Financial Statements and Supplementary Data.
−Removed: The following sets forth our consolidated balance sheets as at December 31, 2024 and 2023 and our consolidated statements of income and comprehensive income, statements of cash flows, and statements of changes in stockholders’ equity for each of the three years in the period ended December 31, 2024, together with Grant Thornton LLP’s report on the year ended December 31, 2024 and RSM US LLP's report on the year ended December 31, 2023 and 2022.
+Added: The following sets forth our consolidated balance sheets as at December 31, 2025 and 2024 and our consolidated statements of income and comprehensive income, cash flows, and changes in stockholders’ equity for each of the three years in the period ended December 31, 2025, together with Grant Thornton LLP’s report as of and for the years ended December 31, 2025 and 2024, and RSM US LLP's report for the year ended December 31, 2023.
Report of Independent Registered Public Accounting Firm (Grant Thornton LLP:
15 unchanged sentences
Property, plant, and equipment
−Removed: Accrued expenses and other current liabilities
+Added: Accrued expenses and other liabilities
Asset retirement obligations and environmental reserves
Lease commitments and purchase obligations
−Removed: Income tax benefit
Earnings per share
10 unchanged sentences
Opinion on the Financial Statements
−Removed: We have audited the accompanying consolidated balance sheet of FutureFuel Corp.
−Removed: (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2024, the related consolidated statements of income and comprehensive income, changes in stockholders’ equity, and cash flows for the year ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”).
−Removed: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
+Added: We have audited the accompanying consolidated balance sheets of FutureFuel Corp.
+Added: (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of income and comprehensive income, changes in stockholders’ equity, and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”).
+Added: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated March 16, 2026 expressed an unqualified opinion.
−Removed: Change in Accounting Principle
−Removed: As discussed in Note 2 to the consolidated financial statements, the Company has elected to change its method of accounting for the presentation of supplies and parts in 2024.
Basis for opinion
These consolidated financial statements are the responsibility of the Company’s management.
−Removed: Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit.
+Added: Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits.
We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audit in accordance with the standards of the PCAOB.
+Added: We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
−Removed: Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
+Added: Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
−Removed: Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
−Removed: We believe that our audit provides a reasonable basis for our opinion.
+Added: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
+Added: We believe that our audits provide a reasonable basis for our opinion.
Critical audit matter
−Removed: The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:
−Removed: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.
−Removed: The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
−Removed: Revenue recognition – Recognition of material rights consideration
−Removed: As described further in Note 4 to the consolidated financial statements, certain of the Company’s long-term custom chemical contracts have a material right as defined by Accounting Standards Codification Topic 606, Revenue from Contracts with Customers , which provides the customer an option to purchase future goods or services at a discounted price as a result of upfront non-refundable payments provided by the customers.
−Removed: For each of these contracts, the Company applies the renewal option approach in allocating the transaction price to the material right and transfer of the product.
−Removed: The Company estimates the expected life of the contract, the expected contractual volumes to be sold over that life and the most likely expected sales price in order to allocate the transaction price to the material right and transfer of the product.
−Removed: We identified the recognition of material rights consideration as a critical audit matter.
−Removed: The principal consideration for our determination that recognition of material rights consideration is a critical audit matter is the judgment required in applying the renewal option approach, which includes estimating the significant assumptions which include:
−Removed: the contract length to which the material rights will be amortized and the expected contractual volumes which are used to recognize revenue from the material right consideration in the current period.
−Removed: Our audit procedures related to the recognition of material rights consideration included the following, among others :
−Removed: We tested of the design and operating effectiveness of internal controls relating to the recognition of material rights consideration, including those related to the development of the significant assumptions.
−Removed: We obtained the contracts with customers containing material rights and evaluated for the proper accounting treatment.
−Removed: ● We evaluated the reasonableness of the selected methodology used in determining the period of time, including expected contract renewals, over which to defer and recognize the consideration allocated to the material rights.
−Removed: We evaluated the appropriateness of expected contractual volumes to be sold over the remaining contract life which included comparing the estimated volumes to customer forecasts.
−Removed: ● We tested the mathematical accuracy of management’s calculations and the amounts recorded for the material rights in the consolidated financial statements.
+Added: Critical audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that:
+Added: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.
+Added: We determined that there are no critical audit matters.
/s/ GRANT THORNTON LLP
6 unchanged sentences
Opinion on the Financial Statements
−Removed: We have audited the accompanying consolidated balance sheet of FutureFuel Corp.
−Removed: and its subsidiaries (the Company) as of December 31, 2023, the related consolidated statements of income and comprehensive income, cash flows and changes in stockholders’ equity for each of the two years in the period ended December 31, 2023, and the related notes to the consolidated financial statements (collectively, the financial statements).
−Removed: In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
+Added: We have audited the accompanying consolidated statements of income and comprehensive income, changes in stockholders’ equity and cash flows for the year ended December 31, 2023, and the related notes to the consolidated financial statements (collectively, the financial statements) of FutureFuel Corp.
+Added: and subsidiaries (the Company).
+Added: In our opinion, the financial statements referred to above present fairly, in all material respects, the results of operations of the Company and its cash flows for the year ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Company’s management.
−Removed: Our responsibility is to express an opinion on the Company’s financial statements based on our audits.
−Removed: We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S.
+Added: Our responsibility is to express an opinion on the Company's financial statements based on our audit.
+Added: We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audits in accordance with the standards of the PCAOB.
+Added: We conducted our audit in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
−Removed: Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
+Added: Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
−Removed: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
−Removed: We believe that our audits provide a reasonable basis for our opinion.
+Added: Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
+Added: We believe that our audit provide a reasonable basis for our opinion.
/s/RSM US LLP
9 unchanged sentences
Accounts receivable, inclusive of the blenders’ tax credit of $ 0 and $ 6,683 , and net of allowances for credit losses of $ 28 and $ 29 , respectively
−Removed: 21,896 28,406
−Removed: Accounts receivable – related parties
Inventory, net
2 unchanged sentences
Prepaid expenses
−Removed: Prepaid expenses – related parties
Other current assets
3 unchanged sentences
86,797 78,538
+Added: Other noncurrent assets
Total noncurrent assets
6 unchanged sentences
Deferred revenue – current
−Removed: Dividends payable
−Removed: 10,699 10,503
+Added: Dividends payable-current
Accrued expenses and other current liabilities
2 unchanged sentences
Deferred revenue – noncurrent
+Added: Dividends payable -noncurrent
Noncurrent deferred income taxes
8 unchanged sentences
203,771 205,434
−Removed: Retained earnings
+Added: Retained earnings (accumulated deficit)
+Added: ( 49,067 ) 383
Total stockholders’ equity
7 unchanged sentences
(Dollars in thousands, except per share amounts)
+Added: $ 95,742 $ 243,339 $ 368,228
Revenue – related parties
Cost of goods sold
+Added: 132,831 220,860 324,311
Cost of goods sold – related parties
+Added: 11 66 ( 315 )
+Added: 2,160 2,590 3,099
Distribution – related parties
+Added: Gross (loss) profit
+Added: ( 39,425 ) 19,644 40,979
Selling, general, and administrative expenses
Compensation expense
+Added: 5,563 4,838 4,545
Other expense
+Added: 3,462 3,809 4,052
Related party expense
Research and development expenses
+Added: 3,866 3,993 4,398
Total operating expenses
−Removed: Income from operations
+Added: 13,565 13,272 13,611
+Added: (Loss) income from operations
+Added: ( 52,990 ) 6,372 27,368
Interest and dividend income
+Added: 3,911 7,656 9,577
Interest expense
−Removed: Gain (loss) on marketable securities
−Removed: Other income (expense), net
−Removed: Other income (expense)
−Removed: Income before income taxes
−Removed: Income tax provision (benefit)
−Removed: Earnings per common share
+Added: ( 153 ) ( 138 ) ( 138 )
+Added: Gain on marketable securities
+Added: Other income, net
+Added: 3,758 9,923 10,015
+Added: (Loss) income before income taxes
+Added: ( 49,232 ) 16,295 37,383
+Added: Income tax provision
+Added: Net (loss) income
+Added: $ ( 49,397 ) $ 15,503 $ 37,382
+Added: (Loss) earnings per common share
+Added: $ ( 1.13 ) $ 0.35 $ 0.85
+Added: $ ( 1.13 ) $ 0.35 $ 0.85
Weighted average shares outstanding
+Added: 43,861,438 43,765,757 43,763,243
+Added: 43,861,438 43,765,757 43,764,683
Comprehensive income
+Added: Net (loss) income
+Added: $ ( 49,397 ) $ 15,503 $ 37,382
Other comprehensive income (loss) from unrealized net losses on available-for- sale debt securities
1 unchanged sentence
Total unrealized gain (loss), net of tax
−Removed: Comprehensive income
+Added: Comprehensive (loss) income
+Added: $ ( 49,397 ) $ 15,503 $ 37,383
The accompanying notes are an integral part of these consolidated financial statements.
