTA SOYBEAN PROCESSORS, LLC | ||||||||
| Dated: February 25, 2026 | /s/ Mark Hyde | |||||||
| Mark Hyde, Chief Financial Officer | ||||||||
2025 CONCLUDES NEAR FORECAST / 2026 HOLDS PROMISE Before the start of the 2025 calendar year, we developed a budget and forecast outlining our anticipated financial results. Historically, forecasting has been challenging due to volatility in processing margins and the inherent uncertainty within agriculture. In 2025, despite significant variability throughout the year, actual results finished very close to expectations. As a result, SDSP delivered solid returns and a respectable performance for the year. Looking ahead to 2026, uncertainty surrounding our performance appears greater than ever. Trade policy developments, federal program changes, interest rate pressures, and increasing global competition all present meaningful challenges. Even so, the underlying fundamentals of our business remain strong. Global protein demand continues to grow at a robust pace. Demand for soybean meal, the premier high- protein feed ingredient in both the U.S. and global markets, has never been stronger. Additionally, soybean oil demand in 2026 has the potential to improve significantly. Rumored Renewable Volume Obligations for 2026–2027 indicate a substantial increase over 2025 levels, which could materially enhance soybean oil values. The coming year will also be pivotal for our newest venture, High Plains Processing. Since coming online this past October, the plant has steadily progressed toward consistent, full-capacity operation. Mechanical and operational challenges are being addressed, and with continued focus and dedication, the facility is well-positioned for a strong first full year of operation. As always, thank you for your continued support. Tom soybean p r o c e s s o r s S O U T H D A K O T A Winter 2026 Newsletter www.sdsbp.com ARTICLES: 1 2025 CONCLUDES NEAR FORECAST / 2026 HOLDS PROMISE 2 UNAUDITED FINANCIAL STATEMENTS 3 HIGH PLAINS PROCESSING PROJECT: PROGRESS UPDATE 3 TAX UPDATE 4 NON-GMO SOYBEANS = INCREASED PROFIT 4 REMINDER: BOARD MEMBER NOMINATION DEADLINE - 1 - Tom Kersting, CEO
UNAUDITED FINANCIAL STATEMENTS Condensed Consolidated Balance Sheet December 31, 2025 ASSETS CURRENT ASSETS Cash And Cash Equivalents $8,352,627 Trade Accounts Receivable 29,285,341 Inventories 132,834,755 Commodity Derivative Instruments 9,866,657 Prepaid Expenses 3,377,296 Total Current Assets 183,716,676 PROPERTY AND EQUIPMENT 638,123,619 Less Accumulated Depreciation (84,732,372) Total Property And Equipment, Net 553,391,247 OTHER ASSETS Investments 19,156,025 Right-Of-Use Lease Asset, Net 85,535,599 Other Assets 982,687 Total Other Assets 105,674,311 TOTAL ASSETS $842,782,234 LIABILITIES AND MEMBERS’ EQUITY CURRENT LIABILITIES Excess Outstanding Checks over Bank Balance $18,713,458 Current Maturities Of Long-Term Debt 646,064 Note Payable - Seasonal Loan 27,372,787 Current Operating Lease Liabilities 8,025,011 Accounts Payable 3,157,382 Accrued Commodity Purchases 73,331,567 Commodity Derivative Instruments 4,968,237 Other Current Liabilities 22,124,638 Total Current Liabilities 158,339,144 LONG TERM LIABILITIES Long-Term Debt, Net Of Current Maturities 251,142,632 Long-Term Operating Lease Liabilities 75,310,587 Other Long-Term Liabilities 16,762,860 Total Long-Term Liabilities 343,216,079 MEMBERS’ EQUITY Members’ Equity 188,342,694 Non-Controlling Interests In Consolidated Entities 152,884,317 Total Members’ Equity 341,227,011 TOTAL LIABILITIES AND MEMBERS’ EQUITY $842,782,234 Condensed Consolidated Statement of Operations For the Year Ended December 31, 2025 REVENUES $503,815,120 Cost of Revenues (479,117,044) Gross Profit 24,698,076 Administrative Expenses (7,244,566) Operating Profit 17,453,510 OTHER INCOME (EXPENSE) Interest Expense (6,093,718) Other Non-Operating Income 1,582,768 Total Other Income (Expense) (4,510,950) Net Income 12,942,560 Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities (4,793,086) Net Income Attributable to the Company $17,735,646 Basic and Diluted Earings per Capital Unit $0.58 Weighted Average Number of Units Outstanding for Calculation of Basic and Diluted Earnings per Capitol Unit 30,411,500 SDSP Capital Units are traded on an alternative trading system, operated by Variable Investment Associates, Inc. (VIA). Offers to buy or sell capital units can be placed online at www.agstocktrade.com or by calling VIA at 800-859-3018. For more details regarding SDSP’s Capital Units Transfer System, please visit our web site at sdsbp.com, or email memberinfo@sdsbp.com. Period Units Traded Average High Low 2025-Q4 38,000 $7.03 $7.50 $6.98 2025-Q3 128,500 $6.96 $7.05 $6.75 2025-Q2 47,250 $6.96 $7.10 $6.70 2025-Q1 25,000 $7.36 $7.50 $7.14 CAPITAL UNITS TRADING HISTORY - 2 -
