Revenue and Profitability - Revenue for the three months ended September 30, 2025, was $22,689, a decrease of $28,451 or 56% compared to $51,140 in the same period of 2024[85] - Net loss for the three months ended September 30, 2025, was $9,327, representing an increase in loss of $8,132 or 681% compared to a net loss of $1,195 in the same period of 2024[85] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(32,715), a decrease of $45,757 compared to $13,042 in the same period of 2024[85] - Gross profit for the three months ended September 30, 2025, decreased by $7,214 compared to the same period in 2024, primarily due to reduced throughput from adverse market conditions[93] - Revenues for the three months ended September 30, 2025, decreased by 13% or $2,350 to $15,578 compared to $17,928 in the same period of 2024[100] - Chemical revenue for the nine months ended September 30, 2025, decreased by 25% or $13,661 to $41,562 compared to $55,223 in the same period of 2024[100] - Biofuels revenue for the three months ended September 30, 2025, decreased by 79% or $26,101 to $33,212 compared to $7,111 in the same period of 2024[105] - Biofuels revenue for the nine months ended September 30, 2025, decreased by 73% or $92,269 to $34,338 compared to $126,607 in the same period of 2024[106] - Gross loss for the chemical segment was $4,412 for the three months ended September 30, 2025, worsening by $7,819 compared to the same period in 2024[104] - Gross loss for the biofuel segment was $2,419 for the three months ended September 30, 2025, a decrease in gross loss of $605 from the comparative period in 2024[108] Cash Flow and Financing - Cash used in operating activities was $1,299 for the nine months ended September 30, 2025, compared to cash provided of $41,415 in the same period of 2024[120] - Cash used in investing activities increased to $14,426 for the nine months ended September 30, 2025, from $10,176 in the same period of 2024[121] - Cash used in financing activities was $8,256 for the nine months ended September 30, 2025, significantly lower than $117,285 in the same period of 2024[122] - The company believes existing cash balances and cash flow from operating activities will be sufficient to fund operations and capital requirements for the foreseeable future[119] - The company has a credit agreement with a syndicated group of commercial banks for $75 million, which terminates on February 21, 2030[124] - The company intends to fund future capital requirements from cash flow and existing cash, without the need to issue securities[125] - The company has accumulated excess working capital, some of which has been distributed as dividends[127] Dividends - Regular cash dividends of $0.06 per share were paid in each quarter of 2025 and 2024, totaling $2,628 thousand and $2,626 thousand respectively[126] - A special dividend of $2.50 per share was paid on April 9, 2024, amounting to $109,408 thousand[126] Market Conditions and Risks - The biofuel segment was significantly impacted by uncertainty surrounding the Clean Fuel Production Credit (CFPC), leading to idling of the biodiesel production line[92] - Other income decreased by $1,309 in the three months ended September 30, 2025, primarily due to a reduction in interest income[96] - The EPA proposed a rule that could increase RINs for biomass-based diesel from 5.36 billion in 2025 to 7.12 billion in 2026 and 2027, which may materially affect the company's operations[82] - The Budget Reconciliation Act of 2025 reduced the tax credit for sustainable aviation fuel from $1.75 per gallon to $1.00 per gallon effective January 1, 2026[83] - A hypothetical adverse 10% change in the average price of biodiesel feedstocks would result in a gross profit decrease of $2,839 thousand, representing a 9.4% decrease[137] - The company had no borrowings at September 30, 2025, indicating no exposure to interest rate risk for that period[138] - The company engages in transactions to mitigate market risks associated with commodity prices, including futures contracts and options[129] - The company has not experienced material adverse impacts from general economic inflation, passing some price increases to customers[130] Derivative Instruments - The fair value of derivative instruments was a net asset of $169 thousand at September 30, 2025, compared to a net liability of $235 thousand at December 31, 2024[134]

Financial Performance - Revenues for Q3 2025 were $22.7 million, a decrease of 56% or $28.5 million compared to $51.1 million in Q3 2024[9] - Net loss for Q3 2025 was $9.3 million, or $0.21 per diluted share, down from net income of $1.2 million, or $0.03 per diluted share in Q3 2024[9] - Adjusted EBITDA for Q3 2025 was ($6.8) million, down from ($1.0) million in Q3 2024[9] - For the first nine months of 2025, revenues were $75.9 million, a decrease of 58% or $105.9 million compared to $181.8 million in the same period of 2024[9] - Net loss for the nine months ended September 30, 2025, was $(37.386) million, a significant decline from net income of $12.706 million for the same period in 2024[35] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(32.715) million, compared to $13.042 million for the same period in 2024[37] - The company reported a basic loss per share of $(0.21) for the three months ended September 30, 2025, compared to a loss of $(0.03) for the same period in 2024[33] Cash and Liquidity - Cash and cash equivalents totaled $85.6 million as of September 30, 2025, down from $109.5 million as of December 31, 2024[23] - Cash and cash equivalents decreased to $85.560 million as of September 30, 2025, down from $109.541 million at the beginning of the period[35] - Total current liabilities decreased to $25.321 million as of September 30, 2025, from $33.307 million as of December 31, 2024[31] - Total stockholders' equity decreased to $169.123 million as of September 30, 2025, from $205.821 million as of December 31, 2024[31] Capital Expenditures and Investments - Capital expenditures for the first nine months of 2025 were $14.8 million, an increase from $10.6 million in the same period of 2024[22] - A major capital project was completed in Q3 2025, enabling backward integration into a key raw material, with production coming online in Q4 2025[8] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $3.179 million, compared to $2.803 million for the same period in 2024, reflecting a 13.4% increase[33] Future Outlook - The company has achieved a third consecutive quarter of reduced net losses, improving from $17.6 million in Q1 to $9.3 million in Q3 2025[4] - FutureFuel has built a strong backlog of new projects in its chemicals business, expected to ramp up production in 2026[7] Dividends - The company paid a regular quarterly cash dividend of $0.06 per share in Q3 2025, with another $0.06 per share expected in December 2025[12] Market and Asset Valuation - The company held 0.4 million RINs with a fair market value of $361 as of September 30, 2025, down from 5.0 million RINs valued at $2.556 million in the previous year[39] Revenue Breakdown - Total revenue for the three months ended September 30, 2025, was $22.689 million, a decrease of 55.7% compared to $51.140 million for the same period in 2024[33] - Gross loss for the three months ended September 30, 2025, was $(6.831) million, compared to a gross profit of $0.383 million in the same period of 2024[33]