4 unchanged sentences
Cash flows from operating activities
−Removed: Adjustments to reconcile net income to net cash provided by operating activities:
+Added: Net (loss) income
+Added: $ ( 49,397 ) $ 15,503 $ 37,382
+Added: Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
+Added: 9,657 9,208 10,348
Amortization of deferred financing costs
−Removed: Provision (benefit) for deferred income taxes
+Added: (Benefit) provision for deferred income taxes
Change in fair value of equity securities
+Added: - - ( 3,117 )
Change in fair value of derivative instruments
+Added: ( 221 ) 1,971 ( 1,878 )
Loss on the sale of investments
Stock based compensation
−Removed: Loss on disposal of property, plant, and equipment
+Added: (Gain) loss on disposal of property, plant, and equipment
Noncash interest expense
1 unchanged sentence
Accounts receivable
+Added: 12,491 6,510 ( 2,208 )
Accounts receivable – related parties
+Added: ( 611 ) 4,740 ( 4,445 )
Income tax receivable
+Added: ( 35 ) 1,887 19
Prepaid expenses
−Removed: Prepaid expenses – related party
+Added: ( 99 ) 380 ( 652 )
+Added: ( 4,360 ) ( 146 ) ( 935 )
Accounts payable
+Added: ( 519 ) ( 12,098 ) ( 6,493 )
Accounts payable – related parties
+Added: ( 99 ) 97 ( 7,757 )
Dividends payable
Accrued expenses and other current liabilities
−Removed: Accrued expenses and other current liabilities – related parties
+Added: ( 8,506 ) 6,324 ( 720 )
Deferred revenue
+Added: 8,951 ( 9,205 ) ( 2,418 )
Other noncurrent liabilities
−Removed: Net cash provided by operating activities
+Added: 2,737 ( 1,856 ) 1,461
+Added: Net cash (used in) provided by operating activities
+Added: ( 28,735 ) 24,802 21,299
Cash flows from investing activities
Collateralization of derivative instruments
+Added: ( 1,388 ) ( 132 ) 1,343
Proceeds from the sale of marketable securities
1 unchanged sentence
Capital expenditures
+Added: ( 17,247 ) ( 14,668 ) ( 6,022 )
Net cash (used in) provided by investing activities
+Added: ( 18,601 ) ( 14,794 ) 33,022
Cash flows from financing activities
Deferred financing costs
+Added: ( 376 ) - ( 14 )
Payment of dividends
+Added: ( 10,513 ) ( 119,911 ) ( 10,503 )
Net cash used in financing activities
+Added: ( 10,889 ) ( 119,911 ) ( 10,517 )
Net change in cash and cash equivalents
+Added: ( 58,225 ) ( 109,903 ) 43,804
Cash and cash equivalents at beginning of period
+Added: 109,541 219,444 175,640
Cash and cash equivalents at end of period
+Added: $ 51,316 $ 109,541 $ 219,444
Cash paid for interest
Cash paid for income taxes
+Added: $ 27 $ 457 $ 20
Noncash investing and financing activities:
Noncash capital expenditures included in accounts payable
−Removed: Noncash operating leases
+Added: $ 669 $ 403 $ 333
Dividends payable
+Added: $ 2,957 $ 10,699 $ 10,503
The accompanying notes are an integral part of these consolidated financial statements.
3 unchanged sentences
(Dollars in thousands)
+Added: Accumulated Retained
+Added: Other Additional Earnings Total
Comprehensive
1 unchanged sentence
Balance - December 31, 2022
+Added: 43,763,243 $ 4 $ ( 1 ) $ 282,489 $ 508 $ 283,000
Cash dividends declared
−Removed: Stock based compensation
+Added: - - - - ( 10,503 ) ( 10,503 )
Other comprehensive loss
+Added: - - - - 37,382 37,382
Balance - December 31, 2023
+Added: 43,763,243 $ 4 $ - $ 282,489 $ 27,387 $ 309,880
Cash dividends declared
−Removed: Other comprehensive loss
+Added: - - - ( 77,691 ) ( 42,230 ) ( 119,921 )
+Added: Stock based compensation
+Added: 40,000 - - 636 ( 277 ) 359
+Added: - - - - 15,503 15,503
Balance - December 31, 2024
+Added: 43,803,243 $ 4 $ - $ 205,434 $ 383 $ 205,821
Cash dividends declared
+Added: - - - ( 2,632 ) ( 2 ) ( 2,634 )
Stock based compensation
+Added: 60,264 - - 969 ( 51 ) 918
+Added: - - - - ( 49,397 ) ( 49,397 )
Balance - December 31, 2025
+Added: 43,863,507 $ 4 $ - $ 203,771 $ ( 49,067 ) $ 154,708
The accompanying notes are an integral part of these consolidated financial statements.
12 unchanged sentences
Intercompany transactions and balances are eliminated in consolidation.
−Removed: Certain reclassifications were made to prior year amounts to conform to the 2024 presentation.
−Removed: Change in Accounting Principle
−Removed: As of December 31, 2024, we changed the accounting principle related to the presentation for supplies and parts held in support of maintenance and repair of plant equipment from Inventory to Other current assets.
−Removed: As the investment in these supplies and parts has increased given our focus on plant reliability and efficiency as well as the fact that these parts are not revenue generating assets similar to the Company’s raw materials, work in process, and finished goods inventories but are instead held to support the maintenance and repair of the Company’s plant equipment, we determined it preferable to present these supplies and parts held within other current assets rather than inventory, which is composed of assets that may be sold or turned into assets to be sold as part of the Company’s primary business activities.
−Removed: The change in accounting principle was a reduction in inventory and an increase in other current assets of $ 7,733 and $ 7,595 at December 31, 2024 and 2023, respectively.
−Removed: There was no impact on any financial statement totals or key benchmarks (working capital, total assets, equity, gross profit, net income, or operating cash flows).
Cash and cash equivalents
−Removed: Cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value.
−Removed: The Company places its temporary cash investments with high credit quality financial institutions.
