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Private company

HIGHWATER ETHANOL LLC

HIGHWATER ETHANOL LLC is an industrial organic chemicals company.1 It is headquartered in Lamberton, Minnesota.1

Last updated Oct 21, 2026.

Overview

  • IndustryIndustrial Organic Chemicals1
  • HeadquartersLamberton, Minnesota1
  • Business address24500 Us Highway 14, Lamberton, Mn 561522
  • Filer categoryNon-accelerated filer2

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Highwater Ethanol, LLC (“we,” “our,” “Highwater Ethanol” or the “Company”) was formed as a Minnesota limited liability company on May 2, 2006 for the purpose of constructing, owning, and operating a 50 million gallon per year nameplate ethanol plant near Lamberton, Minnesota. Since August 2009, we have been engaged in the production of ethanol and distillers grains at the plant. In October 2019, our air permit application to the Minnesota Pollution Control Agency to allow for 70.2 million gallons of denatured ethanol per 12-month rolling average was approved. Our ethanol production levels for the fiscal year ended October 31, 2025 were at an annual rate of approximately 70.2 million gallons.3 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 2025

6.8%Gross margin4
3.5%Operating margin4
11.6%Net margin4
-0.5%Revenue growth, 20254
-$2.3MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue89¢$131.6M
  • Profit11¢$16.3M

Out of $141.2M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$5.7M

Out of $3.5M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4

Financial statements

Revenue56784$141.2M in 2025+45% since 2019
0$100.0M$200.0M$300.0M2019: $97.2M$97.2M20192020: $97.3M$97.3M2020+0%2021: $158.7M$158.7M2021+63%2022: $221.4M$221.4M2022+39%2023: $199.1M$199.1M2023−10%2024: $141.8M$141.8M2024−29%2025: $141.2M$141.2M2025−0%
Gross profit56784$9.6M in 2025
-$10.0M0$10.0M$20.0M$30.0M$40.0M2019: -$4.5M-$4.5M20192020: -$2.6M-$2.6M2020−43%2021: $15.5M$15.5M20212022: $32.9M$32.9M2022+112%2023: $19.6M$19.6M2023−41%2024: $9.0M$9.0M2024−54%2025: $9.6M$9.6M2025+7%
Operating income56784$5.0M in 2025
-$10.0M0$10.0M$20.0M$30.0M2019: -$7.7M-$7.7M20192020: -$6.1M-$6.1M2020−21%2021: $12.3M$12.3M20212022: $28.9M$28.9M2022+135%2023: $15.4M$15.4M2023−47%2024: $4.7M$4.7M2024−69%2025: $5.0M$5.0M2025+6%
Net income56784$16.3M in 2025
-$20.0M0$20.0M$40.0M2019: -$8.3M-$8.3M20192020: -$6.4M-$6.4M2020−23%2021: $13.7M$13.7M20212022: $33.3M$33.3M2022+143%2023: $16.7M$16.7M2023−50%2024: $6.1M$6.1M2024−63%2025: $16.3M$16.3M2025+167%
Fiscal year2019202020212022202320242025
Revenue$97.2M5$97.3M6$158.7M7$221.4M8$199.1M4$141.8M4$141.2M4
Cost of revenue$101.8M5$99.8M6$143.2M7$188.4M8$179.5M4$132.8M4$131.6M4
Gross profit-$4.5M5-$2.6M6$15.5M7$32.9M8$19.6M4$9.0M4$9.6M4
Operating expenses$3.2M7$4.0M8$4.2M4$4.3M4$4.6M4
Operating income-$7.7M5-$6.1M6$12.3M7$28.9M8$15.4M4$4.7M4$5.0M4
Interest$872.5K5$687.1K6$516.3K7$281.8K7$226.9K7
Net income-$8.3M5-$6.4M6$13.7M7$33.3M8$16.7M4$6.1M4$16.3M4
Earnings per share-$1,720.575-$1,325.466$2,869.877$6,998.208$3,518.884$1,286.274$3,435.754
Earnings per share (diluted)-$1,720.575-$1,325.466$2,869.877$6,998.208$3,518.884$1,286.274$3,435.754
Shares (weighted, basic)4.8K shares74.8K shares84.8K shares44.8K shares44.8K shares4
Shares (weighted, diluted)4.8K shares74.8K shares84.8K shares44.8K shares44.8K shares4

