Cardinal Ethanol LLC

Cardinal Ethanol, LLC and its subsidiaries is engaged in producing fuel-grade ethanol, distillers grains, corn oil and carbon dioxide near Union City, Indiana and sells these products throughout the continental United States. It sells three products, including ethanol, dried distillers grains (DDGS), and corn oil. In addition, the Company procures, transports, and sells grain commodities through grain operations at the Indiana Plant. The Company’s segments include the Ethanol Division and Trading Division. The Ethanol Division includes operations at its ethanol plants, including the production and sale of ethanol and its co-products. The Trading Division includes a grain loading facility within the Company's Union City, Indiana site to buy, hold and sell inventories of agricultural grains, primarily soybeans. The Company performs no additional processing of these grains, unlike the corn inventory the Company holds and uses in ethanol production.

• PPA pricing trends ($/MWh) (leading)
• Order book / installed capacity backlog (leading)
• Installation cost curves (LCOE) (trend)
• Inverter / battery $/kWh trajectory (trend)
• Grid-interconnection queue depth (coincident)

• China solar/wind tariffs + IRA domestic-content rules · exposure: very high
• Rare-earth supply (China = ~85% global rare-earth processing) · exposure: high
• Permitting + grid-connection bottlenecks · exposure: high
• Energy security policy shifts · exposure: medium-high

• MW shipped / installed — core volume metric
• EBITDA margin % — 8-15% manufacturers; 20-40% developers
• Order backlog months — 12-24 months healthy
• Capacity factor (utility scale) — wind 35%+, solar 18%+, varies geo
• LCOE trajectory — decreasing = competitive vs grid

Detailed financial analysis, valuation snapshot, multi-period history, and AI narrative are pending — generated when this company is included in the next analysis batch. Profile data above is point-in-time as of 2026-04-30.