−Removed: At times, bank deposits may be in excess of the Federal Deposit Insurance Corporation insurance limit, however, no loss has occurred.
+Added: Cash equivalents include highly liquid investments with original maturities of three months or less.
+Added: These are recorded at cost, which closely reflects fair value.
+Added: The Company maintains its cash and temporary cash investments with high-credit, quality financial institutions.
+Added: While bank balances may occasionally exceed the Federal Deposit Insurance Corporation insurance limit, the Company has experienced no related losses.
Accounts receivable and allowance for credit losses
−Removed: Accounts receivable are recorded at the invoiced amount and only bear interest if outstanding beyond the agreed upon payment terms.
+Added: Accounts receivable are recorded at the invoiced amount and accrue interest if outstanding beyond the agreed upon payment terms.
The Company has established procedures to monitor credit risk and has not experienced significant credit losses in prior years.
−Removed: Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future.
+Added: Accounts receivable has been reduced by an allowance for amounts that may be uncollectible in the future.
This estimated allowance is based upon management’s evaluation of historical collection experience, current and future economic and market conditions, and a review of the status of individual accounts receivable.
2 unchanged sentences
For the years ended December 31, 2025, 2024 and 2023 , significant portions of the Company’s sales were made to a relatively small number of customers.
+Added: For the year ended December 31, 2025, no biodiesel customer represented greater than 10% of total sales revenue or receivables.
Sales to two biodiesel customers totaled 25 % and 35 % of revenue in 2024 and 2023, respectively.
−Removed: Receivables for the significant customers at December 31, 2024 and 2023 , were 13 % an d 0.2 % o f total receivables, respectively.
−Removed: For the years ended December 31, 2024, 2023, and 2022, no chemical customer represented a greater than 10% of total sales revenue.
−Removed: However, one chemical customer had a receivable that was 20 % of total receivables as of December 31, 2024.
+Added: Receivables for the significant customers at December 31, 2024, were 13 % o f total receivables.
+Added: For the year ended December 31, 2025, three chemical customers each represented greater than 10% of total sales revenue for a total of 50 %.
+Added: For the years ended December 31, 2024, and 2023, no chemical customer represented greater than 10% of total sales revenue.
+Added: Two chemical customers had receivables that were 38 % and 29 % of total receivables as of December 31, 2025.
+Added: One chemical customer had a receivable that was 20 % of total receivables as of December 31, 2024.
Notes to Consolidated Financial Statements of FutureFuel Corp.
13 unchanged sentences
The Company had no derivative instruments that qualified under these rules as designated accounting hedges in 2025, 2024, or 2023.
−Removed: See Note 6 - Derivative Instruments.
+Added: See Note 6 for further discussion of derivative instruments.
The Company has elected the normal purchase and normal sales exception for certain feedstock purchase contracts and supply agreements and for certain biodiesel sales contracts.
2 unchanged sentences
The debt securities are designated as available-for-sale securities at the time of purchase based upon the intended holding period.
−Removed: Gains and losses from the sale of marketable securities and the changes in the fair value of equity securities are recognized as gain (loss) on marketable securities as a component of other income (expense) in the consolidated statements of income and comprehensive income.
+Added: Gains and losses from the sale of marketable securities and the changes in the fair value of equity securities are recognized as gain on marketable securities as a component of other income in the consolidated statements of income and comprehensive income.
The cost basis used for all marketable securities is specific identification.
9 unchanged sentences
Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value.
−Removed: An asset or liability's classification within the various levels is determined based on the lowest level input that is significant to the fair value measurement.
+Added: An asset or liability classification within the various levels is determined based on the lowest level input that is significant to the fair value measurement.
Supplies and parts
−Removed: Supplies and parts are carried at cost in Other current assets and Other assets.
+Added: Supplies and parts are carried at cost in Other current assets and Other noncurrent assets.
The Company writes down its supplies and parts for estimated obsolescence and amounts determined to be in excess of expected needs.
11 unchanged sentences
The Company evaluates the carrying value of long-lived tangible assets when events or changes in circumstances indicate that the carrying value may not be recoverable.
−Removed: Such events and circumstances include, but are not limited to, significant decreases in the market value of the asset, adverse changes in the extent or manner in which the asset is being used, significant changes in business climate, or current or projected cash flow losses associated with the use of the assets.
+Added: Such events and circumstances include, but are not limited to, significant decreases in the market value of the assets, adverse changes in the extent or manner in which the asset is being used, significant changes in business climate, or current or projected cash flow losses associated with the use of the assets.
The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from such assets are separately identifiable and are less than its carrying value.
In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset.
−Removed: For long-lived assets to be held for use in future operations, fair value is determined primarily using either the projected cash flows discounted at a rate commensurate with the risk involved or an appraisal.
+Added: For long-lived assets to be held for use in future operations, fair value is determined primarily by using either the projected cash flows discounted at a rate commensurate with the risk involved or an appraisal.
For long-lived assets to be disposed of by sale or other than sale, fair value is determined in a similar manner, except those fair values are reduced for disposal costs.
6 unchanged sentences
Currently, the Company estimates the useful life of each individual asset up to 27 years.
−Removed: Changes made in estimates of the asset retirement obligation costs or the estimate of the useful lives of these assets are reflected in earnings as an increase or decrease in the period such changes are made.
Environmental costs are capitalized if they extend the life of the related property, increase its capacity, and/or mitigate or prevent future contamination.
The cost of operating and maintaining environmental control facilities is charged to expense.
+Added: The Company determines if an arrangement is a lease at inception, and if applicable, determines its lease classification.
Leases with an initial expected term of twelve months or less are considered short-term and are not recorded on our consolidated balance sheets.
The Company recognizes operating lease expense on a straight-line basis over the lease term.
+Added: Right-of-use (“ROU”) lease assets represent the Company's right to use an underlying asset for the term of lease.
+Added: Lease liabilities represent the Company's obligation to make lease payments associated with the lease.
+Added: ROU assets and liabilities are recognized at lease commencement based on the present value of the minimum lease payments over the lease term using an incremental borrowing rate with a maturity similar to the lease term.
+Added: ROU assets include any lease payments made and exclude lease incentives.
+Added: Lease terms may also include an option to extend or terminate the lease.
+Added: These options would be recognized when it was reasonably certain the Company would exercise the option.
The Company and its operations from time to time may be parties to or targets of lawsuits, claims, investigations, and proceedings including product liability, personal injury, patent and intellectual property, commercial, contract, environmental, health and safety, and environmental matters, which are handled and defended in the ordinary course of business.
1 unchanged sentence
When a single amount cannot be reasonably estimated but the cost can be estimated within a range, the Company accrues the minimum amount.
−Removed: Notes to Consolidated Financial Statements of FutureFuel Corp.
−Removed: (Dollars in thousands, except per share amounts)
Revenue recognition
7 unchanged sentences
The Company sells its products directly to customers generally under agreements with payment terms of 30 to 75 days for chemical segment customers and 2 to 10 days for biofuels segment customers.
+Added: Notes to Consolidated Financial Statements of FutureFuel Corp.
+Added: (Dollars in thousands, except per share amounts)
The Company applies the practical expedient and excludes the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less;
5 unchanged sentences
No cost is incurred in the generation of a RIN.
−Removed: Taxes collected from customers remitted to governmental authorities are excluded from revenue.
−Removed: Shipping and handling fees related to sales transactions are billed to customers and recorded as sales revenue.