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What it owns

What HIGHWATER 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$13.2M4 Oct 31, 2025$13.2M4 Oct 31, 2024+0.1%
Buildings and improvements$40.1M4 Oct 31, 2025$40.1M4 Oct 31, 20240%
Machinery and equipment$95.6M4 Oct 31, 2025$88.4M4 Oct 31, 2024+8.2%
Construction in progress$3.1M4 Oct 31, 2025$4.7M4 Oct 31, 2024−34.3%
Property and equipment, before depreciation$153.5M4 Oct 31, 2025$147.8M4 Oct 31, 2024+3.9%
Accumulated depreciation$123.7M4 Oct 31, 2025$118.1M4 Oct 31, 2024+4.7%
Property and equipment, net$29.9M4 Oct 31, 2025$29.6M4 Oct 31, 2024+0.7%
Finance-lease assets$549.2K4 Oct 31, 2025$686.5K4 Oct 31, 2024−20.0%
Operating-lease assets (leased space)$08 Oct 31, 2024$110.0K8 Oct 31, 2023−100.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$23.5M4 Oct 31, 2025$33.8M4 Oct 31, 2024−30.7%
Stakes in other companies (equity method)$5.2M4 Oct 31, 2025$5.0M4 Oct 31, 2024+4.3%

Inventory

ItemLatestA year beforeChange
Inventory, total$16.8M4 Oct 31, 2025$14.2M4 Oct 31, 2024+18.1%
Raw materials$7.0M4 Oct 31, 2025$5.9M4 Oct 31, 2024+18.1%
Work in process$1.0M4 Oct 31, 2025$940.1K4 Oct 31, 2024+10.0%
Finished goods$2.7M4 Oct 31, 2025$1.8M4 Oct 31, 2024+51.7%

Properties, in its own words

Our plant site is made up of two adjacent parcels which together total approximately 125 acres in southwest Minnesota near Lamberton. The plant's address is 24500 U.S. Highway 14, Lamberton, Minnesota 56152. We produce all of our ethanol, distillers grains and corn oil at this site. Our plant is in excellent condition and is capable of functioning at over 100% of its 50 million gallons per year nameplate production capacity.

All of our tangible and intangible property, real and personal, serves as the collateral for our credit facility with Compeer. Our credit facility is discussed in more detail under “ITEM 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources.”

Item 2 of the 10-K filed Jan 22, 2026.3

Leadership

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

Chief executive

  1. Brian D. Kletscher2009–2021

Chair

  1. David Gerald Moldan2009
  2. Timothy James Vanderwal2009

Chief financial officer

  1. Lucas Grant Schneider2012
2010201520202025
Board members and other officers (20)

Timeline

  1. Sep 28, 20268-K Executive or director change35
  2. Sep 23, 20268-K Regulation FD disclosure36
  3. Aug 20, 20268-K Executive or director change37
  4. Jul 29, 20268-K Executive or director change38
  5. Jun 4, 20268-K Entered a material agreement39
  6. Mar 6, 20268-K Shareholder vote40
  7. Jan 29, 20268-K Regulation FD disclosure41
  8. Dec 17, 20258-K Executive or director change42
  9. Nov 21, 20258-K Other events43
  10. Sep 17, 20258-K Regulation FD disclosure44
  11. Mar 7, 20258-K Shareholder vote45
  12. Jan 29, 20258-K Regulation FD disclosure46
  13. Feb 27, 2009New chief executive Brian D. Kletscher becomes CEO14

Filings

72 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 33 major events, 14 insider forms, 5 other. The latest 20:

  1. Sep 28, 20268-K EDGAR
  2. Sep 23, 20268-K EDGAR
  3. Sep 11, 202610-Q EDGAR
  4. Sep 1, 20263 PRIMARY DOCUMENT EDGAR
  5. Aug 20, 20268-K EDGAR
  6. Jul 29, 20268-K EDGAR
  7. Jun 12, 202610-Q EDGAR
  8. Jun 4, 20268-K EDGAR
  9. Mar 6, 20268-K EDGAR
  10. Mar 4, 202610-Q EDGAR
  11. Jan 29, 20268-K EDGAR
  12. Jan 22, 2026DEF 14A EDGAR
  13. Jan 22, 202610-K EDGAR
  14. Jan 5, 20263 PRIMARY DOCUMENT EDGAR
  15. Jan 2, 20264 PRIMARY DOCUMENT EDGAR
  16. Dec 17, 20258-K EDGAR
  17. Nov 21, 20258-K EDGAR
  18. Sep 17, 20258-K EDGAR
  19. Sep 12, 202510-Q EDGAR
  20. Jun 11, 202510-Q EDGAR