- 3 - The end of 2025 saw the results of two years of construction come to completion at the High Plains Processing plant. The newly constructed facility was brought online in phases as construction was completed. Soybean crushing commenced in October, followed by refining operations in November. These accomplishments mark a major milestone in the work completed by the SDSP team and project partners. Plant capacity run rates continue to progress as operating units are streamlined and production efficiencies are optimized. Over the next several months, the focus will remain on testing rates, validating performance, and benchmarking the new asset against existing facilities. These efforts will help establish stable operating baselines, identify opportunities for improvement, and position the plant for reliable, long-term performance as it transitions from startup to sustained operations. We are grateful for the support of project stakeholders, including producers, community partners, investors, contractors, lenders, and regulators, whose collaboration and trust were essential to bringing the facility from concept to operation. HIGH PLAINS PROCESSING PROJECT: PROGRESS UPDATE Carl Odde, Chief Operating Officer During the start-up of High Plains Processing’s new facility this fall, the subsidiary elected to utilize bonus depreciation on qualifying capital investments. As a result, the subsidiary generated a sizable tax loss for the year, which was allocated to each of its members, including SDSP’s members. Each of our members’ Schedule K-1s will reflect their proportionate share of the tax loss allocated to the Company. This tax loss is a timing difference and does not impact the operational performance or cash position of SDSP or High Plains Processing. TAX UPDATE: BONUS DEPRECIATION AND 2025 TAX LOSS ALLOCATION Mark Hyde, Chief Financial Officer
100 Caspian Ave PO Box 500 Volga, SD 57071 JUST STEPS AWAY! For those that interact in-person with our administrative teams, you will experience the same amazing customer service just steps from our prior location. See the map below to reference our customer entrance. The new office will not be receiving any truck traffic. Signs will be posted at the kiosks with helpful contact information. old admin building new admin building WASHINGTON RD. C A S P IA N A V E. B R IT TA N Y A V E. The demand for Non-GMO soybean products has grown since we began our program in 2015. Today, we reward SDSP-certified growers $2.50/bushel premium for growing this specialty crop. Demand for Non-GMO soybean meal has grown, and one of our largest end users is Houdek, located in Volga, SD. As stated by Mark Luecke, CEO of Houdek, “ We are entering the fifth year of strategic supply agreements with the largest salmon feed producer in the world, which is based in Norway. The salmon feed market in Norway requires Non-GMO ingredients, much like the rest of the European Union. The partnership between Houdek, SDSP, and its farmer members to source Non-GMO soybeans provides a distinct competitive advantage to South Dakota soybean growers. We are asking growers to consider planting Non-GMO soybeans in 2026 to help us maintain this competitive advantage.” This is an exciting market for SDSP to be involved in. For more information about the program, please give us a call at 1-888- 737-7888. NON-GMO SOYBEANS = INCREASED PROFIT Kari Vander Wal, Soybean Procurement Manager REMINDER If you are interested in running for the Board of Managers, please submit a Nomination Petition Form by March 16th. To request a form, please contact Amy Koisti at 605-627-6100 or email her at amy.koisti@sdsbp.com.
FAQ
How did South Dakota Soybean Processors (SDSYA) perform financially in 2025?
South Dakota Soybean Processors reported 2025 revenue of $503,815,120 and net income attributable to the company of $17,735,646. This equates to $0.58 basic and diluted earnings per capital unit on 30,411,500 weighted average units outstanding, reflecting a profitable year.
What does the 2025 balance sheet of South Dakota Soybean Processors (SDSYA) show?
As of December 31, 2025, South Dakota Soybean Processors reported $842,782,234 in total assets and $341,227,011 in total members’ equity. Current assets were $183,716,676, while total current liabilities were $158,339,144, outlining a sizable agribusiness balance sheet.
What progress was made at the High Plains Processing facility in 2025?
The High Plains Processing plant completed construction and began operations in late 2025, with soybean crushing starting in October and refining in November. Management reports increasing run rates and ongoing efforts to streamline operations and optimize efficiency as the facility transitions from startup to sustained performance.
How does the 2025 tax loss from bonus depreciation affect SDSYA members?
High Plains Processing elected bonus depreciation on qualifying investments, generating a sizable 2025 tax loss allocated to each member, including SDSYA’s members. Management explains this loss is a timing difference that appears on Schedule K-1s but does not affect operational performance or cash positions.
What are the main 2026 outlook themes for South Dakota Soybean Processors (SDSYA)?
Management sees 2026 uncertainty from trade policy, federal program changes, interest rate pressures, and global competition. At the same time, it notes strong global demand for soybean meal and potential improvement in soybean oil demand tied to higher Renewable Volume Obligations for 2026–2027.
How did South Dakota Soybean Processors (SDSYA) capital units trade in 2025?
In 2025, SDSYA capital units traded on an alternative trading system operated by VIA. Quarterly volumes ranged from 25,000 to 128,500 units, with average prices between about $6.96 and $7.36, based on the trading history disclosed for each 2025 quarter.
What role does the Non-GMO soybean program play for South Dakota Soybean Processors?
South Dakota Soybean Processors offers a $2.50 per bushel premium to certified growers for Non-GMO soybeans. Demand has grown since 2015, supporting supply agreements into European-focused salmon feed markets and providing an additional profit opportunity for participating South Dakota soybean growers.
Filing Exhibits & Attachments
4 documents
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