+Added: Taxes collected from customers remitted to governmental authorities are recorded as a reduction of the transaction price.
+Added: Shipping and handling fees related to sales transactions are billed to customers and recorded as sales revenue with an offsetting expense included in cost of goods sold.
Cost of goods sold and distribution
Cost of goods sold consists of raw and packaging materials, direct manufacturing costs, depreciation, analytical lab costs, inbound freight, purchasing, and other indirect costs necessary to manufacture products.
−Removed: Biodiesel cost of goods sold also includes a credit for the one dollar per gallon Blenders’ Tax Credit (“BTC”) for blending biodiesel with petroleum diesel when in law.
−Removed: The BTC was in effect during 2024, 2023, and 2022.
+Added: The Company follows the direct-expense method of accounting for turnaround activities with associated costs included in cost of goods sold.
+Added: Biodiesel cost of goods sold also includes a credit for the Clean Fuel Production Tax Credit (“ CFPC”) in 2025 and the one dollar per gallon Blenders’ Tax Credit (“BTC”) for blending biodiesel with petroleum diesel during 2024 and 2023.
See Note 3 for further discussion.
6 unchanged sentences
and other similar costs.
−Removed: Notes to Consolidated Financial Statements of FutureFuel Corp.
−Removed: (Dollars in thousands, except per share amounts)
Research and development expenses
6 unchanged sentences
Unrealized gains and losses were determined using the specific identification method and are classified in OCI.
+Added: Notes to Consolidated Financial Statements of FutureFuel Corp.
+Added: (Dollars in thousands, except per share amounts)
The income tax (benefit) provision is determined using the asset and liability approach of accounting for income taxes.
6 unchanged sentences
In years in which the Company has experienced objective negative evidence in the form of three cumulative years of tax losses, the Company no longer uses taxable income projections to overcome the presumption of losses and deferred tax asset valuations are computed using only the reversing net deferred tax liability from temporary differences as a source of income.
−Removed: Issued accounting standards not yet adopted
−Removed: Accounting Standards Update (“ASU”) No.
+Added: New Accounting Standards
+Added: From time to time, the Financial Accounting Standards Board (“FASB”) or other standards setting bodies issue new accounting pronouncements.
+Added: Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through issuance of an Accounting Standards Update (“ASU”).
+Added: Unless otherwise discussed, we believe that the impact of recently issued guidance, whether adopted or to be adopted in the future, will not have a material impact on the consolidated financial statements upon adoption.
+Added: New accounting standards adopted
+Added: In December 2023, the FASB issued ASU No.
2023 - 09 “ Income Taxes (Topic 740 ):
Improvements to Income Tax Disclosures.
−Removed: The Financial Accounting Standards Board (“FASB”) issued this update in December 2023 which aims to address requests for improved income tax disclosures from investors that use the financial statements to make capital allocation decisions.
−Removed: The amendments in this ASU address the investor requests for more transparency of income tax information and apply to all entities that are subject to income taxes.
−Removed: The ASU is effective for years beginning after December 15, 2024, but early adoption is permitted.
−Removed: This ASU should be applied on a prospective basis, although retrospective application is permitted.
−Removed: The Company will adopt the new standard effective for the year ended December 31, 2025, and does not expect the adoption to have a material impact on its financial statements and disclosures.
−Removed: 2024 - 03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220 - 40 ):
+Added: ” ASU 2023 - 09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional disclosure on income taxes paid.
+Added: We adopted this guidance prospectively for the year ending December 31, 2025 and have provided the required disclosures.
+Added: See Note 15 Income Taxes.
+Added: New accounting standards issued but not yet adopted
+Added: In November 2024, the FASB issued ASU 2024 - 03 “ Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220 - 40 ):
Disaggregation of Income Statement Expenses.
−Removed: The FASB issued this update in November 2024 which aims to provide investors with more useful information about an entity’s expenses by improving disclosures on income statement expenses.
−Removed: The amendments in this ASU require all public business entities to disclose disaggregated information about specific categories underlying certain income statement expense line items.
−Removed: The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.
−Removed: Early adoption is permitted.
−Removed: The Company is evaluating this accounting standard and does not expect the adoption to have a material impact on its financial statements and disclosures.
+Added: ” ASU 2024 - 03 requires disaggregated disclosure of income statement expenses for public business entities.
+Added: The ASU does not change the expense captions an entity presents on the face of the income statement;
+Added: rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements.
+Added: This guidance will be effective for us on January 1, 2027.
+Added: The Company is currently evaluating the impact of the changes required by the new standard on the Company's financial statements and disclosures.
+Added: In July 2025, the FASB issued ASU 2025 - 05 “ Financial Instruments - Credit Losses (Topic 326 ):
+Added: Measurement of Credit Losses for Accounts Receivable and Contract Assets.
+Added: ” ASU 2025 - 05 permits the use of certain estimates and assumptions in developing forecasts used for determining expected credit losses on accounts receivable.
+Added: This guidance will be effective for us on January 1, 2026.
+Added: We do not expect the above guidance to materially impact our consolidated financial statements.
+Added: In September 2025, the FASB issued ASU 2025 - 06 “ Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350 - 40 ):
+Added: Targeted Improvements to the Accounting for Internal-Use Software.
+Added: ” ASU 2025 - 06 eliminates the consideration of project development stages in determining whether a cost is eligible for capitalization.
+Added: Instead, cost capitalization will be based on a “probable to complete” threshold.
+Added: This guidance will be effective for us on January 1, 2028.
+Added: We are evaluating the impact, if any, that the adoption of ASU 2025 - 06 may have on our consolidated financial statements.
Notes to Consolidated Financial Statements of FutureFuel Corp.
(Dollars in thousands, except per share amounts)
−Removed: Recently adopted accounting standards
−Removed: 2023 - 07, Segment Reporting (Topic 280 ):
−Removed: Improvements to Reportable Segment Disclosures:
−Removed: The FASB issued this update in November 2023 which aims to improve disclosures about a public entity’s reportable segments.
−Removed: These changes affect the Company’s segment reporting beginning with the Annual Report for the year ended December 31, 2024, and are applied retrospectively to all prior periods presented.
−Removed: The amendments in this ASU require public business entities to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and are included within each reported measure of segment profit or loss.
−Removed: This update does not change how an entity identifies or aggregates its reportable segments or how it applies the quantitative thresholds to determine them.
−Removed: The adoption of this ASU had a minimal impact on the Company’s financial statements and related disclosures.
GOVERNMENT TAX CREDITS
−Removed: The Company received the BTC which provided a one dollar per gallon tax credit to the blender of biomass-based diesel with at least 0.1% petroleum-based diesel fuel.
−Removed: The Company recorded this credit as a reduction to cost of goods sold as applicable sales were made.
−Removed: The Further Consolidated Appropriations Act of 2020 was passed by Congress and signed into law on December 20, 2019, retroactively reinstating the BTC for 2018 and 2019 and extending it through December 31, 2022.
−Removed: With the passage of the Inflation Reduction Act (“IRA”) in August 2022, the BTC was extended through December 31, 2024.
−Removed: As part of each law from which the BTC mentioned above was reinstated, small agri-biodiesel producers with production capacity not in excess of 60 million gallons were eligible for an additional income tax credit of $0.10 per gallon on the first 15 million gallons of agri-biodiesel sold (the “Small Agri-biodiesel Producer Tax Credit”).
−Removed: The Company was eligible for this credit and recognized $ 1,500 for 2024 , 2023 , and 2022 in the same accounting period as the benefit from the BTC as described above.