The 72 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

8 open-market trades by officers, directors and large owners since October 2021: 8 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jan 1, 2026JORGENSON RONALD ERICDirectorBuy4$12,000.00$48.0KForm 4
Oct 1, 2023FORSYTHE GERALD RDirectorBuy3$17,000.00$51.0KForm 4
Jul 1, 2023FORSYTHE GERALD RDirectorBuy3$15,000.00$45.0KForm 4
Jan 1, 2023FORSYTHE GERALD RDirectorBuy8$13,000.00$104.0KForm 4
Oct 1, 2022FORSYTHE GERALD RDirectorBuy5$9,501.00$47.5KForm 4
Jul 1, 2022FORSYTHE GERALD RDirectorBuy20$9,275.00$185.5KForm 4
Apr 1, 2022FORSYTHE GERALD RDirectorBuy10$8,800.00$88.0KForm 4
Oct 1, 2021FORSYTHE GERALD RDirectorBuy37$6,967.57$257.8KForm 4

From Forms 4 filed with the SEC.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Brian KletscherChief Executive Officer$314.9K$433.8K47
2025Lucas SchneiderChief Financial Officer$202.7K$286.4K47
2024Brian KletscherChief Executive Officer$301.4K$412.4K47
2024Lucas SchneiderChief Financial Officer$194.5K$273.4K47
2023Brian KletscherChief Executive Officer$284.7K$412.6K47
2023Lucas SchneiderChief Financial Officer$189.1K$277.6K47

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$712.2K 2020–2020
Money received by yearMoney received by year, 2020–2020: $712.2K in all. PPP loans $712.2K.$0$200K$400K$600K$800K2020 · PPP loans: $712.2K2020
Figures by year
YearPPP loansTotal
2020$712.2K$712.2K

PPP loans

Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA48. Matched to this company by name and state.

  1. Apr 8, 2020$712.2K PPP loan (first draw) from Compeer Financial, ACA48To HIGHWATER ETHANOL, LLC, Lamberton MN; $717.6K forgiven Jan 20, 2021

SEC filer profile

How HIGHWATER 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 EDGARHIGHWATER ETHANOL LLC1
  • CIK0001371451
  • Employer ID (EIN)20-47985313
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inMinnesota3
  • Industry code (SIC)2860 Industrial Organic Chemicals1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address24500 Us Highway 14, Lamberton, MN 561521
  • Phone507-752-61601
  • Shares outstanding4,749 as of Sep 11, 202611
  • Public float$40.0M as of Apr 30, 20253
  • AuditorSM US LLP, Sioux Falls, South Dakota PCAOB ID 49; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceJul 31, 20061
  • Filings328 in all: 8-K (137), 10-Q (54), 4 (28), 3 (23), 10-K (17), DEF 14A (17), UPLOAD (8), CT ORDER (7)1
    All 26 form types

    10QSB (5), 10-Q/A (4), SB-2/A (4), CORRESP (3), NT 10-Q (3), PRE 14A (3), 10-K/A (2), 10KSB (2), 5 (2), 424B3 (1), 8-A12G (1), 8-K/A (1), EFFECT (1), NT 10-K (1), PRER14A (1), REGDEX (1), SB-2 (1), SC 13G (1)

  • Latest filingsAnnual report (10-K) Jan 22, 2026
    Quarterly report (10-Q) Sep 11, 2026
    Proxy statement (DEF 14A) Jan 22, 2026
    Latest 8-K (8-K) Sep 28, 2026

Risk factors and legal proceedings

The risks HIGHWATER ETHANOL LLC names in Item 1A of its 10-K filed Jan 22, 2026: 39 risks under these headings, as written.3