Financial Performance - FutureFuel Corp. reported a net loss of $9.3 million or $0.21 per diluted share for Q3 2025, a significant decline from a net income of $1.2 million or $0.03 per diluted share in Q3 2024 [1][10] - Revenues for Q3 2025 were $22.7 million, down 56% from $51.1 million in Q3 2024 [10][41] - Adjusted EBITDA for Q3 2025 was ($6.8) million, compared to ($1.0) million in Q3 2024 [10][37] Strategic Initiatives - The company has achieved three consecutive quarters of reduced net losses, decreasing from $17.6 million in Q1 to $10.4 million in Q2, and further to $9.3 million in Q3 2025 [3] - FutureFuel is focusing on managing its cost structure amidst challenges in the biodiesel market while investing in plant reliability and other critical areas to drive market share and sustainable revenue growth [3][8] Market Conditions - The U.S. is experiencing a record soybean oil harvest, which may lead to decreased input costs for biodiesel production [4] - The company is gaining a clearer understanding of regulatory support under IRA 45Z for biodiesel, which is expected to positively impact operations [3] Chemical Segment Performance - The chemicals business has shown improvement in demand during Q3 2025, with several processes ramping up to full capacity [5] - FutureFuel has built a strong backlog of new projects in its chemicals business, expected to lead to increased production at its Batesville site in 2026 [6] Operational Changes - The company idled its biodiesel production line in July 2025 due to weak market conditions [16] - FutureFuel completed a major capital project that will enable backward integration into a key raw material, with production expected to come online in Q4 2025 [7] Financial Position - Cash and cash equivalents totaled $85.6 million as of September 30, 2025, down from $109.5 million at the end of 2024 [21] - Capital expenditures increased to $14.8 million in the first nine months of 2025, compared to $10.6 million in the same period in 2024, primarily due to the construction of a custom chemical plant [20]

Core Viewpoint - FutureFuel Corp. is set to release its third quarter 2025 financial results on November 10, 2025, after market close [1] Company Overview - FutureFuel is a leading manufacturer of diversified chemical products, specialty chemical products, and biofuel products [2] - The chemicals business includes custom chemicals for specific customers and performance chemicals for multiple customers [2] - Custom chemicals include proprietary intermediates for major chemical companies and chlorinated polyolefin adhesion promoters [2] - Performance chemicals consist of polymer (nylon) modifiers and various small-volume specialty chemicals for diverse applications [2] - The biofuels segment primarily focuses on the production and sale of biodiesel [2]

Core Insights - FutureFuel Corp. has announced updates regarding its business operations, including new production capabilities and strategic decisions related to biodiesel and corporate structure [1]. Chemicals - The company has initiated a new specialty chemical production investment, which will enhance vertical integration and provide products to the market. Production volume is expected to increase throughout Q4 2025, contributing significantly to sales starting in Q1 2026 [2]. Biodiesel - In June 2025, FutureFuel decided to idle its biodiesel production due to regulatory uncertainties and high input costs. However, recent clarity regarding support under IRA 45Z and improved input market conditions have led to optimism about restarting biodiesel production in Q4 2025 [3]. Headquarters Location - FutureFuel will close its remote headquarters in St. Louis, Missouri, consolidating all corporate activities and key personnel at its Batesville, Arkansas production facility to streamline operations [4]. Company Overview - FutureFuel is a manufacturer of diversified chemical products, including custom and performance chemicals, as well as biofuels. Its product portfolio includes specialty chemicals for specific customers and multi-customer applications, with a focus on biodiesel production in its biofuels segment [5].

Core Insights - FutureFuel Corp. has significantly underperformed the broader market across various time frames, with a decline of 71% over the last decade compared to a 229% increase in the S&P 500 [1] - Over the past five years, FutureFuel's stock has decreased by 67%, while the S&P 500 has risen by 96% [1] Company Performance - The stock's long-term performance indicates a substantial gap between FutureFuel Corp. and the S&P 500, highlighting potential concerns regarding the company's competitiveness and market positioning [1]

Group 1 - Future Fuels Inc. has acquired high-resolution geophysical data for the Mountain Lake System at its Hornby Basin Project [1] - The Hornby Project is located approximately 95 kilometers southwest of Kugluktuk, Nunavut Territory [1] - The CEO of Future Fuels, Rob Leckie, stated that a primary objective for the Mountain Lake project is the consolidation and digitization of historic data from previous exploration campaigns [1]

Core Viewpoint - Future Fuels Inc. has received the necessary permits to begin exploration activities at its Hornby Basin Project, marking a significant milestone for the company [1] Company Summary - Future Fuels Inc. is set to initiate fieldwork on the Hornby Project, located approximately 95 kilometers southwest of Kugluktuk, Nunavut [1] - The announcement was made by Rob Leckie, President & CEO, highlighting the importance of this development for the company's future operations [1]

