Golden Growers Cooperative

What they do

Golden Growers is a value-added agricultural cooperative association governed under Minnesota Statutes Chapter 308B and treated as a partnership for tax purposes. It does not own or operate plant and equipment; it earns its income from its 50% membership interest in ProGold LLC and facilitates member corn delivery to the ProGold facility. Annually, the Cooperative is required to deliver approximately 15,490,480 bushels of corn to Cargill for processing at the ProGold LLC facility, and Cargill has operated the facility under lease since November 1, 1997.

Revenue drivers

• 50% interest in ProGold LLC — Primary asset: the Cooperative is allocated 50% of ProGold's profits and losses and receives 50% of cash distributed to members; the facility's corn wet-milling operation is leased to Cargill.
• Member corn delivery obligation — Members deliver approximately 15,490,480 bushels of corn annually to Cargill at the ProGold facility on the Cooperative's behalf, providing members additional value for their corn.
• Cargill grain services arrangement — Cargill provides grain services that let the Cooperative facilitate corn delivery to the ProGold facility at little or no expense to the Cooperative.
• Lease payments distributed from ProGold — Lease payments Cargill makes to ProGold are in turn distributed to the Cooperative, providing the cash it uses to make distributions to its members.

Recent performance

Reported quarterly revenue was $12.3M for 2025-09-30, $13.6M for 2025-12-31, $17.9M for 2026-03-31 and $14.9M for 2026-06-30. Annual revenue fell from $88.0M in 2023 to $62.0M in 2024, then was roughly flat at $62.3M in 2025. The most recent annual net income figure in the provided data is $5.3M in 2023, and diluted EPS is last shown at $0.43 in 2022. Operating cash flow has been negative each year from 2021 through 2025, including -$396,000 in both 2024 and 2025. At 2026-06-30 the balance sheet showed total assets of $15.9M and cash and equivalents of $95,000, against total liabilities of $6,000 as of 2024-03-31.

Strategy

Members approved a Plan of Liquidation and Dissolution at the 2025 Annual Member Meeting, approving the sale of the Cooperative's 50% interest in ProGold to Cargill under the Operating Agreement and distribution of the proceeds, along with all other assets, to members. The Board was granted authority to negotiate, execute and file all agreements and instruments needed to effect the liquidation and dissolution. On March 27, 2025, the Cooperative filed a Notice of Intent to Dissolve with the Minnesota Secretary of State. On December 20, 2024, the Cooperative and Cargill jointly announced that Cargill will purchase the Cooperative's 50% interest within 30 days following expiration of the Facility Lease.

Risks

• Single-asset dependence — The Cooperative's income depends on its 50% membership interest in ProGold LLC, whose facility is leased to and operated by Cargill.
• Dissolution and sale execution — The pending sale of the 50% ProGold interest to Cargill and the Plan of Liquidation and Dissolution must be completed on the contemplated terms for members to receive proceeds.
• Corn price and agricultural cycle — The Cooperative cites fluctuations in the market price per bushel of corn and general agricultural and economic conditions as factors that could materially affect results.
• Key employee retention — The Cooperative identifies its ability to retain its key employee as a listed risk to executing its business and the wind-down.

Outlook

Management states that Cargill will purchase the Cooperative's 50% interest in ProGold within 30 days following expiration of the Facility Lease, per the Operating Agreement. Members have approved the Plan of Liquidation and Dissolution, and the Cooperative has filed a Notice of Intent to Dissolve in Minnesota. The Plan provides for distribution of the sale proceeds and all other assets to members. Management qualifies these statements as forward-looking and does not intend to update them except as required by law.