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Risks Related to Economic Conditions, Governmental Action, and our Industry
−Removed: We, along with global markets in general, may be significantly affected by the potential COVID-19  
−Removed: public health pandemic, which may adversely affect our business, results of operations or financial condition.
−Removed: The global outbreak of the COVID-19 pandemic has caused governments to take measures to prevent spread of the virus.  We source certain raw materials for our chemicals segment from China. 
−Removed: Currently, the impact of COVID-19 on employees and industries in China and the global economy as a whole is uncertain.
−Removed: If COVID-19 is not stopped, the pandemic could further negatively affect the global economy and our business by negatively impacting our ability to competitively source raw materials, which would have a negative effect on our revenue, expenses and results of operations.
−Removed: We are currently supplied for these raw materials through the near term, however, our ability to competitively source these raw materials after such time is uncertain given the unknown impacts of COVID-19.
−Removed: Additionally, the spread of COVID-19 could generally devastate companies globally, which could in turn have a negative impact on our customers and thus on our business, the extent to which depends on future developments, which are highly unpredictable.
−Removed: We cannot predict the degree to, or the time period over, which our sales and operations will be affected by this outbreak, and the effects could be material.
+Added: Our industry is greatly influenced by the overall global economy and as such we have the potential to be adversely affected by the potential COVID-19  
+Added: public health pandemic and the resultant impact on our business, results of operations or financial condition.
+Added: The global outbreak of the COVID-19 pandemic has caused governments and industry to take measures to mitigate the spread of the virus.  We source certain raw materials for our chemicals segment internationally and as such we are subject to potential supply chain disruptions and price inflation for those raw materials.
+Added: We have so far absorbed those impacts in our business, however, our ability to competitively source these raw materials after such time is uncertain given the unknown impacts of COVID-19 and potentially more disruptive future variants.
+Added: Additionally, any further spread of COVID-19, which may negatively impact on our customers and thus on our business remains highly unpredictable and as such, we cannot predict the degree to, or the time period over, which our sales and operations will be affected by this outbreak, and the effects could be material.
The impacts include, but are not limited to:
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our management of the impact of COVID-19 has and will continue to require significant investment of time and may cause the Company to divert or delay the application of its resources toward other or new initiatives or investments, which may cause a material adverse impact on the results of operations.
−Removed: The extent of the impact of the COVID-19 pandemic on our business is highly uncertain as information is evolving with respect to the duration and severity of the pandemic.
−Removed: We cannot reasonably estimate the duration and severity of the COVID-19 pandemic, or its impact, which may be significantly harmful to our operations and profitability.
+Added: The extent of the impact of the COVID-19 pandemic on our business will continue to be uncertain in the near future as it continues to evolve globally.
+Added: We cannot reasonably estimate the continued duration and severity of the COVID-19 pandemic, or its impact, which may be significantly harmful to our operations and profitability.
We operate within the biomass-based diesel industry, which relies on governmental programs requiring or incentivizing the consumption of biofuels, including the BTC.
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This could make it more challenging for us to market or sell biodiesel in the United States, which would have a material adverse effect on our revenues.
−Removed: The total 2019 U.S.
−Removed: production capacity for biodiesel of 2.47 billion gallons is in excess of the current 2.43 billion gallons per year RFS2 mandate for 2020 and 2021.
−Removed: Excess of production capacity over the 2020 and 2021 mandates could result in a decline in biodiesel prices and profitability, negatively impacting our ability to maintain the profitability of our biofuels segment and recover capital expenditures in this business segment.
+Added: The total current U.S.
+Added: production capacity for biodiesel is in excess of the current RFS2 mandate for 2021 and 2022.
+Added: Excess of production capacity over the annual mandates could result in a decline in biodiesel prices and profitability, negatively impacting our ability to maintain the profitability of our biofuels segment and recover capital expenditures in this business segment.
Biodiesel is encountering increased competition from renewable diesel, which is produced via hydrotreating a biomass-based feedstock.
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A significant capital investment would be required for FutureFuel to produce renewable diesel, and the current economics and business uncertainty do not support this level of investment.
−Removed: The primary manufacturers of renewable biodiesel include Neste, World Energy, Zymergen, Diamond Green Diesel, Fulcrum, Red Rock, Raj Renewables, and Dynamic Fuels.
−Removed: Biodiesel Magazine recently estimated in January 2021 that there is close to 5.5 billion gallons of new investments being made to expend capacity of renewable diesel.
−Removed: See http://www.biodieselmagazine.com/articles/2517318/renewable-diesels-rising-tide .
Fluctuations in commodity prices may cause a reduction in the demand or profitability of the products or services we produce.