[PART I FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides comprehensive unaudited consolidated financial information for FutureFuel Corp [Item 1. Financial Statements.](index=2&type=section&id=Item%201.%20Financial%20Statements.) This section presents FutureFuel Corp.'s unaudited consolidated financial statements and accompanying notes - The unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and SEC Form 10-Q instructions[19](index=19&type=chunk) - The financial statements include consolidated balance sheets, statements of operations, stockholders' equity, and cash flows[5](index=5&type=chunk)[7](index=7&type=chunk)[10](index=10&type=chunk)[15](index=15&type=chunk) [Consolidated Balance Sheets](index=2&type=section&id=Consolidated%20Balance%20Sheets) Presents the company's financial position at specific points in time, detailing assets, liabilities, and equity | Metric | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | Change ($ thousands) | % Change | | :-------------------------------- | :----------------------------- | :------------------------------- | :------------------- | :------- | | Total Assets | 218,212 | 247,691 | (29,479) | (11.9)% | | Total Current Assets | 128,751 | 164,786 | (36,035) | (21.9)% | | Cash and cash equivalents | 95,152 | 109,541 | (14,389) | (13.1)% | | Accounts receivable, net | 10,946 | 21,896 | (10,950) | (50.0)% | | Inventory, net | 9,620 | 20,643 | (11,023) | (53.4)% | | Total Liabilities | 39,988 | 41,870 | (1,882) | (4.5)% | | Total Stockholders' Equity | 178,224 | 205,821 | (27,597) | (13.4)% | [Consolidated Statements of Operations and Net (Loss) Income](index=3&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Net%20(Loss)%20Income) Details the company's revenues, expenses, and net income or loss over specific reporting periods | Metric | 3 Months Ended June 30, 2025 ($ thousands) | 3 Months Ended June 30, 2024 ($ thousands) | Change ($ thousands) | % Change | | :-------------------------------- | :---------------------------------------- | :---------------------------------------- | :------------------- | :------- | | Revenue | 35,673 | 72,409 | (36,736) | (50.7)% | | Gross (loss) profit | (8,767) | 8,657 | (17,424) | (201.3)% | | (Loss) income from operations | (11,928) | 5,451 | (17,379) | (318.8)% | | Net (loss) income | (10,416) | 9,571 | (19,987) | (208.8)% | | Basic (loss) earnings per common share | (0.24) | 0.22 | (0.46) | (209.1)% | | Metric | 6 Months Ended June 30, 2025 ($ thousands) | 6 Months Ended June 30, 2024 ($ thousands) | Change ($ thousands) | % Change | | :-------------------------------- | :---------------------------------------- | :---------------------------------------- | :------------------- | :------- | | Revenue | 53,211 | 130,690 | (77,479) | (59.3)% | | Gross (loss) profit | (23,330) | 13,664 | (36,994) | (270.7)% | | (Loss) income from operations | (30,766) | 7,649 | (38,415) | (502.2)% | | Net (loss) income | (28,059) | 13,901 | (41,960) | (301.8)% | | Basic (loss) earnings per common share | (0.64) | 0.32 | (0.96) | (300.0)% | [Consolidated Statements of Stockholders' Equity](index=4&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) Outlines changes in the company's equity accounts, including net income, dividends, and stock-based compensation | Item | Amount ($ thousands) | | :----------------------- | :------------------- | | Balance - December 31, 2024 | 205,821 | | Stock based compensation | 463 | | Net loss | (28,059) | | Balance - June 30, 2025 | 178,224 | | Item | Amount ($ thousands) | | :----------------------- | :------------------- | | Balance - December 31, 2023 | 309,880 | | Cash dividends declared | (109,408) | | Stock based compensation | 22 | | Net income | 13,901 | | Balance - June 30, 2024 | 214,395 | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Reports cash inflows and outflows from operating, investing, and financing activities | Activity | 6 Months Ended June 30, 2025 ($ thousands) | 6 Months Ended June 30, 2024 ($ thousands) | Change ($ thousands) | | :------------------------------------ | :---------------------------------------- | :---------------------------------------- | :------------------- | | Net cash (used in) provided by operating activities | (183) | 15,588 | (15,771) | | Net cash used in investing activities | (8,585) | (5,312) | (3,273) | | Net cash used in financing activities | (5,621) | (114,660) | 109,039 | | Net change in cash and cash equivalents | (14,389) | (104,384) | 89,995 | | Cash and cash equivalents at end of period | 95,152 | 115,060 | (19,908) | [Notes to Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Provides detailed explanations and additional information supporting the consolidated financial statements [1) SIGNIFICANT ACCOUNTING POLICIES](index=6&type=section&id=1)%20SIGNIFICANT%20ACCOUNTING%20POLICIES) Details the key accounting principles and methods used in preparing the financial statements - The unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and SEC Form 10-Q instructions[19](index=19&type=chunk) - The Company adopted ASU No. 2023-09 Income Taxes (Topic 740) effective for the year ended December 31, 2025, with immaterial financial statement impact but additional disclosures in the annual report[21](index=21&type=chunk) - The Company is evaluating ASU No. 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), effective for annual periods beginning after December 15, 2026, and does not expect a material impact[22](index=22&type=chunk) [2) GOVERNMENT TAX CREDITS](index=7&type=section&id=2)%20GOVERNMENT%20TAX%20CREDITS) Discusses the impact and recognition of various government tax credits on the company's financials - The Biodiesel Blenders' Tax Credit (BTC) and Small Agri-Biodiesel Producer Tax Credit expired on December 31, 2024[24](index=24&type=chunk)[25](index=25&type=chunk) - The Inflation Reduction Act of 2022 created the Clean Fuel Production Credit (CFPC) for 2025-2027, recognized as a reduction in cost of goods sold[26](index=26&type=chunk) - CFPC for the three and six months ended June 30, 2025, was **$2.5 million**[26](index=26&type=chunk) - Subsequent events include modifications to the CFPC (extension to Dec 31, 2029) and reinstatement of the Small Agri-Biodiesel Producers Tax Credit (effective July 1, 2025, to Dec 31, 2026)[72](index=72&type=chunk) [3) REVENUE RECOGNITION](index=8&type=section&id=3)%20REVENUE%20RECOGNITION) Explains the company's policies and methods for recognizing revenue from its various contracts and arrangements - Revenue is primarily recognized when a single performance obligation to transfer product is satisfied, typically upon shipment or when material is available for pickup[30](index=30&type=chunk)[31](index=31&type=chunk) - Contract