FutureFuel(FF) - 2025 Q3 - Quarterly Results

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]