−Removed: The benefit of this credit is recognized as a component of income tax provision (benefit).
−Removed: The IRA created the clean fuel production credit (“CFPC”) for qualifying transportation fuel produced after 2024 and sold on or before December 31, 2027.
−Removed: The CFPC consolidates and replaces several fuel related credits which expired December 31, 2024 including the BTC and the Small Agri-biodiesel Producer Tax Credit.
−Removed: The CFPC is an income tax credit structured on a sliding scale so that producers become eligible for larger credits as the GHG emissions of the fuels they produce approach zero.
−Removed: For producers meeting the prevailing wage and registered apprenticeship requirements, the maximum credit is $1.00 per gallon of nonaviation fuel.
−Removed: For producers not meeting the prevailing wage and registered apprenticeship requirements, the maximum credit is 20 cents per nonaviation fuel gallon.
−Removed: The Company registered for the program in June 2024 when the registration rules were issued and received approval in December 2024 as a clean fuel producer under the program.
−Removed: On January 10, 2025, the IRS issued Notice 2025 - 10 with the purpose of providing initial guidance and solicited comment from the public with a deadline of April 10, 2025, and was to serve as an announcement of forthcoming proposed regulations and solicited public input by April 10, 2025.
−Removed: It did not include any reliance language and did not constitute final or binding guidance.
−Removed: On January 15, 2025, the IRS issued Notice 2025 - 11 which provided emission rate guidance in support of Notice 2025 - 10.
+Added: BIODIESEL BLENDERS' TAX CREDIT
+Added: The BTC provided a one dollar per gallon tax credit to the blender of biomass-based diesel with at least 0.1% petroleum-based diesel fuel.
+Added: The Company recorded this credit as a reduction in the cost of goods sold as applicable sales were made in the years ended December 31, 2024, and 2023.
+Added: The BTC expired December 31, 2024.
+Added: SMALL AGRI-BIODIESEL PRODUCER TAX CREDIT (SAPC)
+Added: The SAPC also expired on December 31, 2024.
+Added: This tax credit was available to producers with production capacity not in excess of 60 million gallons and provided a $0.10 per gallon income tax credit on the first 15 million gallons of agri-biodiesel sold.
+Added: The Company was eligible for this credit and recognized the credit in the same accounting period as the benefit from the BTC.
+Added: The benefit of this credit was recognized as a component of income tax provision in the years ended December 31, 2024, and 2023.
+Added: On July 4, 2025, the Budget Reconciliation Act of 2025 reinstated and extended the SAPC through December 31, 2026.
+Added: This transferable, non-refundable credit offers eligible producers with a capacity of 60 million gallons or less $0.20 per gallon on the first 15 million gallons of fuel they produce.
+Added: As the Budget Reconciliation Act of 2025 also made the SAPC transferable, the benefit of this credit was recognized as a reduction in cost of goods sold in the year ended December 31, 2025, discussed further below.
+Added: CLEAN FUEL PRODUCTION TAX CREDIT (CFPC)
+Added: The CFPC or §45Z credit, established by the Inflation Reduction Act of 2022 and extended through 2029 by the Budget Reconciliation Act of 2025, is a key incentive for low-emission transportation fuels.
+Added: The Company’s biodiesel was approved for the CFPC in December 2024.
+Added: This transferable, non-refundable income tax credit uses a sliding scale based on the fuel's greenhouse gas (“GHG”) emissions.
+Added: The Company qualifies for an increased credit above the base of $0.20 per gallon for non-aviation fuel because it satisfies the prevailing wage and apprenticeship requirements.
+Added: TRANSFERABLE TAX CREDITS (SAPC and CFPC)
+Added: Due to the lack of specific U.S.
+Added: GAAP guidance for the transferable tax credits, the Company elected to follow International Accounting Standards (“IAS”) 20 principles (“Accounting for Government Grants”).
+Added: Accordingly, the SAPC and CFPC were recognized as a reduction in the cost of goods sold, net of estimated selling expenses when applicable.
+Added: For the year ended December 31, 2025, the Company recognized $ 2.5 million in CFPC and $ 0.2 million in SAPC in other current assets on the consolidated balance sheets.
CARES ACT – EMPLOYEE RETENTION TAX CREDIT
−Removed: The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), was enacted on March 27, 2020, to encourage eligible employers to retain employees on their payroll.
+Added: The Coronavirus Aid, Relief, and Economic Security Act, was enacted on March 27, 2020, to encourage eligible employers to retain employees on their payroll.
The Consolidated Appropriations Act, effective January 1, 2021, broadened the eligibility of the credit.
12 unchanged sentences
The Company leases warehouse space under a short-term lease agreement with a term of twelve months.
−Removed: Lease revenue recognized under this agreement was $ 669 for the year ended December 31, 2024.
+Added: Lease revenue recognized under this agreement was $ 680 and $ 669 for the years ended December 31, 2025 and 2024, respectively.
Contract Assets and Liabilities:
21 unchanged sentences
* Exclusive of the BTC of $ 0 , $ 6,683 , and $ 11,381 , respectively, and net of allowances for bad debt of $ 28 , $ 29 , and $ 55 , respectively, as of the dates noted.
+Added: The Company includes non-contract liabilities resulting from federal and state railroad grants as deferred revenue in the consolidated balance sheets.
+Added: For the years ended December 31, 2025 and 2024, short-term non-contract liabilities were $ 207 and $ 207 and long-term non-contract liabilities were $ 2,809 and $ 3,031 , respectively.
Notes to Consolidated Financial Statements of FutureFuel Corp.
(Dollars in thousands, except per share amounts)
−Removed: Transaction price allocated to the remaining performance obligations
+Added: Transaction price allocated to the remaining performance obligations of contract liabilities
As of December 31, 2025 , approximately $ 13,163 of revenue is expected to be recognized in the future from remaining performance obligations.
−Removed: The Company expects to recognize this revenue ratably based upon the expected sales over the expected term of its long-term contracts which range from two to six y ears.
−Removed: Approximately 17 % of this revenue is expected to be recognized over the next 12 months, and 83 % is expected to be recognized between one and five years.
+Added: The Company expects to recognize this revenue ratably based upon the expected sales over the expected term of its long-term contracts which range from two to ten y ears.
+Added: Approximately 12 % of this revenue is expected to be recognized over the next 12 months, and 88 % is expected to be recognized between one and nine years.
These amounts are subject to change based upon changes in the estimated contract life, estimated quantities, and most-likely expected sales price over the contract life.
17 unchanged sentences
$ 95,742 $ 243,339 $ 368,250
−Removed: Bill-and-hold transactions consisted of five specialty chemical customers in 2024 and 2023, and four in 2022, whereby revenue was recognized in accordance with contractual agreements based on product produced, readied for use and loaded into customer provided containers.
+Added: Bill-and-hold transactions consisted of five specialty chemical customers in 2025, 2024, and 2023, whereby revenue was recognized in accordance with contractual agreements based on product produced, readied for use and loaded into customer provided containers.
These sales were subject to written monthly purchase orders with revenue recognized upon production and loading into customer provided containers.
10 unchanged sentences
$ 95,742 $ 243,339 $ 368,250
−Removed: $ 243,339 $ 368,250 $ 396,014
For the years ended December 31, 2025, 2024 and 2023 , no revenues from a single foreign country were greater than 1% of total revenues.
12 unchanged sentences
$ 21,254 $ 20,643
−Removed: A LIFO liquidation of $ 435 and $ 2,124 occurred in the years ended December 31, 2024 and 2022, respectively.