liabilities (deferred revenue) from advance payments for chemical segment plant expansions were **$929 thousand** (current) and **$3,076 thousand** (noncurrent) at June 30, 2025[35](index=35&type=chunk) - Revenue recognized from contract liability reductions in the chemical segment was **$110 thousand** for the six months ended June 30, 2025, down from **$1,603 thousand** in the prior year[33](index=33&type=chunk) - Approximately **$4,005 thousand** of revenue is expected from remaining performance obligations, recognized ratably over two to six years[36](index=36&type=chunk) | Revenue Type | 2025 ($ thousands) | 2024 ($ thousands) | Change ($ thousands) | % Change | | :------------------------------------ | :------------------ | :------------------ | :------------------- | :------- | | Contract revenue from customers with > one-year arrangements | 5,098 | 17,975 | (12,877) | (71.6)% | | Contract revenue from customers with < one-year arrangements | 48,002 | 112,604 | (64,602) | (57.4)% | | Revenue from non-contractual arrangements | 111 | 111 | 0 | 0.0% | | Total revenue | 53,211 | 130,690 | (77,479) | (59.3)% | - Bill-and-hold revenue for the six months ended June 30, 2025, was **$14,435 thousand**, down from **$22,664 thousand** in 2024[40](index=40&type=chunk) [4) INVENTORY](index=10&type=section&id=4)%20INVENTORY) Details the composition and valuation of the company's inventory, including any significant adjustments | Category | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | Change ($ thousands) | % Change | | :--------------- | :------------------------- | :---------------------------- | :------------------- | :------- | | Finished goods | 6,438 | 10,809 | (4,371) | (40.4)% | | Work in process | 568 | 872 | (304) | (34.9)% | | Raw materials | 4,736 | 15,335 | (10,599) | (69.1)% | | Total inventory | 9,620 | 20,643 | (11,023) | (53.4)% | - A LIFO liquidation of **$2,934 thousand** occurred in the six months ended June 30, 2025, primarily from biodiesel related inventories[41](index=41&type=chunk) [5) DERIVATIVE INSTRUMENTS](index=11&type=section&id=5)%20DERIVATIVE%20INSTRUMENTS) Describes the company's use of derivative instruments and their impact on financial results - Derivative instruments are recorded at fair value, with changes recognized in cost of goods sold[43](index=43&type=chunk)[46](index=46&type=chunk) - The Company had no derivative instruments designated as accounting hedges in 2025 or 2024[45](index=45&type=chunk) - Net gain on derivative instruments for the six months ended June 30, 2025, was **$450 thousand**, compared to a net loss of **$2,050 thousand** in the prior year[46](index=46&type=chunk) - Fair value of regulated fixed price future commitments was an asset of **$46 thousand** at June 30, 2025, compared to a liability of **$235 thousand** at December 31, 2024[47](index=47&type=chunk) [6) ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES](index=12&type=section&id=6)%20ACCRUED%20EXPENSES%20AND%20OTHER%20CURRENT%20LIABILITIES) Provides a breakdown of the company's accrued expenses and other short-term liabilities | Category | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | Change ($ thousands) | % Change | | :------------------------------------ | :------------------------- | :---------------------------- | :------------------- | :------- | | Refundable deposit | 9,000 | 6,500 | 2,500 | 38.5% | | Employment tax credit | 1,351 | 1,856 | (505) | (27.2)% | | Accrued employee liabilities | 2,515 | 1,743 | 772 | 44.3% | | Accrued property, franchise, motor fuel and other taxes | 1,761 | 881 | 880 | 99.9% | | Other | 241 | 102 | 139 | 136.3% | | Total | 14,868 | 11,082 | 3,786 | 34.2% | [7) BORROWINGS](index=12&type=section&id=7)%20BORROWINGS) Details the company's debt arrangements, including credit facilities and outstanding balances - The Company amended and restated its credit agreement on February 21, 2025, establishing a five-year revolving credit facility of up to **$75,000 thousand**, expiring February 21, 2030[50](index=50&type=chunk) - Interest rates float over SOFR or base rate, dependent on the consolidated leverage ratio[51](index=51&type=chunk)[52](index=52&type=chunk) - There were no borrowings under the Credit Agreement at June 30, 2025, or December 31, 2024[53](index=53&type=chunk) [8) INCOME TAX PROVISION](index=13&type=section&id=8)%20INCOME%20TAX%20PROVISION) Explains the company's income tax expense, effective tax rate, and deferred tax positions | Metric | 3 Months Ended June 30, 2025 ($ thousands) | 3 Months Ended June 30, 2024 ($ thousands) | 6 Months Ended June 30, 2025 ($ thousands) | 6 Months Ended June 30, 2024 ($ thousands) | | :-------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Income tax provision | 35 | 6 | 41 | 638 | | Effective tax rate | 0.3% | 0.1% | (0.1)% | 4.4% | - The income tax provision for 2025 periods is mainly due to an increase in net deferred tax liability and immaterial state taxes[56](index=56&type=chunk) - The Company's deferred tax assets have been reduced to zero since March 31, 2024, with an additional net liability recognized[95](index=95&type=chunk) [9) EARNINGS PER SHARE](index=13&type=section&id=9)%20EARNINGS%20PER%20SHARE) Presents basic and diluted earnings per share calculations and related factors | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net (loss) income ($ thousands) | (10,416) | 9,571 | (28,059) | 13,901 | | Weighted average shares outstanding – basic | 43,803,243 | 43,763,243 | 43,803,243 | 43,763,243 | | Basic (loss) earnings per share | (0.24) | 0.22 | (0.64) | 0.32 | | Diluted (loss) earnings per share | (0.24) | 0.22 | (0.64) | 0.32 | - Stock options and restricted stock units were excluded from diluted EPS computation for 2025 and 2024 as they were anti-dilutive[58](index=58&type=chunk)[59](index=59&type=chunk) [10) RELATED PARTY TRANSACTIONS](index=13&type=section&id=10)%20RELATED%20PARTY%20TRANSACTIONS) Discloses transactions with affiliated entities and their financial impact - FutureFuel engages in transactions with affiliated companies controlled by a director and significant shareholder[60](index=60&type=chunk) - Related party cost of goods sold and distribution expenses arise from net sales and purchases of blended biodiesel, and associated storage and terminalling services[61](index=61&type=chunk) [11) SEGMENT INFORMATION](index=15&type=section&id=11)%20SEGMENT%20INFORMATION) Provides financial data and operational details for the company's distinct business segments [Chemicals Segment](index=15&type=section&id=Chemicals) Focuses on the financial performance