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Private company

Cardinal Ethanol LLC

In its 2023 annual report the company says: “Cardinal Ethanol, LLC is an Indiana limited liability company formed on February 7, 2005 with the name of Indiana Ethanol, LLC. In addition, in 2017 we added a facility to allow us to procure, transport and sell grain commodities through our new grain operations.”5 It is headquartered in Union City, United States.2

Last updated Oct 21, 2026.

Overview

$425.6MRevenue, fiscal 20233
$69.8MNet income, fiscal 20233
  • IndustryIndustrial Organic Chemicals2
  • HeadquartersUnion City, United States2
  • Incorporated inIN4
  • Business address1554 N. 600 E., Union City, In 473904
  • Filer categoryNon-accelerated filer4
  • Legal formLimited Liability Company2
  • LEI549300YON1UVV8QXPK982
  • StatusActive2
  • LEI statusIssued and current2
  • Registered address1554 N 600 E, 47390 Union City, United States2
  • Registered withBusiness Services Division (Secretary of State), 20050211002412

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Cardinal Ethanol, LLC is an Indiana limited liability company formed on February 7, 2005 with the name of Indiana Ethanol, LLC. On September 27, 2005, we changed our name to Cardinal Ethanol, LLC. References to “we,” “us,” “our,” “Cardinal” and the “Company” refer to Cardinal Ethanol, LLC. We began producing ethanol, distillers grains and corn oil at the plant in November 2008 (the "Ethanol Division"). In addition, in 2017 we added a facility to allow us to procure, transport and sell grain commodities through our new grain operations (the "Trading Division").5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

17.8%Gross margin3
15.7%Operating margin3
16.4%Net margin3
-5.8%Revenue growth, 20233
40.5%Return on equity3
0.17×Debt to equity3

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue86¢$427.0M
  • Profit14¢$69.8M

Out of $425.6M in revenue.3

Where each dollar of operating cash went, fiscal 2023

  • Dividends paid51¢$42.4M
  • Kept or used elsewhere49¢$41.0M

Out of $83.4M of cash from operations.3

Financial statements

Revenue6789103$425.6M in 2023+91% since 2016
0$200.0M$400.0M$600.0M2016: $222.9M$222.9M20162017: $228.5M$228.5M2017+3%2018: $266.9M$266.9M2018+17%2019: $222.2M$222.2M2019−17%2020: $211.7M$211.7M2020−5%2021: $328.4M$328.4M2021+55%2022: $451.8M$451.8M2022+38%2023: $425.6M$425.6M2023−6%
Gross profit6789103$75.7M in 2023+301% since 2016
0$25.0M$50.0M$75.0M$100.0M2016: $18.9M$18.9M20162017: $19.3M$19.3M2017+2%2018: $15.2M$15.2M2018−21%2019: $35.6K$35.6K2019−100%2020: $5.3M$5.3M2020+14747%2021: $34.6M$34.6M2021+554%2022: $86.4M$86.4M2022+149%2023: $75.7M$75.7M2023−12%
Operating income6789103$66.7M in 2023+389% since 2016
-$25.0M0$25.0M$50.0M$75.0M$100.0M2016: $13.6M$13.6M20162017: $13.7M$13.7M2017+1%2018: $8.4M$8.4M2018−39%2019: -$6.9M-$6.9M20192020: -$1.5M-$1.5M2020−79%2021: $27.4M$27.4M20212022: $78.3M$78.3M2022+185%2023: $66.7M$66.7M2023−15%
Net income6789103$69.8M in 2023+416% since 2016
-$25.0M0$25.0M$50.0M$75.0M$100.0M2016: $13.5M$13.5M20162017: $13.4M$13.4M2017−1%2018: $7.6M$7.6M2018−43%2019: -$6.6M-$6.6M20192020: -$1.1M-$1.1M2020−83%2021: $27.1M$27.1M20212022: $85.7M$85.7M2022+216%2023: $69.8M$69.8M2023−19%
Fiscal year20162017201820192020202120222023
Revenue$222.9M6$228.5M7$266.9M8$222.2M9$211.7M10$328.4M3$451.8M3$425.6M3
Cost of revenue$204.0M6$209.2M7$251.7M8$260.6M9$239.4M10$369.4M3$460.3M3$427.0M3
Gross profit$18.9M6$19.3M7$15.2M8$35.6K9$5.3M10$34.6M3$86.4M3$75.7M3
Operating expenses$8.1M3$9.1M3
Operating income$13.6M6$13.7M7$8.4M8-$6.9M9-$1.5M10$27.4M3$78.3M3$66.7M3
Interest$185.9K6$362.2K7$858.7K8$358.9K9$180.3K10$133.6K3$36.6K3$03
Net income$13.5M6$13.4M7$7.6M8-$6.6M9-$1.1M10$27.1M3$85.7M3$69.8M3
Earnings per share-$452.009-$78.0010$1,856.003$5,868.003$4,780.003
Earnings per share (diluted)-$452.009-$78.0010$1,856.003$5,868.003$4,780.003

