Financial Performance - FutureFuel Corp. reported a net loss of $10.4 million, or $0.24 per diluted share, for the second quarter of 2025, compared to a net income of $9.6 million, or $0.22 per diluted share, in the same period of 2024 [10][28] - Revenues for the second quarter were $35.7 million, a decrease of 51% from $72.4 million year-over-year [10][12] - Adjusted EBITDA was ($9.8) million, down from $6.9 million in the prior year [10][31] Segment Performance - The BioDiesel segment faced significant challenges due to high input prices and uncertainty regarding support under the IRA 45Z, leading to a decision to temporarily idle the biodiesel plant in June 2025 [3][4] - The Chemicals segment experienced a slower start due to weaker market demand but has expanded its project pipeline with new opportunities expected to commercialize by the end of Q4 2025 and Q1 2026 [5][6] Capital Expenditures and Investments - Capital expenditures increased to $9.5 million in 2025 from $5.3 million in the same period in 2024, primarily due to the construction of a new custom chemical plant [16] - The company continues to invest in plant reliability and efficiency during the downturn in the BioDiesel market [7][8] Cash and Dividends - Cash and cash equivalents totaled $95.2 million as of June 30, 2025, down from $109.5 million at the end of 2024 [17][26] - FutureFuel paid a regular quarterly cash dividend of $0.06 per share in the second quarter of 2025, with additional dividends planned for September and December [9] Market Conditions and Future Outlook - The company anticipates that feedstock prices will normalize, allowing for the resumption of biodiesel production later in 2025 or early 2026 [4] - FutureFuel's management remains focused on maintaining cost control and leveraging its diversified chemical activities to support revenue during the BioDiesel downturn [8][18]

Core Viewpoint - First Mining Gold Corp. has announced a public offering of up to 27,800,000 units at a price of $0.18 per unit, aiming for gross proceeds of up to $5,004,000, alongside a non-brokered private placement for additional funding [1][5]. Offering Details - The public offering will consist of units, each comprising one common share and one-half of a common share purchase warrant, with warrants priced at $0.27 per share, valid for 36 months [2][3]. - An over-allotment option allows agents to purchase an additional 15% of the units at the offering price, exercisable up to 48 hours before closing [4]. - The non-brokered private placement aims to raise up to $15,008,600 through 55,600,000 units and 22,730,000 flow-through units priced at $0.22 each [5][6]. Use of Proceeds - Proceeds from the offerings will be allocated to advancing the Springpole and Duparquet gold projects, as well as for general working capital [7]. - Funds from the flow-through units will be used for eligible Canadian exploration expenses related to the gold projects, with expenditures to be renounced by December 31, 2025 [7]. Timeline and Regulatory Approval - The public offering is expected to close around July 22, 2025, while the non-brokered offering is anticipated to close by August 5, 2025, pending Toronto Stock Exchange approval [8]. Company Overview - First Mining Gold Corp. is focused on developing two major gold projects in Canada: the Springpole Gold Project and the Duparquet Project, along with other gold project interests [12].

Company Overview - FutureFuel Corp. is a leading manufacturer of diversified chemical products, specialty chemical products, and biofuels [2] - The company produces custom chemicals for specific customers and performance chemicals for multiple customers [2] - FutureFuel's product portfolio includes proprietary intermediates, chlorinated polyolefin adhesion promoters, antioxidant precursors, polymer modifiers, and small-volume specialty chemicals [2] Financial Results Announcement - FutureFuel will release its second quarter 2025 financial results after market close on August 11, 2025 [1]

Core Insights - FutureFuel Corp reported disappointing financial results for Q1 2025, showing a loss of $17.64 million compared to a profit of $4.33 million in Q1 2024 [1] Financial Performance - The company experienced a significant decline in profitability, moving from a profit of $4.33 million in Q1 2024 to a loss of $17.64 million in Q1 2025 [1]

Core Viewpoint - FutureFuel Corp. has decided to temporarily idle its biodiesel production despite the U.S. EPA's proposed increase in biomass-based diesel mandates for 2026 and 2027, due to uncertainty regarding the Clean Fuel Producers Tax Credit [1][2][3]. Company Actions - The company will complete its remaining contractual obligations for biodiesel production by the end of June 2025 [1]. - FutureFuel plans to redirect certain production capacity from biodiesel to enhance its specialty chemicals business [4]. - The company anticipates new product capacity investments to come online in mid-2025 and is actively pursuing a pipeline of chemical projects for the latter half of 2025 and 2026 [4]. Industry Context - The EPA has proposed increasing biomass-based diesel mandates to 7.12 billion RINs for 2026 and 7.50 billion RINs for 2027, a significant increase from 3.35 billion gallons in 2025 and 5.36 billion gallons in 2026 [2]. - The uncertainty surrounding the Clean Fuel Producers Tax Credit has influenced FutureFuel's decision to pause biodiesel production [3]. Company Overview - FutureFuel is a manufacturer of custom and performance chemicals and biofuels, with a diverse product portfolio that includes specialty chemicals and biodiesel [5]. - The company's Batesville facility has flexible production capacity, allowing it to switch between specialty chemicals and biodiesel [3].

PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements.) Q1 2025 saw a significant downturn, with revenue at **$17.5 million** and a net loss of **$17.6 million** Consolidated Balance Sheet Summary (in thousands USD) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $97,071 | $109,541 | | Total current assets | $143,377 | $164,786 | | Total Assets | $227,669 | $247,691 | | Total current liabilities | $30,536 | $33,307 | | Total liabilities | $39,265 | $41,870 | | Total stockholders' equity | $188,404 | $205,821 | Consolidated Statement of Operations Summary (in thousands USD, except per share) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $17,538 | $58,281 | | Gross (loss) profit | $(14,563) | $5,007 | | (Loss) income from operations | $(18,838) | $2,198 | | Net (loss) income | $(17,643) | $4,330 | | Basic (Loss) earnings per share | $(0.40) | $0.10 | | Diluted (Loss) earnings per share | $(0.40) | $0.10 | Consolidated Statement of Cash Flows Summary (in thousands USD) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(5,395) | $(12,211) | | Net cash used in investing activities | $(4,082) | $(3,485) | | Net cash used in financing activities | $(2,993) | $(2,626) | | Net change in cash and cash equivalents | $(12,470) | $(18,322) | - The Biodiesel Blenders' Tax Credit (BTC) expired on December 31, 2024, and no Clean Fuel Production Credit (CFPC) was recognized in Q1 2025 due to pending rules, creating market uncertainty[24](index=24&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - Both Chemicals and Biofuels segments reported significant gross losses in Q1 2025, with the Chemicals segment posting a gross loss of **$5.7 million** and Biofuels a gross loss of **$8.8 million**[67](index=67&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management attributes significant revenue decline and net loss to operational disruptions and tax credit uncertainties, maintaining liquidity Financial Results Summary (in thousands USD) | Metric | Q1 2025 | Q1 2024 | Dollar Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $17,538 | $58,281 | $(40,743) | (70)% | | (Loss) income from operations | $(18,838) | $2,198 | $(21,036) | na | | Net (loss) income | $(17,643) | $4,330 | $(21,973) | na | | Adjusted EBITDA | $(16,057) | $7,108 | $(23,165) | na | - The **$40.7 million revenue decrease** was primarily driven by lower sales volumes in the biofuel segment (**$29.9 million**) and chemical segment (**$7.9 million**) due to an extended plant turnaround prolonged by severe weather[83](index=83&type=chunk) - The renewable fuel market remains negatively impacted by the expiration of the BTC and uncertainty surrounding the new Clean Fuel Production Credit (CFPC)[83](index=83&type=chunk) - The company secured a five-year **$75 million** revolving credit facility on February 21, 2025, with no borrowings as of March 31, 2025[50](index=50&type=chunk)[53](index=53&type=chunk)[108](index=108&type=chunk) [Results of Operations](index=19&type=section&id=Results%20of%20Operations) Consolidated revenue fell **70% to $17.5 million**, resulting in a **$14.6 million gross loss** from reduced throughput Consolidated Results of Operations (in thousands USD) | | Q1 2025 | Q1 2024 | Change Amount | Change % | | :--- | :--- | :--- | :--- | :--- | | Revenues | $17,538 | $58,281 | $(40,743) | (70)% | | Gross (loss) profit | $(14,563) | $5,007 | $(19,570) | na | | Operating expenses | $(4,275) | $(2,809) | $(1,466) | (52)% | - The **$19.6 million gross profit decrease** was primarily due to reduced throughput from the plant turnaround, increased turnaround expenses, and a smaller LIFO inventory adjustment benefit[84](index=84&type=chunk) [Chemical Segment](index=20&type=section&id=Chemical%20Segment) Chemical segment revenue decreased **48.1% to $9.4 million**, resulting in a **$5.7 million gross loss** from reduced volume Chemical Segment Performance (in thousands USD) | | Q1 2025 | Q1 2024 | Change Amount | Change % | | :--- | :--- | :--- | :--- | :--- | | Revenues | $9,365 | $18,059 | $(8,694) | (48)% | | Gross (loss) profit | $(5,729) | $4,021 | $(9,750) | na | - Custom chemicals revenue fell by **$7.0 million to $8.4 million**, and performance chemicals revenue decreased by **$1.7 million to $1.0 million**, both due to lower sales volumes from the plant turnaround[90](index=90&type=chunk) [Biofuel Segment](index=21&type=section&id=Biofuel%20Segment) Biofuel segment revenue dropped **80% to $8.2 million**, resulting in an **$8.8 million gross loss** from reduced volumes and tax credit issues Biofuel Segment Performance (in thousands USD) | | Q1 2025 | Q1 2024 | Change Amount | Change % | | :--- | :--- | :--- | :--- | :--- | | Revenues | $8,173 | $40,222 | $(32,049) | (80)% | | Gross (loss) profit | $(8,834) | $986 | $(9,820) | na | - The **$9.8 million gross profit decrease** was mainly due to reduced sales volumes from the plant turnaround and a smaller LIFO inventory adjustment benefit[94](index=94&type=chunk) - Derivative instrument activity partially offset the gross loss, with a net loss of **$166 thousand** in Q1 2025 compared to a net loss of **$3.46 million** in Q1 2024[46](index=46&type=chunk)[94](index=94&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) Cash decreased by **$12.5 million** to **$97.1 million** in Q1 2025, with **$5.4 million** used in operations, maintaining liquidity with existing cash and credit facility Cash Flow Summary (in thousands USD) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(5,395) | $(12,211) | | Net cash used in investing activities | $(4,082) | $(3,485) | | Net cash used in financing activities | $(2,993) | $(2,626) | - The company paid regular cash dividends of **$0.06 per share**, totaling **$2.6 million** in Q1 2025[110](index=110&type=chunk) - The company has an undrawn **$75 million** revolving credit facility available for working capital, capital expenditures, and general corporate purposes, terminating in February 2030[108](index=108&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company faces commodity price volatility, using non-hedge derivatives that may cause earnings volatility, with no interest rate risk - The company uses exchange-traded commodity futures and options to manage biofuel price risk, but these non-designated accounting hedges recognize gains and losses immediately, potentially causing earnings volatility[117](index=117&type=chunk) - The fair value of derivative instruments was a net liability of **$494 thousand** at March 31, 2025, compared to **$235 thousand** at December 31, 2024[118](index=118&type=chunk) - The company had no borrowings at March 31, 2025, and therefore was not exposed to interest rate risk[121](index=121&type=chunk) [Item 4. Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded disclosure controls were effective, with no material changes in internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were effective for accurate and timely information reporting[122](index=122&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[123](index=123&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings.) The company is not a party to any material pending legal proceedings, anticipating no material adverse effects - The company is not involved in any material pending legal proceedings outside of ordinary routine litigation[126](index=126&type=chunk) [Item 1A. Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors.) No material changes to risk factors previously disclosed in the company's 2024 Annual Report on Form 10-K - No material changes to risk factors from the 2024 Form 10-K have been reported[127](index=127&type=chunk) [Item 5. Other Information](index=27&type=section&id=Item%205.%20Other%20Information.) No Section 16 officer or director adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - No adoptions or terminations of Rule 10b5-1 trading plans by any Section 16 officer or director occurred during the quarter[132](index=132&type=chunk)

[Management Commentary and Strategic Outlook](index=1&type=section&id=Management%20Commentary%20and%20Strategic%20Outlook) FutureFuel's Q1 2025 results show lower biofuel volumes and a net loss due to a strategic plant turnaround, while advancing new capacity and advocating for tax credits - Lower Q1 biofuel volumes resulted from a strategic plant turnaround in Batesville, Arkansas, from December through March, aimed at enhancing reliability, quality, and capacity[4](index=4&type=chunk) - The company leverages its **20 years of experience** to manage the cyclical biodiesel business, anticipating low-margin periods will eliminate less-efficient competitors and restore profitability[5](index=5&type=chunk) - FutureFuel actively advocates for clarity on the **Clean Fuel Producers Tax Credit (IRA 45Z)** and reinstatement of the **blenders' tax credit (BTC 40A)**[6](index=6&type=chunk) - A new backward-integrated capacity project is on track to launch in late summer 2025, expected to contribute revenue by the **end of Q3 2025**[7](index=7&type=chunk) - Pam Butcher was appointed to the Board of Directors to advance the company's growth strategy[8](index=8&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) FutureFuel's Q1 2025 saw **revenue decrease 70% to $17.5 million**, leading to a **$17.6 million net loss** and **negative $16.1 million Adjusted EBITDA** Q1 2025 Financial Highlights vs. Q1 2024 (Millions USD, except EPS) | Metric | Q1 2025 (Millions USD) | Q1 2024 (Millions USD) | Change (Millions USD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $17.5 | $58.3 | ($40.7) | (70)% | | Net (Loss) Income | ($17.6) | $4.3 | ($22.0) | na | | Diluted (Loss) EPS | ($0.40) | $0.10 | ($0.50) | na | | Adjusted EBITDA | ($16.1) | $7.1 | ($23.2) | na | [Detailed Financial Performance Analysis](index=3&type=section&id=Detailed%20Financial%20Performance%20Analysis) Q1 2025 revenue decreased **$40.7 million** due to lower sales volumes and prices, resulting in an **$18.8 million operating loss** and reduced cash - The **$40.7 million revenue decline** stemmed from lower sales volumes due to the extended plant turnaround, impacting the biofuel segment by **$29.9 million** and chemical segment by **$7.9 million**, further reduced by **$2.2 million** from lower biofuel prices[14](index=14&type=chunk) - Operating income decreased by **$21.0 million** compared to Q1 2024, primarily due to reduced throughput, increased plant turnaround expenses, and a lower LIFO inventory adjustment benefit (**$0.6 million** vs. **$3.0 million**)[15](index=15&type=chunk) Capital Expenditures and Cash Position (Millions USD) | Metric | Q1 2025 | Q1 2024 / YE 2024 | | :--- | :--- | :--- | | Capital Expenditures | $4.0 | $2.3 | | Cash and Cash Equivalents | $97.1 | $109.5 (at Dec 31, 2024) | [Segment Performance](index=9&type=section&id=Segment%20Performance) Both FutureFuel segments experienced significant Q1 2025 declines, with chemical revenue falling **48%** and biofuel revenue plummeting **80%**, both incurring gross losses Segment Revenue and Gross (Loss) Profit (Thousands USD) | Segment | Metric | Q1 2025 (Thousands USD) | Q1 2024 (Thousands USD) | | :--- | :--- | :--- | :--- | | **Chemicals** | Revenue | $9,365 | $18,059 | | | Gross (Loss) Profit | $(5,729) | $4,021 | | **Biofuel** | Revenue | $8,173 | $40,222 | | | Gross (Loss) Profit | $(8,834) | $986 | [Shareholder Returns](index=3&type=section&id=Shareholder%20Returns) FutureFuel maintained shareholder returns by paying a **$0.06 per share** quarterly cash dividend in Q1 2025, with continued payments planned - The company paid a regular quarterly cash dividend of **$0.06 per share** in Q1 2025[11](index=11&type=chunk) - Quarterly dividends of **$0.06 per share** are scheduled for June, September, and December 2025[11](index=11&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) Q1 2025 consolidated financial statements show a **$17.6 million net loss**, **$227.7 million** in total assets, and **$12.5 million** net cash usage [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 revenues decreased **70% to $17.5 million**, resulting in a **$14.6 million gross loss**, **$18.8 million operating loss**, and a **$17.6 million net loss** Q1 2025 Statement of Operations (Thousands USD, except per share amounts) | Line Item | Q1 2025 (Thousands USD) | Q1 2024 (Thousands USD) | | :--- | :--- | :--- | | Revenue | $17,538 | $58,281 | | Gross (Loss) Profit | $(14,563) | $5,007 | | (Loss) Income from Operations | $(18,838) | $2,198 | | Net (Loss) Income | $(17,643) | $4,330 | | Diluted (Loss) EPS | $(0.40) | $0.10 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, FutureFuel's total assets decreased to **$227.7 million**, primarily from reduced cash to **$97.1 million**, with liabilities at **$39.3 million** and