and operational aspects of the company's chemical product lines - Manufactures diversified chemical products, categorized into "custom manufacturing" and "performance chemicals"[64](index=64&type=chunk) | Metric | 3 Months Ended June 30, 2025 ($ thousands) | 3 Months Ended June 30, 2024 ($ thousands) | 6 Months Ended June 30, 2025 ($ thousands) | 6 Months Ended June 30, 2024 ($ thousands) | | :-------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Revenue | 19,054 | 53,173 | 25,984 | 37,295 | | Gross profit (loss) | 1,667 | 3,980 | (4,062) | 8,698 | - Chemical revenue decreased **14% ($2,617 thousand)** for the three months and **30% ($11,311 thousand)** for the six months ended June 30, 2025, primarily due to lower sales volumes in energy markets and reduced glycerin production from a plant turnaround[96](index=96&type=chunk)[97](index=97&type=chunk) - Gross profit (loss) for the chemical segment decreased by **$3,010 thousand** for the three months and **$12,760 thousand** for the six months ended June 30, 2025, primarily from reduced throughput and lower amortization of deferred revenue[98](index=98&type=chunk) [Biofuels Segment](index=15&type=section&id=Biofuels) Details the financial results and market conditions affecting the company's biofuel production and sales - Primarily manufactures and markets biodiesel, with revenues also from biodiesel blends, petrodiesel, RINs, and byproducts[65](index=65&type=chunk) - Held **0.5 million RINs** with a fair market value of **$604 thousand** at June 30, 2025, down from **2.1 million RINs ($1,055 thousand)** at June 30, 2024[66](index=66&type=chunk) | Metric | 3 Months Ended June 30, 2025 ($ thousands) | 3 Months Ended June 30, 2024 ($ thousands) | 6 Months Ended June 30, 2025 ($ thousands) | 6 Months Ended June 30, 2024 ($ thousands) | | :-------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Revenue | 16,619 | 19,236 | 27,227 | 93,395 | | Gross profit (loss) | (10,434) | 3,980 | (19,268) | 4,966 | - Biofuels revenue decreased by **$34,119 thousand (64%)** for the three months and **$66,168 thousand (71%)** for the six months ended June 30, 2025, due to temporary idling of biodiesel production amid market uncertainty and an extended plant turnaround[99](index=99&type=chunk)[100](index=100&type=chunk) - Biofuel gross loss was **$10,434 thousand** for the three months and **$19,268 thousand** for the six months ended June 30, 2025, primarily due to reduced sales volumes[102](index=102&type=chunk)[103](index=103&type=chunk) [12) LEGAL MATTERS](index=16&type=section&id=12)%20LEGAL%20MATTERS) Addresses any ongoing legal proceedings and their potential financial implications for the company - The Company is involved in routine legal matters but does not believe their ultimate resolution will have a material adverse effect on its financial condition, results of operations, or cash flows[70](index=70&type=chunk) [13) SUBSEQUENT EVENTS](index=16&type=section&id=13)%20SUBSEQUENT%20EVENTS) Reports significant events occurring after the balance sheet date that may affect financial statements - The Budget Reconciliation Act of 2025, signed July 4, 2025, extended the Clean Fuel Production Credit (CFPC) to December 31, 2029, and reinstated the Small Agri-Biodiesel Producers Tax Credit[72](index=72&type=chunk) - On July 9, 2025, the Company reduced its workforce by **75 employees** and idled biodiesel manufacturing due to high feedstock prices and negative profit margins, incurring an estimated **$386 thousand** in separation costs[73](index=73&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the company's financial condition, operational results, liquidity, and critical accounting estimates - The Company is managed in two segments: chemicals (custom and performance) and biofuels[76](index=76&type=chunk) - EPA proposed RFS rule changes for 2026-2027, including increased RINs for biomass-based diesel, reduced RINs for imported/foreign-feedstock renewable fuel, and a lower RIN equivalency factor for renewable diesel[78](index=78&type=chunk) - The Budget Reconciliation Act of 2025 modified the CFPC, extending it and reducing the tax credit for sustainable aviation fuel (SAF)[79](index=79&type=chunk) [Overview](index=18&type=section&id=Overview) Provides a general introduction to the company's business segments and key operational factors - FutureFuel Corp. operates in two reportable segments: chemicals (custom and performance) and biofuels[76](index=76&type=chunk) - The Company generates **1.5 Renewable Identification Numbers (RINs)** for each gallon of biodiesel sold in the United States[77](index=77&type=chunk) - Held **0.5 million D4 RINs** with a fair market value of **$604 thousand** at June 30, 2025, a decrease from **2.1 million RINs ($1,055 thousand)** at June 30, 2024[77](index=77&type=chunk) - EPA proposed RFS rule changes for 2026-2027, potentially increasing RINs for biomass-based diesel but reducing RINs for imported/foreign-feedstock renewable fuel[78](index=78&type=chunk) - The Budget Reconciliation Act of 2025 extended the CFPC through December 31, 2029, and reduced the tax credit for sustainable aviation fuel (SAF)[79](index=79&type=chunk) [Summary of Financial Results](index=19&type=section&id=Summary%20of%20Financial%20Results) Presents a high-level summary of key financial performance metrics, including non-GAAP measures | Metric | 2025 ($ thousands) | 2024 ($ thousands) | Dollar Change ($ thousands) | % Change | | :-------------------------------- | :------------------ | :------------------ | :-------------------------- | :------- | | Revenue | 35,673 | 72,409 | (36,736) | (51)% | | (Loss) income from operations | (11,928) | 5,451 | (17,379) | na | | Net (loss) income | (10,416) | 9,571 | (19,987) | na | | Basic (loss) earnings per common share | (0.24) | 0.22 | (0.46) | na | | Adjusted EBITDA | (9,823) | 6,907 | (16,730) | na | | Metric | 2025 ($ thousands) | 2024 ($ thousands) | Dollar Change ($ thousands) | % Change | | :-------------------------------- | :------------------ | :------------------ | :-------------------------- | :------- | | Revenue | 53,211 | 130,690 | (77,479) | (59)% | | (Loss) income from operations | (30,766) | 7,649 | (38,415) | na | | Net (loss) income | (28,059) | 13,901 | (41,960) | na | | Basic (loss) earnings per common share | (0.64) | 0.32 | (0.96) | na | | Adjusted EBITDA | (25,880) | 14,015 | (39,895) | na | - Adjusted EBITDA is a non-GAAP measure used by management to assess performance and liquidity, excluding non-cash items and certain non-operating income/expenses[82](index=82&type=chunk) | Item | 2025 ($ thousands) | 2024 ($ thousands) | | :---------------------------------------------------- | :------------------ | :------------------ | | Net (loss) income | (28,059) | 13,901 | | Depreciation | 4,739 | 4,760 | | Non-cash stock-based compensation | 462 | 22 | | Interest and dividend income | (2,305) | (4,321) | | Non-cash interest expense and amortization of deferred financing costs | 62 | 69 | | Gain on disposal of property and equipment | (34) | - | | Unrealized (gain) loss on derivative instruments | (281) | 1,696 | | Other income | (505) | (2,750) | | Income tax provision | 41 | 638 | | **Adjusted EBITDA** | **(25,880)** | **14,015** | [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Analyzes the company's financial performance, detailing revenue, expenses, and profitability trends [Consolidated Results](index=21&type=section&id=Consolidated) Examines the overall financial performance of the company on a consolidated basis - Consolidated revenue decreased by **$36,736 thousand (51%)** for the three months and **$77,479 thousand (59%)** for the six months ended June 30, 2025, primarily due to uncertainty surrounding the CFPC and an extended plant turnaround impacting the biofuel segment[88](index=88&type=chunk) - Gross profit decreased by **$17,424 thousand** for the three months and **$36,994 thousand** for the six months ended June 30, 2025, mainly due to reduced throughput and changes in LIFO inventory adjustments[89](index=89&type=chunk)[90](index=90&type=chunk) - Operating expenses decreased **$45 thousand** for the three months but increased **$1,421 thousand** for the six months ended June 30, 2025, due to increased compensation, board fees, and R&D expenses[91](index=91&type=chunk) - Other income, net, decreased by **$2,579 thousand** for the three months and **$4,142 thousand** for the six months ended June 30, 2025, primarily due to a legal settlement received in the prior year and lower interest income[92](index=92&type=chunk)[93](index=93&type=chunk) - The income tax provision for the three and six months ended June 30, 2025, was **$35 thousand** and **$41 thousand**, respectively, mainly from an increase in net deferred tax liability[94](index=94&type=chunk) [Chemical Segment Results](index=23&type=section&id=Chemical%20Segment) Analyzes the financial performance and key drivers of the company's chemical segment - Chemical revenue decreased **14% ($2,617 thousand)** for the three months and **30% ($11,311 thousand)** for the six months ended June 30, 2025[96](index=96&type=chunk)[97](index=97&type=chunk) - Custom chemicals revenue decreased due to lower sales volumes in energy markets and less amortization of revenue[96](index=96&type=chunk)[97](index=97&type=chunk) - Performance chemicals revenue decreased due to lower volumes of glycerin and polymer modifier chemicals, impacted by the plant turnaround[96](index=96&type=chunk)[97](index=97&type=chunk) - Gross profit (loss) for the chemical segment decreased by **$3,010 thousand** for the three months and **$12,760 thousand** for the six months ended June 30, 2025, primarily from reduced throughput and lower amortization of deferred revenue[98](index=98&type=chunk) [Biofuel Segment Results](index=24&type=section&id=Biofuel%20Segment) Reviews the financial performance and market factors impacting the company's biofuel segment - Biofuels revenue decreased by **$34,119 thousand (64%)** for the three months and **$66,168 thousand (71%)** for the six months ended June 30, 2025[99](index=99&type=chunk)[100](index=100&type=chunk) - The decrease was attributed to the temporary idling of biodiesel production due to market uncertainty regarding the CFPC and an extended plant turnaround[99](index=99&type=chunk)[100](index=100&type=chunk) - Biofuel gross loss was **$10,434 thousand** for the three months and **$19,268 thousand** for the six months ended June 30, 2025, primarily due to reduced sales volumes[102](index=102&type=chunk)[103](index=103&type=chunk) - Derivative instrument activity resulted in a net gain of **$450 thousand** for the six months ended June 30, 2025, compared to a net loss of **$2,050 thousand** in the prior year[103](index=103&type=chunk) - The Company's derivative instruments do not qualify for hedge accounting[104](index=104&type=chunk) [Critical Accounting Estimates](index=26&type=section&id=Critical%20Accounting%20Estimates) Highlights significant accounting judgments and assumptions that materially affect financial reporting - Revenue recognition under ASC Topic 606 involves estimating contractual volumes and sales prices for long-term custom chemical contracts with material rights[107](index=107&type=chunk) - Revenue from most product sales is recognized upon shipment when risk of loss and title pass to the customer[108](index=108&type=chunk) - Biodiesel selling prices can fluctuate based on the timing of unsold, internally generated RINs, which are not reflected in revenue until sold[109](index=109&type=chunk) - Bill-and-hold revenue for custom chemicals was **$14,435 thousand** for the six months ended June 30, 2025, with **$6,309 thousand** of this revenue not yet shipped[110](index=110&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses the company's ability to meet short-term and long-term obligations and fund operations | Activity | 2025 ($ thousands) | 2024 ($ thousands) | | :------------------------------------ | :------------------ | :------------------ | | Net cash (used in) provided by operating activities | (183) | 15,588 | | Net cash used in investing activities | (8,585) | (5,312) | | Net cash used in financing activities | (5,621) | (114,660) | - Cash used in operating activities increased by **$15,771 thousand** for the six months ended June 30, 2025, primarily due to a change in net (loss) income[114](index=114&type=chunk) - Cash used in investing activities increased by **$3,273 thousand**, mainly due to a **$4,208 thousand** increase in capital expenditures[115](index=115&type=chunk) - Cash used in financing activities decreased by **$109,039 thousand**, primarily due to a special dividend of **$109,408 thousand** paid in the prior year[116](index=116&type=chunk) - The Company has a **$75,000 thousand** revolving credit facility, amended on February 21, 2025, expiring February 21, 2030, with no borrowings outstanding[118](index=118&type=chunk) - Regular cash dividends of **$0.06 per share** were paid quarterly in 2025 and 2024[120](index=120&type=chunk) [Off- Balance Sheet Arrangements](index=28&type=section&id=Off-%20Balance%20Sheet%20Arrangements) Describes