−Removed: There was no liquidation in the year ended December 31, 2023 .
+Added: A LIFO liquidation of $ 435 occurred in the year ended December 31, 2024.
+Added: There was no liquidation in the years ended December 31, 2025 or 2023.
DERIVATIVE INSTRUMENTS
−Removed: Realized and unrealized gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the consolidated statements of income and comprehensive income as a component of cost of goods sold and amounted to a net loss of $ 499 for the year ended December 31, 2024, a net gain of $ 2,571 for the year ended December 31, 2023, and a net loss of $ 24,360 for the year ended December 31, 2022.
+Added: Realized and unrealized gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the consolidated statements of income and comprehensive income as a component of cost of goods sold and amounted to a net gain of $ 1,264 for the year ended December 31, 2025, a net loss of $ 499 for the year ended December 31, 2024, and a net gain of $ 2,571 for the year ended December 31, 2023.
The volumes and carrying values of the Company’s derivative instruments were as follows at December 31:
8 unchanged sentences
The previous sale of these securities was recorded as a component of net income with a gain of $ 575 in the year ended December 31, 2023.
−Removed: For the year ended December 31, 2022, in accordance with ASC 321, the change in the fair value of equity securities (preferred and other equity instruments) was reported as a loss on marketable securities as a component of net income in the amount of $ 8,297 .
−Removed: In 2023 and 2022, the Company had no recategorized net gain or loss to report from accumulated other comprehensive income.
+Added: In 2023, the Company had no recategorized net gain or loss to report from accumulated other comprehensive income.
FAIR VALUE MEASUREMENTS
20 unchanged sentences
Depreciation expense totaled $ 9,657 , $ 9,208 , and $ 10,348 for the years ended December 31, 2025, 2024 and 2023 , respectively.
−Removed: Other current assets primarily comprise supplies and parts which are held in support of maintenance and repair of plant equipment.
−Removed: The balance related to these items totaled $ 7,733 and $ 7,595 at December 31, 2024 and 2023, respectively.
−Removed: Other assets primarily comprise supplies and parts which are not expected to be used in the twelve -month period subsequent to the consolidated balance sheet date.
+Added: Other current assets consisted of the following at December 31:
+Added: Supplies and parts $ 9,372 $ 7,733
+Added: Clean Fuel Production Credit 2,460 0
+Added: Collateralization of derivative instruments 2,266 877
+Added: Small Producers Tax Credit 194 0
+Added: Other current assets 91 65
+Added: Total $ 14,383 $ 8,675
+Added: Other noncurrent assets is primarily comprised of supplies and parts held for equipment maintenance and repairs which are not expected to be used in the twelve -month period subsequent to the consolidated balance sheet date.
The balance related to these items totaled $ 4,329 and $ 4,376 at December 31, 2025 and 2024 , respectively.
−Removed: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
+Added: ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued expenses and other current liabilities consisted of the following at December 31:
2 unchanged sentences
Accrued employee liabilities
−Removed: Accrued property, franchise, motor fuel and other taxes
−Removed: Lease liability, current
+Added: Accrued property, motor fuel and other taxes
Other current liabilities
$ 2,576 $ 11,082
+Added: Other noncurrent liabilities includes an employment tax credit with a balance of $ 2,737 and $ 0 at December 31, 2025 and 2024, respectively.
+Added: The remaining balance of noncurrent liabilities is related to asset retirement obligations (see Note 13 ).
Notes to Consolidated Financial Statements of FutureFuel Corp.
(Dollars in thousands, except per share amounts)
−Removed: On February 21, 2025, the Company, with FutureFuel Chemical Company as the borrower and certain of the Company’s other subsidiaries as guarantors, amended and restated its credit agreement (the “Credit Agreement”) originally entered into on April 16, 2015 and amended March 30, 2020 ( as amended, the “Prior Credit Agreement”) and further amended on February 21, 2025 with the lender party thereto, Regions Bank as administrative agent, collateral agent, and syndication agent.
+Added: On February 21, 2025, the Company, with FutureFuel Chemical Company as the borrower and certain of the Company’s other subsidiaries as guarantors, amended and restated its credit agreement, as further amended effective as of June 30, 2025 and December 22, 2025 ( the “Credit Agreement”), originally entered into on April 16, 2015 with the lenders party thereto, Regions Bank as administrative agent and collateral agent, and PNC Bank, N.A., as syndication agent (as amended, the “Prior Credit Agreement”).
The Credit Agreement consists of a five -year revolving credit facility in a dollar amount of up to $ 35,000 , which includes a sublimit of $ 30,000 for letters of credit and $ 15,000 for swingline loans (collectively, the “Credit Facility”).
The Credit Facility expires on February 21, 2030.
−Removed: The primary amendment from the Prior Credit Agreement was a reduction in the facility’s credit limit by $ 25,000 and the removal of PNC Bank, N.A., as the syndication agent.
−Removed: The interest rate floats at the following margins over SOFR or base rate based upon our leverage ratio.
+Added: The interest rate floats at the following margins over Secured Overnight Financing Rate ("SOFR") or base rate based upon our leverage ratio.
Adjusted SOFR
12 unchanged sentences
The terms of the Credit Facility contain certain negative covenants and conditions including a maximum consolidated leverage ratio and a minimum consolidated interest coverage ratio.
−Removed: There were no borrowings under the Prior Credit Agreement at December 31, 2024 or 2023.
−Removed: At December 31, 2023, the Company had $ 7 outstanding with a domestic financing company for computer technology under a three -year financing agreement.
−Removed: No balance remained at December 31, 2024.
+Added: There were no borrowings under the Credit Agreement at December 31, 2025 or December 31, 2024.
Asset retirement obligations and environmental reserves
11 unchanged sentences
All railcar leases were direct, and no subleases existed.
−Removed: The Company determined lease existence and classification at inception when an agreement conveyed the right to control the identified property for a period of time in exchange for consideration.
−Removed: These leases expired December 31, 2024.
−Removed: As operating leases do not provide a readily determinable implicit interest rate, the Company used an incremental borrowing rate based on information available at the commencement date in determining present value of the lease payments.
+Added: These leases expired on December 31, 2024.
Following are supplemental income statement and cash flow information related to leases.
3 unchanged sentences
Short-term lease expense
−Removed: Cash paid for operating leases
$ 227 $ 6 $ 9
−Removed: Right of use assets obtained in exchange for lease obligations
+Added: Cash paid for operating leases
$ - $ 534 $ 881
Weighted average discount rate, per annum
−Removed: n/a 5.5 % 5.2 %
−Removed: On December 31, 2024 and 2023, a right of use asset was reported as other noncurrent assets of $ 0 and $ 389 , other current liabilities of $ 0 and $ 389 , and other noncurrent liabilities of $ 0 and $ 0 , respectively.
+Added: N/A N/A 5.5 %
+Added: On December 31, 2025 and 2024, there were no right of use assets reported on the balance sheet.
+Added: During the year ended December 31, 2025, the Company entered into a supply agreement with a third party that obligates the third party to construct a nitrogen plant to be used solely by the Company.
+Added: The third party is also obligated to make certain capital improvements during the term of the agreement.
+Added: The Company is obligated to provide and maintain related infrastructure and utilities and pay a monthly fee.
+Added: The arrangement for the use of the nitrogen plant meets the definition of a lease under Topic 842, as the Company will receive all output associated with it.