equity at **$188.4 million** Balance Sheet Summary (Thousands USD) | Account | March 31, 2025 (Thousands USD) | Dec 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | Cash and cash equivalents | $97,071 | $109,541 | | Total current assets | $143,377 | $164,786 | | Total Assets | $227,669 | $247,691 | | Total current liabilities | $30,536 | $33,307 | | Total Liabilities | $39,265 | $41,870 | | Total Stockholders' Equity | $188,404 | $205,821 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 saw **$5.4 million** net cash used in operations, **$4.1 million** in investing, and **$3.0 million** in financing, resulting in a **$12.5 million** decrease in cash Cash Flow Summary (Thousands USD) | Cash Flow Activity | Q1 2025 (Thousands USD) | Q1 2024 (Thousands USD) | | :--- | :--- | :--- | | Net cash used in operating activities | $(5,395) | $(12,211) | | Net cash used in investing activities | $(4,082) | $(3,485) | | Net cash used in financing activities | $(2,993) | $(2,626) | | **Net change in cash** | **$(12,470)** | **$(18,322)** | | **Cash at end of period** | **$97,071** | **$201,122** | [Reconciliation of Non-GAAP Financial Measures](index=4&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) FutureFuel reconciles non-GAAP Adjusted EBITDA to GAAP, reporting Q1 2025 **Adjusted EBITDA of ($16.1) million** by adjusting the **$17.6 million net loss** for non-cash and non-operating items - Adjusted EBITDA is defined as net income before interest, taxes, depreciation, and amortization, with further adjustments for non-cash or non-operating items[21](index=21&type=chunk) Reconciliation of Adjusted EBITDA to Net Income (Thousands USD) | Line Item | Q1 2025 (Thousands USD) | Q1 2024 (Thousands USD) | | :--- | :--- | :--- | | Net (loss) income | $(17,643) | $4,330 | | Depreciation | $2,328 | $2,615 | | Interest and dividend income | $(1,237) | $(2,800) | | Other adjustments | $509 | $2,963 | | **Adjusted EBITDA** | **$(16,057)** | **$7,108** | Reconciliation of Adjusted EBITDA to Net Cash from Operations (Thousands USD) | Line Item | Q1 2025 (Thousands USD) | Q1 2024 (Thousands USD) | | :--- | :--- | :--- | | Net cash used in operating activities | $(5,395) | $(12,211) | | Adjustments | $(10,662) | $19,319 | | **Adjusted EBITDA** | **$(16,057)** | **$7,108** |

Financial Performance - FutureFuel Corp. reported a net loss of $17.6 million, or $0.40 per diluted share, for Q1 2025, a significant decline from a net income of $4.3 million, or $0.10 per diluted share, in Q1 2024 [8][11][25] - Revenues decreased by 70% to $17.5 million, down from $58.3 million in the same quarter of the previous year, primarily due to lower biofuel volumes and reduced prices [8][11][32] - Adjusted EBITDA was ($16.1) million, a decrease from $7.1 million in Q1 2024 [8][11][29] Operational Highlights - The decline in biofuel volumes was attributed to a strategic turnaround of the main production facilities in Batesville, Arkansas, which was advanced to address anticipated weakness in biodiesel margins [2][11] - The turnaround aimed to enhance plant reliability and quality capabilities, with chemical operations resuming in mid-March and biodiesel production restarting at the end of March [2][5] - FutureFuel has been producing renewable fuels since 2005, leveraging its experience to navigate the cyclicality of the biodiesel business [3] Industry Engagement - FutureFuel is actively engaging with biodiesel industry groups to advocate for clarity regarding the Clean Fuel Producers Tax Credit and the reinstatement of the Blenders Tax Credit [4][5] - The company maintains a structural advantage over peers due to its ability to process a wide range of feedstocks, which helps sustain operations during challenging market conditions [5] Capital Expenditures and Future Plans - Capital expenditures increased to $4.0 million in Q1 2025 from $2.3 million in the same period in 2024, primarily for the construction of a custom chemical plant expected to be completed mid-year [13] - FutureFuel's new backward-integrated capacity project is on track to come online in late summer 2025, with anticipated revenue contributions by the end of Q3 2025 [5] Board and Leadership Changes - Pam Butcher has joined the FutureFuel Board of Directors, bringing extensive leadership experience in the chemical industry to support the company's growth strategy [6]

Company Overview - FutureFuel Corp. is a leading manufacturer of diversified chemical products, specialty chemical products, and biofuels [2] - The company produces custom chemicals for specific customers and performance chemicals for multiple customers [2] - FutureFuel's custom chemicals include proprietary intermediates and chlorinated polyolefin adhesion promoters [2] - The performance chemicals portfolio features polymer modifiers and small-volume specialty chemicals for various applications [2] - The biofuels segment primarily focuses on the production and sale of biodiesel [2] Financial Announcement - FutureFuel will release its first quarter 2025 financial results after market close on May 12, 2025 [1]

```markdown Part I [Business](index=5&type=section&id=Item%201.%20Business.) FutureFuel Corp. manufactures diversified chemical and bio-based fuel products through its Chemicals and Biofuels segments, operating from an integrated facility in Batesville, Arkansas, with performance influenced by government incentives, commodity prices, and competition - The company operates through **two primary business segments**: Chemicals (custom and performance) and Biofuels[15](index=15&type=chunk) - 2024 Revenue Breakdown by Product Type | Product Type | Percentage of Revenue | | :--- | :--- | | Biofuels | **67%** | | Custom Manufacturing (Chemicals) | **29%** | | Performance Chemicals | **4%** | - The company paid a special cash dividend of **$2.50 per share** on April 9, 2024, in addition to its normal quarterly cash dividends of **$0.06 per share**[14](index=14&type=chunk) [Biofuels Business Segment](index=6&type=section&id=Item%201.%20Business.