contractual arrangements not recognized on the balance sheet but impacting financial condition - The Company uses exchange-traded commodity futures and options contracts for biofuel sales to mitigate price volatility, recorded as derivative instruments on the balance sheet[123](index=123&type=chunk) - For biofuel feedstocks, the Company uses purchase contracts and supply agreements that may qualify for the normal purchase and normal sales exception of ASC 815, thus not recorded on the balance sheet[123](index=123&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk.](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) Discusses the company's exposure to market risks, primarily commodity price fluctuations, and strategies for mitigation - The Company is exposed to commodity price risk for both inputs (raw materials, biofuel feedstock) and outputs (chemicals, biofuels)[125](index=125&type=chunk) - Market risks for chemicals are mitigated through long-term sales contracts with price adjustment protections[126](index=126&type=chunk) - Exchange-traded commodity futures and options contracts are used to manage biofuel price risk, with changes in fair value recognized in cost of goods sold[127](index=127&type=chunk) - The fair value of derivative instruments was a net asset of **$46 thousand** at June 30, 2025, compared to a net liability of **$235 thousand** at December 31, 2024[128](index=128&type=chunk) - A hypothetical **10% adverse change** in average prices for biodiesel feedstocks and electricity would decrease gross profit by **3.5% ($822 thousand)** and **1.2% ($270 thousand)**, respectively, for the six months ended June 30, 2025[131](index=131&type=chunk) - The Company had no borrowings at June 30, 2025, or December 31, 2024, and considers foreign currency risk immaterial[132](index=132&type=chunk) [Item 4. Controls and Procedures.](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management evaluates the effectiveness of disclosure controls and procedures and reports on internal control changes - The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2025[133](index=133&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[134](index=134&type=chunk) [PART II OTHER INFORMATION](index=31&type=section&id=PART%20II%20OTHER%20INFORMATION) This section presents additional information, including legal matters, risk factors, and other disclosures [Item 1. Legal Proceedings.](index=31&type=section&id=Item%201.%20Legal%20Proceedings.) The company is not involved in material legal proceedings and anticipates no adverse financial effects from current matters - The Company is not involved in any material pending legal proceedings, only ordinary routine litigation[137](index=137&type=chunk) - Management does not believe the ultimate resolution of pending matters will have a material adverse effect on financial condition, results of operations, or cash flows[137](index=137&type=chunk) [Item 1A. Risk Factors.](index=31&type=section&id=Item%201A.%20Risk%20Factors.) Refers to previously disclosed risk factors, noting no material changes but emphasizing current economic uncertainty - No material changes to risk factors have occurred[138](index=138&type=chunk) - Readers are encouraged to refer to the risk factors in the 2024 Annual Report on Form 10-K due to current economic uncertainty[138](index=138&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) Reports no unregistered sales of equity securities or use of proceeds during the period - No unregistered sales of equity securities or use of proceeds to report[139](index=139&type=chunk) [Item 3. Defaults Upon Senior Securities.](index=31&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) Confirms no defaults occurred on any senior securities during the reporting period - No defaults upon senior securities[141](index=141&type=chunk) [Item 4. Mine Safety Disclosures.](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) States that there are no mine safety disclosures required for the reporting period - No mine safety disclosures[142](index=142&type=chunk) [Item 5. Other Information.](index=31&type=section&id=Item%205.%20Other%20Information.) Confirms no Rule 10b5-1 plan adoptions or terminations by Section 16 officers or directors - No adoptions or terminations of Rule 10b5-1 plans or non-Rule 10b5-1 trading arrangements by Section 16 officers or directors during the quarter ended June 30, 2025[144](index=144&type=chunk) [Item 6. Exhibits.](index=32&type=section&id=Item%206.%20Exhibits.) Lists all exhibits filed with the Form 10-Q, including corporate documents, agreements, and certifications - Includes corporate documents (Certificate of Incorporation, Bylaws), Registration Rights Agreement, Description of common stock[145](index=145&type=chunk) - Certifications by CEO and CFO as required by Sarbanes-Oxley Act of 2002 (Sections 302 and 906)[145](index=145&type=chunk) - Interactive Data Files (XBRL) are included as Exhibit 101[145](index=145&type=chunk) [Special Note Regarding Forward-Looking Information](index=33&type=section&id=Special%20Note%20Regarding%20Forward-Looking%20Information) Provides a cautionary statement on forward-looking information, noting inherent risks and uncertainties that may affect actual results - The report contains forward-looking statements subject to known and unknown risks and uncertainties[146](index=146&type=chunk)[147](index=147&type=chunk) - Factors causing actual results to differ are detailed under "Risk Factors" and "Management's Discussion and Analysis" in the Annual Report on Form 10-K and future SEC filings[147](index=147&type=chunk) - The Company undertakes no obligation to revise or publicly release results of any revisions to forward-looking statements, except as required by law[147](index=147&type=chunk) [SIGNATURES](index=34&type=section&id=SIGNATURES) Contains the signatures of the Chief Executive Officer and Chief Financial Officer, certifying the report filing - Report signed by Roeland Polet, Chief Executive Officer, and Rose M. Sparks, Chief Financial Officer, on August 11, 2025[152](index=152&type=chunk)