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the ability of the members of the Organization of Petroleum Exporting Countries (OPEC) to agree to and maintain oil price and production controls;
−Removed: political instability or armed conflict in oil-producing regions; and
+Added: political instability or armed conflict in oil-producing regions;
+Added: pandemics, epidemics, or disease outbreaks, such as COVID-19;
the overall economic environment.
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The second triennial report was published June 29, 2018.
−Removed: The 2018 report reaffirms the findings of the 2011 report and reflects the current understanding about biofuel production using data gathered through May 2017.
+Added: The 2018 report reaffirms the findings of the 2011 report and reflects the current understanding about biofuel production using data gathered through May 2017. The third triennial report is currently in progress. The EPA is assembling a group to peer review the report. No indication has been given on when the third triennial report will be issued.
To the extent that state or federal laws are modified or public perception turns against biodiesel, use requirements, such as RFS2, may not continue, which could materially harm our ability to operate profitably.
+Added: Climate change regulations may impact our ability to operate at a profit and 
+Added: harm our operating margins.
+Added: Future regulations may impose new operational burdens, require investment in additional emission control technology, or result in unfavorable market changes.
+Added: The cost of compliance with stringent climate change regulations could adversely affect our ability to compete with companies in locations that are not subject to stringent climate change regulations.
Growth in the sale and distribution of biodiesel is dependent on the expansion of related infrastructure, which may not occur on a timely basis, if at all, and our operations could be adversely affected by infrastructure limitations or disruptions.
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We are reliant upon a relatively small number of customers.
−Removed: Our chemical business is concentrated with five large customers covering multiple products representing greater than 70% of our chemicals segment product sales, or 27% of total revenues.
+Added: Our chemical business is concentrated with four large customers covering multiple products representing greater than 68% of our chemicals segment product sales, or 14% of total revenues.
Although this business is contracted in longer-term production agreements, the loss of any of these strategic customers could have a material adverse effect on our chemicals business.
−Removed: Additionally, our biofuels segment has one large customer.
−Removed: Sales to this biodiesel customer totaled approximately 12% of total revenues in 2020 (or $25,460), 11% of total revenues in 2019 (or $22,352), compared to two large customers with total revenue of 20% in 2018 (or $57,198).
+Added: Additionally, our biofuels segment has three large customers.
+Added: Sales to these biodiesel customers totaled approximately 52% of total revenues in 2021 (or $133,231).
+Added: Sales to one biodiesel customer totaled 12% of total revenues in 2020 (or $25,460), 11% of total revenues in 2019 (or $22,352).
We do not have a contract with these customers but rather sell based on monthly or short-term, multi-month purchase orders placed with us by the customers at prices based upon then-prevailing market rates.
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There can be no assurance that we will be able to maintain or establish additional necessary strategic relationships, in which case the opportunity to grow our business may be negatively affected.
−Removed: There is currently excess production capacity and low utilization in the biodiesel industry and if non-operational and underused facilities commence or increase operations, our results of operations may be negatively affected.
+Added: There is currently excess renewable fuel production capacity and low utilization in the industry and if non-operational and underused facilities commence or increase operations, our results of operations may be negatively affected.
Many biodiesel plants in the United States do not operate at full capacity.
−Removed: Further, plants under construction and expansion in the United States as of December 2020, if completed, would add additional biodiesel production capacity.
−Removed: The annual production capacity of existing plants and plants under construction far exceeds both historic consumption of biodiesel in the United States and required consumption under RFS2.
−Removed: If this excess production capacity was used for biodiesel production, it would increase competition for our feedstocks, increase the volume of biodiesel on the market, and may reduce biodiesel gross margins, harming our revenues and profitability.
+Added: Further, a number of renewable diesel plants are under construction in the United States as of December 2021, if completed, would add additional renewable fuel production capacity.
+Added: The annual production capacity of existing plants and plants under construction far exceeds both historic consumption of renewable fuels in the United States and required consumption under RFS2.
+Added: If this excess production capacity was used, it would increase competition for our feedstocks, increase the volume of renewable fuels on the market, and may reduce our biodiesel gross margins, harming our revenues and profitability.
Several biofuels companies throughout the United States have filed for bankruptcy over the last several years due to industry and economic conditions.
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As a result, the value and liquidity of our cash, cash equivalents, and marketable securities could decline and result in impairment losses.
−Removed: In March of 2020, the COVID-19 virus (referred herein as the coronavirus) outbreak and instability in the geopolitical environment over oil pricing created significant volatility in global financial markets. 
−Removed: If these situations continue to worsen, it is expected that global market values and the value of our investments could experience significant declines.
+Added: The impact of the COVID-19 pandemic and any future variants still has the potential to disrupt trade and create significant volatility in global financial markets. 
+Added: In this scenario, global market values and the value of our investments could experience significant declines.
We are exposed to operating risks.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.