  • Risks Relating to Our Business
  • A decrease in the spread between the price we receive for our products and the price we pay for raw materials will have an adverse effect on our profitability.
  • Declines in the price of ethanol or distillers grains would reduce our revenues.
  • Increases in the price of corn or natural gas would reduce our profitability.
  • We engage in hedging transactions which involve risks that could harm our business.
  • Our business is not diversified.
  • If RPMG, which markets our ethanol, corn oil and distillers grains, fails it may negatively impact our ability to profitably operate the ethanol plant.
  • We depend on our management and key employees, and the loss of these relationships could negatively impact our ability to operate profitably.
  • Our existing debt financing agreements contain, and our future debt financing agreements may contain, restrictive covenants that limit distributions and impose restrictions on the operation of our business.
  • We may violate the terms of our credit agreements, including the financial covenants, which could result in our lenders demanding immediate repayment.
  • Our inability to secure credit facilities we may require in the future could negatively impact our liquidity.
  • Our operations may be negatively impacted by natural disasters, severe weather conditions, and other unforeseen plant shutdowns which can negatively impact our operations.
The other 28 risks
  • We may incur casualty losses that are not covered by insurance which could negatively impact the value of our units.
  • Failures of our information technology infrastructure could have a material adverse effect on operations.
  • A cyber attack or other information security breach could have a material adverse effect on our operations and result in financial losses.
  • We are subject to global and regional economic downturns, inflation, rising interest rates and related risks.
  • The effects of COVID-19 materially and adversely affected demand and the market price for our products in the past and COVID-19 or another pandemic could do so again in the future.
  • COVID-19 or another pandemic could negatively impact our ability to operate our business which could decrease or eliminate the value of our units.
  • The invasion of Ukraine by Russia and resulting sanctions by the United States, European Union and other countries have resulted in a slowdown in global economic growth, rising inflation, market disruptions and increased volatility in commodity prices in the United States.
  • Investor sentiment towards climate change, fossil fuels, and other ESG matters could adversely affect our business, cost of capital, and the price of our stock and other securities.
  • Risks Related to Ethanol Industry
  • An increase in foreign ethanol imports to the United Stated could have a negative impact on ethanol prices.
  • Increases in exports of corn produced in the United States could result in higher corn prices which could reduce our profitability.
  • Demand for ethanol may not continue to grow unless ethanol can be blended into gasoline in higher percentage blends for all conventional automobiles.
  • Changes and advances in ethanol production technology could require us to incur costs to update our plant or could otherwise hinder our ability to compete in the ethanol industry or operate profitably.
  • Technology advances in the commercialization of cellulosic ethanol may decrease demand for corn based ethanol which may negatively affect our profitability.
  • We operate in an intensely competitive industry and compete with larger, better financed companies which could impact our ability to operate profitably.
  • Competition from the advancement of alternative fuels may lessen the demand for ethanol.
  • Increased use of fuel cells, plug-in hybrids and electric cars may lessen the demand for ethanol.
  • Consumer resistance to the use of ethanol based on the belief that ethanol is expensive, uses too much corn, adds to air pollution, harms engines, and/or takes more energy to produce than it contributes may affect the demand for ethanol.
  • Risks Related to Regulation and Governmental Action
  • Government incentives for ethanol production may be eliminated in the future, which could hinder our ability to operate at a profit.
  • We may be unable to qualify for and receive anticipated Section 45Z tax credit benefits or those benefits could be less than currently projected.
  • The EPA's small refinery exemptions significantly reduced ethanol demand.
  • Changes in environmental regulations or violations of these regulations could be expensive and reduce our profitability.
  • The California Low Carbon Fuel Standard may decrease demand for corn based ethanol which could negatively impact our profitability.
  • Government policies and regulations, particularly those affecting the agricultural sector and related industries, could adversely affect our operations and profitability.
  • Trade disputes could have a material adverse impact on our business, financial condition, liquidity and results of operations.
  • A reduction in distillers grains exports to China has in the past and could continue in the future to have a negative effect on the price of distillers grains in the U.S. and negatively affect our profitability.
  • A reduction in ethanol exports to China due to the imposition of a tariff on U.S. ethanol could have a negative impact on ethanol prices.
  • A reduction in ethanol exports to Brazil due to the imposition by the Brazilian government of a tariff on U.S. ethanol could have a negative effect on ethanol prices.
  • New, stricter environmental laws and other industry-related regulations or environmental litigation could significantly impact our operations and/or increase our costs, which could adversely affect our results of operations and financial condition.

Sources

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    SEC EDGAROther events
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