+Added: Based on terms outlined in the agreement, the Company expects the lease with an estimated amount of $ 8,500 to $ 10,900 to be classified as a finance lease when the nitrogen plant is placed in service, which is expected to occur in 2027.
Purchase obligations
3 unchanged sentences
1-3 years 412
−Removed: 4-5 years 137
Notes to Consolidated Financial Statements of FutureFuel Corp.
(Dollars in thousands, except per share amounts)
−Removed: Income tax Provision
−Removed: The following table summarizes the income tax provision (benefit) for the years ended:
+Added: The Company prospectively adopted ASU No.
+Added: 2023 - 09 (see Note 2 for further details) which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional disclosure on income taxes paid.
+Added: The following table summarizes the income (or loss) before income tax (or benefit) and the income tax (or benefit) from continuing operations for the years ended:
Income before taxes - U.S.
1 unchanged sentence
Income tax provision:
−Removed: 477 - ( 1,998 )
State and other
$ 165 $ 792 $ 1
+Added: Notes to Consolidated Financial Statements of FutureFuel Corp.
+Added: (Dollars in thousands, except per share amounts)
+Added: The following table reconciles the income tax provision (benefit) to the U.S.
+Added: federal statutory rate for the year ended December 31, 2025.
+Added: federal income tax at the statutory tax rate
+Added: $ ( 10,339 ) 21.0 %
+Added: State and local income taxes, net of U.S.
+Added: federal effect (a)
+Added: ( 1,430 ) 2.9
+Added: Research credit
+Added: Change in valuation allowance
+Added: 11,610 ( 23.6 )
+Added: Nontaxable or nondeductible items:
+Added: Other Adjustments:
+Added: Expiration of federal capital loss carryforward
+Added: Income tax provision
+Added: $ 165 ( 0.3 )%
+Added: (a) The Company is subject to taxation in the U.S.
+Added: federal jurisdiction and various state jurisdictions.
+Added: The significant driver of the state and local income tax expense, net of federal benefit, is primarily attributable to operations in Arkansas (greater than 50% ).
+Added: Notes to Consolidated Financial Statements of FutureFuel Corp.
+Added: (Dollars in thousands, except per share amounts)
Differences between the income tax provision (benefit) computed using the U.S.
11 unchanged sentences
Dividends received deduction
−Removed: - ( 0.1 ) ( 1.6 )
Capital loss carryforward expirations
1 unchanged sentence
State rate change and other deferred adjustments
−Removed: 1.2 ( 1.0 ) 3.6
State loss carryforward expirations
Valuation allowance for deferred tax assets
−Removed: 50.1 18.2 53.8
Income tax provision (benefit)
−Removed: 4.9 % 0.0 % ( 10.7 )%
−Removed: The income tax provision in 2024 was $ 792 or an effective tax rate of 4.9 % as compared to an income tax provision of $ 1 or an effective tax rate of 0.0 % in 2023 and an income tax benefit of $ 1,473 or an effective tax rate of ( 10.7 %) in 2022 .
+Added: The income tax provision in 2025 was $ 165 or an effective tax rate of ( 0.3 %) as compared to an income tax provision of $ 792 or an effective tax rate of 4.9 % in 2024 and an income tax provision of $ 1 or an effective tax rate of 0.0 % in 2023 .
+Added: The Company's effective tax rate for 2025 reflects the positive effect of the CFPC, new in 2025, and the Small Agri-biodiesel Producer Tax Credit that was reinstated with the Budget Reconciliation Act of 2025 and extended through December 31, 2026.
The Company’s effective tax rates for the years 2024 , and 2023 reflect the positive effect of the BTC and Small Agri-biodiesel Producer Tax Credit.
−Removed: Based on technical guidance from the Internal Revenue Service, the Company excludes the portion of the BTC not used to satisfy excise tax liabilities from income.
−Removed: Both incentives expired in December 2024.
−Removed: The Company’s 2022 effective tax rate reflects the negative impact to the Company’s overall state income tax position of its 2021 decision to phase out its shipments on the petroleum products common carrier pipelines and the termination of these operations in 2022.
−Removed: This operational change shifts the Company’s business among various states such that its net deferred tax liabilities will be realized at higher rates.
−Removed: Additionally, the Company’s 2024 and 2023 state deferred tax provision reflects one -time benefits from state legislation enacted during these years which apply lower tax rates to future reversals of deferred tax liabilities.
−Removed: In 2024, the Company determined that its future reversing net deferred tax liabilities would not support full realization of its existing net deferred tax asset and recorded a net deferred tax liability of $ 773 .
−Removed: In 2023 and 2022, the Company determined that its deferred tax assets are realizable only to the extent of its deferred tax liabilities and recorded a valuation allowance that reduces its net deferred tax asset to $0.
+Added: Based on technical guidance from the Internal Revenue Service, the Company excluded the portion of the BTC not used to satisfy excise tax liabilities from income.
Notes to Consolidated Financial Statements of FutureFuel Corp.
23 unchanged sentences
Deferred tax liabilities
−Removed: Derivative instruments
LIFO inventory
10 unchanged sentences
State net operating loss carryforwards at December 31, 2025 reflect losses generated in 2020 through 2025 and, if unused, will expire in years 2028 through 2045.
−Removed: Federal and state tax losses are primarily a function of the nontaxable nature of the BTC.
Federal tax credit carryforwards at December 31, 2025 include the Small Agri-biodiesel Producer Credit and Credit for Increasing Research generated in years 2019 through 2025 and expiring in 2039 through 2045.
6 unchanged sentences
As of December 31, 2025, the Company determined that its deferred tax liabilities would not be sufficient to support its deferred tax assets and recorded a valuation allowance of $ 33,916 , resulting in a net deferred tax liability of $ 910 .
−Removed: As of December 31, 2023 and 2022, the Company recorded valuation allowances of $ 14,216 and $ 7,392 , respectively, after determining that its total deferred tax assets are more likely than not realizable only to the extent of its deferred tax liabilities.
−Removed: There are no unrecognized tax positions as of December 31, 2024 , 2023 , or 2022 , and the Company does not anticipate any change over the next twelve months.
−Removed: The Company records interest expense (income) and penalties, net, as a component of income tax (benefit) provision and had accrued interest and penalties of $ 0 , $ 0 , and ($ 95 ) for December 31, 2024, 2023 and 2022 , respectively.
−Removed: Liabilities for accrued interest and tax penalties on unrecognized tax benefits were $ 0 at December 31, 2024 and 2023 , respectively.
+Added: As of December 31, 2024, the Company similarly recorded a valuation allowance of $ 22,385 , resulting in a net deferred tax liability of $ 773 .
+Added: There are no unrecognized tax positions as of December 31, 2025 , 2024 , or 2023 .
+Added: The Company records interest expense (income) and penalties, net, as a component of income tax provision (benefit) and had accrued interest and penalties of $ 0 , $ 0 , and $ 0 for December 31, 2025, 2024 and 2023 , respectively.
+Added: Liabilities for accrued interest and tax penalties on unrecognized tax benefits were $0 and $ 0 at December 31, 2025 and 2024 , respectively.
The Company and its subsidiaries file income tax returns in the U.S.
1 unchanged sentence
In general, the Company is subject to U.S., state, and local examinations by tax authorities from 2022 forward.
+Added: The following table presents income taxes paid (net of refunds) for the year ending December 31, 2025:
+Added: Jurisdiction 2025
+Added: State of Iowa ( 15 )
+Added: State of New York 2
+Added: State of Tennessee 40
Notes to Consolidated Financial Statements of FutureFuel Corp.