%20-%20Biofuels%20Business%20Segment) The biofuels segment, primarily producing biodiesel with a demonstrated capacity of **59 million gallons per year (MMgy)**, relies heavily on federal and state incentives like the Renewable Fuel Standard (RFS) and the new Clean Fuel Production Credit (CFPC), facing significant competition from the growing renewable diesel market - Biofuel Production and Capacity | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Production (Million Gallons) | **45** | **59** | | Demonstrated Capacity (MMgy) | **59** | **59** | - The Inflation Reduction Act of 2022 extended the **$1.00 per gallon** Blender's Tax Credit (BTC) through December 31, 2024, and introduced the Clean Fuel Production Credit (CFPC) effective January 1, 2025, with final guidance pending despite company approval in December 2024[35](index=35&type=chunk) - The company faces intense competition from renewable diesel, which has grown to a capacity of approximately **4.58 billion gallons per year** and can be used as a direct substitute for petrodiesel, making retrofitting the company's plant not economically feasible[59](index=59&type=chunk)[61](index=61&type=chunk) - For the year ended December 31, 2024, two customers represented approximately **37% of biofuel revenue**, which equates to **25% of total company revenue**[56](index=56&type=chunk) [Chemicals Business Segment](index=14&type=section&id=Item%201.%20Business.%20-%20Chemicals%20Business%20Segment) The chemicals segment, comprising custom manufacturing and performance chemicals, has diversified its portfolio and aims for growth by leveraging **new Good Manufacturing Practices (GMP) capabilities** to enter higher-value markets, competing with large multi-national companies and smaller producers - The company has diversified its custom manufacturing portfolio into **multiple markets**, including agrochemicals, oilfield chemicals, and fabric care, moving away from its historical concentration on two legacy products[71](index=71&type=chunk) - A key growth strategy is leveraging **new Good Manufacturing Practices (GMP) capabilities** to enter higher-value markets such as pharmaceutical intermediates and food ingredients[22](index=22&type=chunk)[73](index=73&type=chunk) - No single chemical customer represented **more than 10% of total company sales revenue** in 2024 or 2023[75](index=75&type=chunk) [Environmental Matters and Human Capital](index=17&type=section&id=Item%201.%20Business.%20-%20Environmental%20Matters%20and%20Human%20Capital) The company's operations are subject to extensive environmental regulations, incurring significant compliance costs, with 2024 expenditures of approximately **$12.0 million**, while managing climate-change risks and maintaining a stable workforce of approximately **537 non-union employees** - Environmental Protection Expenditures | Year | Expenditures (in millions) | | :--- | :--- | | 2024 | $11.99 | | 2023 | $12.85 | | 2022 | $10.27 | - The company is subject to numerous environmental laws, including CERCLA, RCRA, OPA, the Clean Water Act, and the Clean Air Act, which can impose significant compliance costs and liabilities[86](index=86&type=chunk)[87](index=87&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) - The Batesville workforce comprises approximately **537 full and part-time non-union employees**, with an average voluntary attrition rate of **10% over the past five years**[105](index=105&type=chunk) [Risk Factors](index=20&type=section&id=Item%201A.%20Risk%20Factors.) The company faces significant risks from its heavy reliance on government biofuel programs, intense competition from renewable diesel, commodity price fluctuations, operational challenges including customer concentration, and financial risks such as stock price volatility [Industry and Governmental Risks](index=20&type=section&id=Item%201A.%20Risk%20Factors.%20-%20Industry%20and%20Governmental%20Risks) The company's biofuels business is highly dependent on government incentives like the Blender's Tax Credit (BTC) and the new Clean Fuel Production Credit (CFPC), with expiration or adverse changes to these programs or the Renewable Fuel Standard (RFS2) posing a material threat to profitability amid intense competition from renewable diesel and commodity price volatility - The biomass-based diesel industry relies on governmental programs; the BTC was extended through 2024 but is being replaced by the CFPC in 2025, for which guidance is not yet finalized, and a reduction or elimination of these incentives could **force the company to cease biodiesel production**[111](index=111&type=chunk)[112](index=112&type=chunk) - Biodiesel faces increasing competition from renewable diesel, which can be used interchangeably with petroleum diesel and is not limited in blends, requiring a **significant capital investment** for the Company to produce renewable diesel, which is **not currently supported by economics**[122](index=122&type=chunk) - A significant portion of revenues has historically come from sales in California due to its **Low Carbon Fuel Standard (LCFS)**, and adverse changes to this law or a reduction in LCFS credit values would **harm revenues and profits**[117](index=117&type=chunk) [Business and Operational Risks](index=25&type=section&id=Item%201A.%20Risk%20Factors.%20-%20Business%20and%20Operational%20Risks) The company is exposed to significant operational risks, including manufacturing disruptions, high customer concentration in both chemical and biofuel segments, potential technology obsolescence, regulatory non-compliance, and unhedged commodity price volatility - The chemical business is highly concentrated, with **four large customers representing over 84% of the segment's product sales** (**28% of total 2024 revenues**)[138](index=138&type=chunk) - The biofuels segment has **two large customers that accounted for approximately 25% of total revenue in 2024**, with sales based on short-term purchase orders at market rates[139](index=139&type=chunk)[140](index=140&type=chunk) - The company is exposed to cybersecurity risks, including industrial espionage and cyber-attacks, which could **compromise confidential information, disrupt operations, and harm its reputation**[160](index=160&type=chunk)[162](index=162&type=chunk) - A material weakness in internal control over financial reporting related to the cash flow statement was previously identified and has been **remediated as of December 31, 2024**[159](index=159&type=chunk) [Shareholder Risks](index=32&type=section&id=Item%201A.%20Risk%20Factors.