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Corporate structure

Cardinal Ethanol LLC sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Cardinal Ethanol LLC

  • Cardinal Ethanol LLC Union City, Indiana, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Cardinal Ethanol LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land and buildings$22.5M3 Sep 30, 2023$22.5M3 Sep 30, 20220%
Buildings and improvements$8.9M3 Sep 30, 2023$8.9M3 Sep 30, 20220%
Furniture and fixtures$961.0K3 Sep 30, 2023$948.7K3 Sep 30, 2022+1.3%
Construction in progress$42.8M3 Sep 30, 2023$19.6M3 Sep 30, 2022+118.1%
Property and equipment, before depreciation$237.6M3 Sep 30, 2023$212.2M3 Sep 30, 2022+12.0%
Accumulated depreciation$145.3M3 Sep 30, 2023$133.7M3 Sep 30, 2022+8.6%
Property and equipment, net$92.3M3 Sep 30, 2023$78.5M3 Sep 30, 2022+17.7%
Operating-lease assets (leased space)$3.0M3 Sep 30, 2023$6.8M3 Sep 30, 2022−55.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$69.9M3 Sep 30, 2023$53.9M3 Sep 30, 2022+29.5%
Marketable securities, current$12.4M3 Sep 30, 2023$03 Sep 30, 2022
Long-term investments$1.7M10 Sep 30, 2022$1.3M10 Sep 30, 2021+31.5%

Inventory

ItemLatestA year beforeChange
Inventory, total$15.1M3 Sep 30, 2023$23.4M3 Sep 30, 2022−35.4%
Raw materials$3.8M3 Sep 30, 2023$9.2M3 Sep 30, 2022−58.6%

Leadership

Who has led Cardinal Ethanol LLC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Eric Thomas Perry2024

Chair

  1. Troy Alan Prescott2008

President

  1. Troy Alan Prescott2008

Chief financial officer

  1. William J. Dartt2010
2010201520202025
Board members and other officers (34)

Timeline

  1. Oct 23, 2024New chief executive Eric Thomas Perry becomes CEO15
  2. Oct 1, 20248-K Shareholder vote49
  3. Sep 23, 20248-K Regulation FD disclosure50
  4. Sep 12, 20248-K Entered a material agreement51
  5. Aug 21, 20248-K Other events52
  6. Jul 25, 20248-K Entered a material agreement53
  7. Jun 26, 20248-K Entered a material agreement; New debt or obligation54
  8. May 31, 20248-K Regulation FD disclosure55
  9. May 22, 20248-K Entered a material agreement56
  10. May 22, 20248-K Other events57
  11. May 15, 20248-K Executive or director change; Regulation FD disclosure58
  12. May 6, 20248-K Entered a material agreement59
  13. May 2, 20248-K Entered a material agreement60
  14. Feb 7, 2005Founded Cardinal Ethanol LLC is founded2

Filings

99 filings to the SEC since October 2021: 3 annual reports, 9 quarterly reports, 41 major events, 30 insider forms, 2 large holders, 14 other. The latest 20:

  1. Oct 23, 20243 PRIMARY DOCUMENT EDGAR
  2. Oct 10, 2024SC 13D/A EDGAR
  3. Oct 3, 20244 PRIMARY DOCUMENT EDGAR
  4. Oct 3, 202415-12G EDGAR
  5. Oct 3, 2024SC 13E3/A EDGAR
  6. Oct 1, 20244 PRIMARY DOCUMENT EDGAR
  7. Oct 1, 20244 PRIMARY DOCUMENT EDGAR
  8. Oct 1, 20248-K EDGAR
  9. Sep 23, 20248-K EDGAR
  10. Sep 12, 20248-K EDGAR
  11. Sep 6, 20244 PRIMARY DOCUMENT EDGAR
  12. Aug 21, 20248-K EDGAR
  13. Aug 13, 202410-Q EDGAR
  14. Aug 2, 2024DEFA14A EDGAR
  15. Aug 1, 2024SC 13E3/A EDGAR
  16. Aug 1, 2024DEF 14A EDGAR
  17. Jul 25, 20248-K EDGAR
  18. Jul 18, 2024CORRESP EDGAR
  19. Jul 18, 2024SC 13E3/A EDGAR
  20. Jul 18, 2024PRER14A EDGAR