[Company Overview & Executive Summary](index=1&type=section&id=1.%20Company%20Overview%20%26%20Executive%20Summary) FutureFuel Corp. provides an overview of its chemical and biofuel operations, detailing Q2 and YTD 2025 financial performance and strategic outlook [Company Profile](index=1&type=section&id=1.1%20Company%20Profile) FutureFuel Corp. (NYSE: FF) manufactures custom and performance chemicals and biofuels, specializing in specialty chemicals and biodiesel - **FutureFuel Corp. (NYSE: FF)** specializes in manufacturing custom and performance chemicals and biofuels, with segments covering proprietary agrochemicals and biodiesel production[2](index=2&type=chunk)[20](index=20&type=chunk) [Second Quarter and Six Months 2025 Financial Highlights](index=1&type=section&id=1.2%20Second%20Quarter%20and%20Six%20Months%202025%20Financial%20Highlights) FutureFuel reported significant Q2 and H1 2025 financial declines, with net losses and negative Adjusted EBITDA, driven by BioDiesel challenges Q2 and Six Months 2025 Financial Highlights (YoY Comparison) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Dollar Change (in thousands) | % Change | Six Months 2025 (in thousands) | Six Months 2024 (in thousands) | Dollar Change (in thousands) | % Change | | :-------------------------- | :---------- | :---------- | :------------ | :------- | :-------------- | :-------------- | :------------ | :------- | | Revenues | $35,673 | $72,409 | $(36,736) | (51)% | $53,211 | $130,690 | $(77,479) | (59)% | | Net (Loss) Income | $(10,416) | $9,571 | $(19,987) | na | $(28,059) | $13,901 | $(41,960) | na | | (Loss) Earnings Per Diluted Share | $(0.24) | $0.22 | $(0.46) | na | $(0.64) | $0.32 | $(0.96) | na | | Adjusted EBITDA | $(9,823) | $6,907 | $(16,730) | na | $(25,880) | $14,015 | $(39,895) | na | [CEO Commentary and Business Outlook](index=1&type=section&id=1.3%20CEO%20Commentary%20and%20Business%20Outlook) CEO commentary addresses BioDiesel challenges, plant idling, Chemicals segment growth, and strategic investments for future expansion - BioDiesel segment faced expected downside due to challenging market conditions, **historically high input pricing**, and initial lack of clarity on IRA 45Z support, leading to a temporary plant idle in June[4](index=4&type=chunk)[5](index=5&type=chunk) - Chemicals segment started slower due to weaker market demand and delayed production post-turnaround, but has successfully expanded its opportunity pipeline and commercialized multiple projects for production by **Q4 2025 and Q1 2026**[6](index=6&type=chunk) - A new production facility is nearing completion, expected to be commissioned in **Q3**, enabling backward integration and expanded market participation, while the company focuses on cost control and maintaining a strong balance sheet during the BioDiesel downturn[7](index=7&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Consolidated Financial Results](index=6&type=section&id=2.%20Consolidated%20Financial%20Results) This section details FutureFuel's condensed consolidated statements of operations, balance sheets, and cash flows for Q2 and H1 2025 [Condensed Consolidated Statements of Operations and Net Income](index=7&type=section&id=2.1%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Net%20Income) FutureFuel reported significant gross and net losses for Q2 and H1 2025, a sharp decline from profits in the prior year periods Condensed Consolidated Statements of Operations and Net Income (Dollars in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $35,673 | $72,409 | $53,211 | $130,690 | | Cost of goods sold and distribution | $44,440 | $63,752 | $76,541 | $117,026 | | Gross (loss) profit | $(8,767) | $8,657 | $(23,330) | $13,664 | | Selling, general, and administrative expenses | $2,228 | $2,290 | $5,112 | $4,193 | | Research and development expenses | $933 | $916 | $2,324 | $1,822 | | Total operating expenses | $3,161 | $3,206 | $7,436 | $6,015 | | (Loss) income from operations | $(11,928) | $5,451 | $(30,766) | $7,649 | | Interest and dividend income | $1,068 | $1,521 | $2,305 | $4,321 | | Other income, net | $479 | $2,605 | $443 | $2,569 | | (Loss) income before income taxes | $(10,381) | $9,577 | $(28,018) | $14,539 | | Income tax provision | $35 | $6 | $41 | $638 | | Net (loss) income | $(10,416) | $9,571 | $(28,059) | $13,901 | | (Loss) earnings per common share - Basic | $(0.24) | $0.22 | $(0.64) | $0.32 | | (Loss) earnings per common share - Diluted | $(0.24) | $0.22 | $(0.64) | $0.32 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=2.2%20Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$218.21 million** by June 30, 2025, driven by lower cash, receivables, and inventory, with equity also declining Condensed Consolidated Balance Sheets (Dollars in thousands) | Asset/Liability/Equity | June 30, 2025 | December 31, 2024 | | :---------------------------------- | :-------------- | :---------------- | | Cash and cash equivalents | $95,152 | $109,541 | | Accounts receivable, net | $10,946 | $21,896 | | Inventory, net | $9,620 | $20,643 | | Total current assets | $128,751 | $164,786 | | Property, plant and equipment, net | $84,610 | $78,538 | | Total Assets | $218,212 | $247,691 | | Total current liabilities | $30,939 | $33,307 | | Total liabilities | $39,988 | $41,870 | | Total Stockholders' Equity | $178,224 | $205,821 | [Consolidated Statements of Cash Flows](index=8&type=section&id=2.3%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities for H1 2025 was **$0.18 million**, a significant decrease, with overall cash declining by **$14.39 million** Consolidated Statements of Cash Flows (Six Months Ended June 30, Dollars in thousands) | Cash Flow Activity | 2025 | 2024 | | :------------------------------------------ | :--------- | :---------- | | Net cash (used in) provided by operating activities | $(183) | $15,588 | | Net cash used in investing activities | $(8,585) | $(5,312) | | Net cash used in financing activities | $(5,621) | $(114,660) | | Net change in cash and cash equivalents | $(14,389) | $(104,384) | | Cash and cash equivalents at end of period | $95,152 | $115,060 | [Segment Performance](index=1&type=section&id=3.%20Segment%20Performance) This section details the financial performance of FutureFuel's Chemical and Biofuel segments for Q2 and H1 2025 [Chemical Segment Performance](index=1&type=section&id=3.1%20Chemical%20Segment%20Performance) The Chemicals segment faced slower Q2 2025 demand and production delays, but expanded its project pipeline, despite revenue and gross profit declines - The Chemicals segment started Q2 slower due to weaker market demand and delayed production following a turnaround[6](index=6&type=chunk) - The company has successfully expanded its chemicals business opportunity pipeline with new projects and commercialized multiple projects, with production expected to begin by the end of **Q4 2025 and in Q1 2026**[6](index=6&type=chunk) Chemical Segment Revenue and Gross Profit (Dollars in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Chemical revenue | $16,619 | $19,236 | $25,984 | $3