%20-%20Shareholder%20Risks) Investing in the company's stock involves risks, including **highly volatile and thinly traded** market prices influenced by industry announcements and regulatory changes, as well as potential adverse effects from a major shareholder's exercise of registration rights for their significant stake - The market price of the common stock is **highly volatile and thinly traded**[171](index=171&type=chunk) - St. Albans Global Management, LLC, an affiliate of director P. A. Novelly II, holds registration rights for **17,085,100 shares**, and a sale of these shares could **adversely affect the stock price**[173](index=173&type=chunk) [Unresolved Staff Comments](index=33&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments.) The company reports that it has no unresolved staff comments - **None**[176](index=176&type=chunk) [Cybersecurity](index=33&type=section&id=Item%201C.%20Cybersecurity.) The company manages cybersecurity risks through a multilayered strategy guided by the **National Institute of Standards and Technology (NIST) Cybersecurity Framework**, overseen by the **Audit Committee of the board of directors oversees cybersecurity risk management**, and has not experienced any material incidents to date - The company's cybersecurity strategy is guided by the **National Institute of Standards and Technology (NIST) Cybersecurity Framework**[177](index=177&type=chunk) - The **Audit Committee of the board of directors oversees cybersecurity risk management**[179](index=179&type=chunk) - To date, the Company does not believe that cybersecurity incidents have **materially affected the Company, its business strategy, results of operations, or financial condition**[177](index=177&type=chunk) [Properties](index=34&type=section&id=Item%202.%20Properties.) The company's principal asset is its manufacturing plant located on a **2,200-acre site** in Batesville, Arkansas, with **500 acres currently developed** for facilities and infrastructure, considered well-maintained and adequate for current needs - The company's main asset is a manufacturing plant on a **2,200-acre site** in Batesville, Arkansas, with **500 acres currently developed**[181](index=181&type=chunk) [Legal Proceedings](index=34&type=section&id=Item%203.%20Legal%20Proceedings.) The company is **not involved in any material pending legal proceedings**, only **ordinary routine litigation**, and management does not anticipate any material adverse effects on its financial condition or operations from their resolution - The company is **not involved in any material pending legal proceedings**, only **ordinary routine litigation**[182](index=182&type=chunk) [Mine Safety Disclosures](index=34&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the company - **Not applicable**[183](index=183&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=35&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities.) The company's common stock trades on the **NYSE under the symbol "FF"**, with 43,803,243 shares outstanding as of March 31, 2025, and paid a special dividend of **$2.50 per share** in 2024, though no shares were repurchased under the authorized **$25.0 million** program - The company's common stock is traded on the **NYSE under the symbol "FF"**[185](index=185&type=chunk) - A special cash dividend of **$2.50 per share** was paid on April 9, 2024, in addition to regular quarterly dividends of **$0.06 per share**[187](index=187&type=chunk) - On March 12, 2024, the board authorized a stock repurchase program for up to **$25.0 million** of common stock, expiring March 12, 2026, but **No shares were repurchased in 2024**[196](index=196&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) In fiscal year 2024, FutureFuel's consolidated revenue decreased by **34%** to **$243.3 million**, and net income fell **59%** to **$15.5 million**, primarily due to lower biofuel sales volumes and prices, while liquidity remains strong despite a **$109.4 million** special dividend payment - Consolidated Financial Summary (2024 vs. 2023) | Metric | 2024 (in millions) | 2023 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $243.34 | $368.25 | (34)% | | Income from operations | $6.37 | $27.37 | (77)% | | Net income | $15.50 | $37.38 | (59)% | | Diluted EPS | $0.35 | $0.85 | (59)% | | Adjusted EBITDA | $17.59 | $34.98 | (50)% | - The **34% decrease** in 2024 consolidated sales revenue was driven by **lower sales volumes and prices in the biofuel segment**[226](index=226&type=chunk) - Cash used in financing activities increased to **$119.9 million** in 2024 from **$10.5 million** in 2023, primarily due to the payment of a **$109.4 million** special cash dividend[274](index=274&type=chunk)[282](index=282&type=chunk) [Results of Operations by Segment](index=46&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.%20-%20Results%20of%20Operations%20by%20Segment) In 2024, the Chemicals segment saw a slight revenue increase to **$80.01 million** but a **24.4%** decrease in gross profit to **$22.63 million**, while the Biofuels segment experienced a significant downturn with revenue falling **43.5%** to **$163.33 million** and a gross loss of **$(2.99 million)** due to weather and production downtime - Chemicals Segment Performance (2024 vs. 2023) | Metric (in millions) | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Sales | $80.01 | $79.33 | 0.8% | | Gross Profit | $22.63 | $29.94 | (24.4)% | - Biofuel Segment Performance (2024 vs. 2023) | Metric (in millions) | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Sales | $163.33 | $288.92 | (43.5)% | | Gross (Loss) Profit | $(2.99) | $11.04 | NA | - Biofuel production and sales volumes in 2024 were negatively impacted by extreme winter weather in Q1 and extended production downtime in Q3 and Q4 due to delays from equipment suppliers[250](index=250&type=chunk)[252](index=252&type=chunk) [Critical Accounting Policies and Estimates](index=47&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.%20-%20Critical%20Accounting%20Policies%20and%20Estimates) The company's critical accounting policies involve significant estimates for revenue recognition from long-term contracts with **material rights**, assessing the realizability of deferred tax assets, and valuing inventory using the LIFO method, all requiring careful management judgment - Revenue from certain long-term custom chemical contracts involves a **material right**, requiring management to estimate the expected contract term and sales volumes to properly allocate revenue[259](index=259&type=chunk)[376](index=376&type=chunk) - The company recorded a valuation allowance of **$22.4 million** against its deferred tax assets as of December 31, 2024, determining that it is **more likely than not that a portion will not be realized**[232](index=232&type=chunk)[418](index=418&type=chunk) - Sales revenue under bill-and-hold arrangements, primarily for custom chemical customers, totaled **$44.0 million** in 2024[262](index=262&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.