The 99 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

22 open-market trades by officers, directors and large owners since October 2021: 21 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Oct 1, 2024Roch Lewis M IIIDirectorBuy100$17,500.00$1.8MForm 4
Oct 1, 2024Baker Robert NathanDirectorBuy40$17,027.83$681.1KForm 4
Oct 1, 2024Chronister Thomas CDirectorBuy4$17,400.00$69.6KForm 4
Apr 1, 2024Baker Robert NathanDirectorBuy34$19,875.00$675.8KForm 4
Feb 1, 2024Baker Robert NathanDirectorBuy10$21,000.00$210.0KForm 4
Feb 1, 2024Herlyn Jeremey JayPlant ManagerSale30$21,000.00$630.0KForm 4
Feb 1, 2024FORSYTHE GERALD RDirectorBuy20$21,000.00$420.0KForm 4
Jan 1, 2024Davis Robert JohnDirectorBuy4$16,500.00$66.0KForm 4
Feb 1, 2023Baker Robert NathanDirectorBuy42$15,000.00$630.0KForm 4
Feb 1, 2023Chronister Thomas CDirectorBuy32$15,440.62$494.1KForm 4
Dec 1, 2022DERSCH DAVID MATTHEW JRDirectorBuy9$15,220.00$137.0KForm 4
Dec 1, 2022FORSYTHE GERALD RDirectorBuy20$15,050.00$301.0KForm 4
Nov 1, 2022DERSCH DAVID MATTHEW JRDirectorBuy3$15,460.00$46.4KForm 4
Nov 1, 2022FORSYTHE GERALD RDirectorBuy23$15,000.00$345.0KForm 4
Oct 1, 2022FORSYTHE GERALD RDirectorBuy2$13,400.00$26.8KForm 4
Sep 1, 2022Baker Robert NathanDirectorBuy9$12,000.00$108.0KForm 4
Aug 1, 2022Baker Robert NathanDirectorBuy6$12,300.00$73.8KForm 4
May 1, 2022Baker Robert NathanDirectorBuy18$13,001.67$234.0KForm 4
May 1, 2022FORSYTHE GERALD RDirectorBuy8$13,475.00$107.8KForm 4
Apr 1, 2022FORSYTHE GERALD RDirectorBuy9$12,722.22$114.5KForm 4

All 22 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$856.7K 2020–2020
Money received by yearMoney received by year, 2020–2020: $856.7K in all. PPP loans $856.7K.$0$250K$500K$750K$1M2020 · PPP loans: $856.7K2020
Figures by year
YearPPP loansTotal
2020$856.7K$856.7K

PPP loans

Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA63. Matched to this company by name and state.

  1. Apr 10, 2020$856.7K PPP loan (first draw) from First National Bank of Omaha63To CARDINAL ETHANOL LLC, Union City IN; $865.0K forgiven Apr 8, 2021

SEC filer profile

How Cardinal Ethanol LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCardinal Ethanol LLC1
  • CIK0001352081
  • Employer ID (EIN)20-23279161
  • Filer statusNon-accelerated filer1
  • Incorporated inIndiana1
  • Fiscal year endsSeptember 301
  • Industry code (SIC)2860 Industrial Organic Chemicals1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address1554 N. 600 E., Union City, IN 473901
  • Phone765-964-31371
  • Shares outstanding14,606 as of Aug 13, 202412
  • Public float$49.9M as of Mar 31, 20233
  • On EDGAR sinceFeb 1, 20061
  • Filings476 in all: 8-K (164), 4 (125), 10-Q (48), 3 (42), DEF 14A (17), 10-K (15), UPLOAD (11), CORRESP (10)1
    All 31 form types

    10QSB (7), SC 13D/A (4), 10KSB (3), SB-2/A (3), SC 13E3/A (3), 5 (2), CT ORDER (2), DEFA14A (2), EFFECT (2), PRE 14A (2), SC 13D (2), 10-K/A (1), 10-Q/A (1), 15-12G (1), 424B3 (1), 8-A12G (1), 8-K/A (1), NT 10-Q (1), POS AM (1), PRER14A (1), REGDEX (1), SB-2 (1), SC 13E3 (1)

  • Latest filingsAnnual report (10-K) Nov 30, 2023
    Quarterly report (10-Q) Aug 13, 2024
    Proxy statement (DEF 14A) Aug 1, 2024
    Latest 8-K (8-K) Oct 1, 2024

Sources

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