%20-%20Liquidity%20and%20Capital%20Resources) Net cash from operating activities increased to **$24.80 million** in 2024, but total cash and cash equivalents decreased significantly to **$109.54 million** due to a **$109.4 million** special dividend payment, while the company maintains an unused **$75 million** revolving credit facility - Cash Flow Summary (in millions) | Activity | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Net cash from operating activities | $24.80 | $21.30 | $52.45 | | Net cash (used in) from investing activities | $(14.79) | $33.02 | $(3.83) | | Net cash used in financing activities | $(119.91) | $(10.52) | $(10.50) | - In February 2025, the company amended and restated its credit agreement, resulting in a **five-year, $75 million revolving credit facility expiring in 2030**, with **no borrowings under the facility as of year-end 2024**[277](index=277&type=chunk)[401](index=401&type=chunk) - Total dividends paid in 2024 were **$119.9 million**, including a special cash dividend of **$109.4 million**[282](index=282&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company's **primary market risk is commodity price volatility** for raw materials and finished products, with a hypothetical **10% adverse price change in biodiesel feedstocks would decrease annual gross profit by an estimated $13.4 million**, and while derivatives are used, they can cause earnings volatility - The company's **primary market risk is commodity price volatility**; a **hypothetical 10% adverse price change in biodiesel feedstocks would decrease annual gross profit by an estimated $13.4 million**[294](index=294&type=chunk)[296](index=296&type=chunk) - The company uses derivative instruments to manage biofuel price risk, which are not designated as accounting hedges, resulting in **immediate recognition of gains and losses, causing potential volatility in net income**[291](index=291&type=chunk) [Financial Statements and Supplementary Data](index=55&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data.) This section presents the company's audited consolidated financial statements for 2024, 2023, and 2022, including reports from independent auditors, balance sheets, income statements, cash flow statements, and detailed notes [Report of Independent Registered Public Accounting Firm](index=56&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data.%20-%20Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Grant Thornton LLP issued an **unqualified opinion on the 2024 financial statements and internal controls**, highlighting a **critical audit matter** related to revenue recognition for **material rights** in long-term contracts due to **significant management judgment required for estimates** - Grant Thornton LLP issued an **unqualified opinion on the 2024 financial statements and internal controls**[302](index=302&type=chunk)[303](index=303&type=chunk) - A **critical audit matter** was identified related to revenue recognition for **material rights** in long-term custom chemical contracts, due to the **significant management judgment required for estimates**[308](index=308&type=chunk)[309](index=309&type=chunk) [Consolidated Financial Statements](index=59&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data.%20-%20Consolidated%20Financial%20Statements) The consolidated balance sheet as of December 31, 2024, shows total assets of **$247.69 million**, a decrease from **$367.08 million** in 2023, primarily due to reduced cash, while the income statement reports **$243.34 million** in revenue and **$15.50 million** in net income for 2024 - Consolidated Balance Sheet Highlights (as of Dec 31) | (in millions) | 2024 | 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $109.54 | $219.44 | | Total current assets | $164.79 | $290.55 | | Total Assets | $247.69 | $367.08 | | Total current liabilities | $33.31 | $41.34 | | Total Liabilities | $41.87 | $57.20 | | Total stockholders' equity | $205.82 | $309.88 | - Consolidated Income Statement Highlights (Year Ended Dec 31) | (in millions) | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Revenue | $243.34 | $368.23 | $395.56 | | Gross profit | $19.64 | $40.98 | $28.99 | | Income from operations | $6.37 | $27.37 | $17.55 | | Net income | $15.50 | $37.38 | $15.21 | [Notes to Consolidated Financial Statements](index=63&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data.%20-%20Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, including revenue recognition for **material rights** and **$44.0 million** in bill-and-hold sales, segment performance, and related party transactions, with a subsequent event disclosing a halt in biodiesel production in January 2025 due to infrastructure delays and weather, not expected to restart until late March 2025 - A subsequent event in January 2025 caused a **halt in biodiesel production** due to a vendor's late delivery of wastewater infrastructure and severe weather, and production is **not expected to restart until the end of March 2025 at the earliest**[466](index=466&type=chunk) - The company recognized revenue from the reduction of contract liabilities (deferred revenue from **material rights**) of **$9.0 million** in 2024, including **$5.5 million** from a contract that expired during the year[378](index=378&type=chunk) - The company was eligible for and recognized **$1.5 million** from the **Small Agri-biodiesel Producer Tax Credit** in each of the last three years (2022-2024); this credit, along with the BTC, **expired on December 31, 2024, and was replaced by the CFPC**[369](index=369&type=chunk)[370](index=370&type=chunk) [Controls and Procedures](index=90&type=section&id=Item%209A.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were **effective as of December 31, 2024**, and internal control over financial reporting was also **effective as of December 31, 2024**, based on the COSO framework, with an **unqualified opinion** from Grant Thornton LLP - Management concluded that disclosure controls and procedures were **effective as of December 31, 2024**[469](index=469&type=chunk) - Management concluded that internal control over financial reporting was **effective as of December 31, 2024**, based on the COSO framework; this assessment was audited by Grant Thornton LLP, which issued an **unqualified opinion**[472](index=472&type=chunk)[473](index=473&type=chunk) [Other Information](index=92&type=section&id=Item%209B.%20Other%20Information.) The company reports that there is no other information to disclose under this item - **None**[485](index=485&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=93&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance.) This section identifies the company's directors and executive officers, including the appointment of **Roeland Polet was appointed Chief Executive Officer on September 3, 2024**, and details the board's **Audit, Compensation, and Nominating/Corporate Governance Committees**, whose members are determined to be independent financial experts - **Roeland Polet was appointed Chief Executive Officer on September 3, 2024**[489](index=489&type=chunk) - The board has standing **Audit, Compensation, and Nominating/Corporate Governance Committees**, with the **majority of members being independent directors**[521](index=521&type=chunk)[522](index=522&type=chunk)[554](index=554&type=chunk) - The company has adopted and makes publicly available its **code of business conduct, insider trading policy, and committee charters**[520](index=520&type=chunk)[524](index=524&type=chunk) [Executive Compensation](index=100&type=section&id=Item%2011.%20Executive%20Compensation.) The company's compensation program aims to be competitive and reward performance, with new CEO Roeland Polet's 2024 package including a **$0.50 million base salary**, a target bonus of **50% of base**, and a grant of **750,000 RSUs vesting over five years**, while director compensation was updated for 2025 to include higher retainers and annual stock grants - New CEO Roeland Polet's 2024 compensation package includes a **$0.50 million base salary**, a **target bonus of 50% of base**, and a grant of **750,000 RSUs vesting over five years**[531](index=531&type=chunk)[533](index=533&type=chunk) - 2024 Summary Compensation Table (in millions) | Person | Position | Salary | Bonus | Stock Awards | All Other | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Roeland Polet | CEO | $0.14 | $0.04 | $4.91 | $0.01 | $5.10 | | Tom McKinlay | Former CEO | $0.32 | $0.05 | $0.00 | $0.06 | $0.43 | | Rose M. Sparks | CFO | $0.32 | $0.05 | $0.00 | $0.06 | $0.43 | | Charles Lyon | CCO | $0.28 | $0.05 | $0.00 | $0.05 | $0.39 | | Kyle Gaither | COO | $0.26 | $0.03 | $0.00 | $0.03 | $0.34 | - The **director compensation structure was updated for 2025**, increasing annual retainers and formalizing an **annual grant of 5,000 shares of common stock**[569](index=569&type=chunk)[571](index=571&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=110&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters.) This section details the ownership of the company's common stock, with **Paul Anthony Novelly II is the largest beneficial owner with 39.9% of the common stock**, and all directors and executive officers as a group beneficially own **42.4%** of the outstanding shares - Beneficial Owners of More Than 5% | Name of Beneficial Owner | Amount of Beneficial Ownership | Percent of Common Stock | | :--- | :--- | :--- | | Paul Anthony Novelly II | 17,475,100 | 39.9% | | Dimensional Fund Advisors LP | 2,218,292 | 5.1% | | BlackRock, Inc. | 2,226,538 | 5.1% | - **All directors and executive officers as a group beneficially own 18,563,433 shares, representing **42.4%** of the common stock**[583](index=583&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=113&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence.) The company engages in transactions with **Apex Oil Company, Inc. and its affiliates**, related parties through director Paul A. Novelly II, with all such transactions requiring approval from a majority of disinterested board members to ensure fairness, and the board has determined that a majority of its directors are independent - The company engages in transactions with **Apex Oil Company, Inc. and its affiliates**, which are related parties through director Paul A. Novelly II; these transactions involve the **sale/purchase of biofuels and petroleum products**[586](index=586&type=chunk) - **All related party transactions require approval from a majority of the disinterested members of the board of directors**[587](index=587&type=chunk) - The board has determined that **Donald C. Bedell, Paul M. Manheim, Terrance C.Z. Egger, Dale E. Cole, Ron J. Kruszewski, G. Bruce Greer, and Richard P. Rowe are independent directors**[589](index=589&type=chunk) [Principal Accountant Fees and Services](index=114&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services.) For fiscal year 2024, the company incurred total fees of **$0.54 million** from Grant Thornton LLP and **$0.15 million** from RSM US LLP, primarily for audit and audit-related services, with all services pre-approved by the Audit Committee - Accountant Fees (in millions) | Fee Type | 2024 | 2023 | | :--- | :--- | :--- | | Audit Fees | $0.67 | $0.45 | | Audit-Related Fees | $0.02 | $0.02 | | Tax Fees | $0.00 | $0.00 | | All Other Fees | $0.00 | $0.00 | - The **Audit Committee pre-approves all audit and non-audit services** provided by the independent auditors[594](index=594&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=115&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules.) This section lists all financial statements and exhibits filed with the report, including governing documents, material contracts, and certifications by the CEO and CFO - **Lists all financial statements and exhibits filed with the Form 10-K, including governing documents, material contracts, and executive certifications**[596](index=596&type=chunk)[599](index=599&type=chunk) [Summary](index=116&type=section&id=Item%2016.%20Summary) The company has elected not to include a voluntary summary of the Form 10-K information under this item - **The Company has elected not to include summary information**[598](index=598&type=chunk) ```