2 unchanged sentences
In the years ended December 31, 2025, 2024 and 2023, the Company used the treasury method in computing earnings per share as all shares with participating security holders had vested.
−Removed: There were 750,000 outstanding restricted stock units (“RSUs”) issued during the year ended December 31, 2024 per the employment agreement with Roeland Polet and the Company.
−Removed: These RSUs, and related dividends, vest in five equal installments on each anniversary of the award date, September 3, 2024.
−Removed: There were no other outstanding RSUs for the year ended December 31, 2024, 2023 and 2022 .
+Added: The Company has outstanding restricted stock units (“RSUs”) issued in 2024, for 750,000 shares which provide the holder with a non-forfeitable right to receive dividends on the full amount, even prior to vesting.
+Added: The RSUs, and related dividends, vest in five equal installments on each anniversary of the award date.
+Added: There were no other outstanding RSUs for the years ended December 31, 2025, 2024 and 2023.
Basic and diluted earnings per common share were computed as follows:
Years ended December 31:
+Added: Net (loss) income
$ ( 49,397 ) $ 15,503 $ 37,382
9 unchanged sentences
$ ( 1.13 ) $ 0.35 $ 0.85
+Added: The effect of incremental shares from the unvested RSUs and options to purchase the Company's common stock were not included in the calculation of EPS for the year ended December 31, 2025, as their inclusion would be anti-dilutive due to the reported net loss.
Certain options to purchase the Company’s common stock were not included in the computation of diluted earnings per share for the years ended December 31, 2024 , and 2023 because they were anti-dilutive in the period.
−Removed: The weighted number of options excluded on this basis was 44,000 , 40,060 , and 33,754 , respectively.
+Added: The weighted number of options excluded was 47,500 , 44,000 , and 40,060 , respectively.
Notes to Consolidated Financial Statements of FutureFuel Corp.
14 unchanged sentences
In 2025, the Company issued the following awards under the Incentive Plan:
−Removed: 750,000 restricted stock units (“RSUs”) were issued in September 2024 to Roeland Polet, the Company’s Chief Executive Officer, in connection with his employment agreement with the Company which vest in five equal installments on each anniversary of the award date, September 3, 2024.
−Removed: The RSUs were estimated at $ 4,519 and will be recognized as compensation expense over the vesting period.
−Removed: The compensation expense recorded in 2024 was $ 392 .
−Removed: The equivalent dividends earned on the RSUs are forfeitable and recorded as a reduction in retained earnings with an increase in additional paid in capital for the dividends paid and dividends payable for those declared.
−Removed: 5,000 shares of restricted stock were awarded in December 2024 to each of the eight members of the Board of Directors for a total of 40,000 shares.
−Removed: The awards vested immediately and had a compensation expense of $ 206 .
−Removed: A total of 20,000 stock options were issued in March 2024 and August 2024 with 10,000 stock options issued to each of two new members of the Board of Directors.
−Removed: The options awarded have an exercise price equal to the mean between the highest and lowest quoted sales prices for the Company’s common stock as of the grant date as reported by the New York Stock Exchange.
−Removed: All options awarded in 2024 vested immediately and expire in 2029.
−Removed: The Company has used the Black Scholes Merton option pricing model, which relies on certain assumptions, to estimate the fair value of the options it granted.
−Removed: The weighted average fair value of options granted was $ 6.64 per option in 2024.
+Added: ● In April 2025, the Company granted 10,000 stock options to a newly appointed director.
+Added: The exercise price was determined by the average of the high and low trading prices of the Company’s common stock on the New York Stock Exchange on the date of the grant.
+Added: For financial statement purposes, these options are treated as being vested immediately and carry a five -year term, expiring in 2030.
+Added: The Company estimated the grant-date fair value of $ 3.96 per option using the Black-Scholes-Merton Valuation method.
+Added: In November 2025, the Company granted a total of 40,000 shares of restricted stock to its Board of Directors, consisting of 5,000 shares per non-employee director.
+Added: For financial statement purposes, these awards are treated as being vested immediately.
+Added: The aggregate grant date fair value for these awards was $ 130 .
+Added: ● In December 2025, the Company granted a total of 21,514 shares of restricted stock to seven members of the leadership team.
+Added: The awards vest 33 % each year over a three -year period and had a compensation expense of $ 18 .
+Added: In 2024, the Company issued the following awards under the Incentive Plan:
+Added: Pursuant to his employment agreement, the Company granted CEO Roeland Polet 750,000 RSUs on September 3, 2024.
+Added: These units vest in five equal annual installments beginning on the first anniversary of the grant date.
+Added: The grant-date fair value of the award was $ 4,519 , which is being recognized as compensation expense over the five -year vesting period.
+Added: During 2024, the company recorded $ 392 in related compensation expense.
+Added: Dividend equivalents on these RSUs were forfeitable and were recorded as a reduction to retained earnings with a corresponding increase to additional paid in capital for dividends paid and to dividends payable for those declared but unpaid.
+Added: In December 2024, the Company granted a total of 40,000 shares of restricted stock to its Board of Directors, consisting of 5,000 shares per non-employee director.
+Added: These awards vested immediately.
+Added: The aggregate grant-date fair value of these awards was $ 206 .
+Added: During 2024, the Company granted a total of 20,000 stock options to two new members of the Board of Directors ( 10,000 options each) in March and August.
+Added: The exercise price for these awards was set at the mean of the high and low trading prices of the Company’s common stock on the NYSE on the respective grant dates.
+Added: All 2024 director options vested immediately upon grant and carry a five -year term expiring in 2029.
+Added: Using the Black-Scholes-Merton valuation model, the Company determined the weighted-average grant-date fair value to be $ 6.64 per option.
In 2023, the Company did not make any grants under the Incentive Plan.
−Removed: In January 2022, the Company granted 24,000 stock options to the former Chief Executive Officer, the Chief Operating Officer at that time.
−Removed: In August 2022, the Company granted a total of 20,000 stock options, respectively, to two new members of the Board of Directors.
−Removed: The January options awarded vested immediately and expire in January 2025 per the separation agreement with the officer.
−Removed: Options awarded in August 2022 vested immediately and expire in August 2027.
−Removed: The options have an exercise price equal to the mean between the highest and lowest quoted sales prices for the Company’s common stock as of the grant date as reported by the New York Stock Exchange.
−Removed: The Company has used the Black Scholes Merton option pricing model, which relies on certain assumptions, to estimate the fair value of the options it granted.
−Removed: The weighted average fair value of options granted was $ 2.30 per option in 2022.
Notes to Consolidated Financial Statements of FutureFuel Corp.
5 unchanged sentences
Expected dividend yield
−Removed: 3.69 % n/a 3.34 %
Risk-free interest rate
9 unchanged sentences
In the years ended December 31, 2025, and 2024, this balance was recorded as an element of selling, general, and administrative expenses.
−Removed: For the year ended December 31, 2024, $ 277 was recorded as reduction to retained earnings for the forfeitable dividends of the RSUs.
+Added: A reduction to retained earnings for the forfeitable dividend of the RSU was recorded for $51and $ 277 , for the years ended December 31, 2025 and 2024, respectively.
As of December 31, 2025 and 2024 , there was no unrecognized compensation expense related to stock options.
As of December 31, 2025 and 2024, there was unrecognized compensation expense related to restricted stock units of $ 3,313 and $ 4,218 , respectively.
+Added: As of December 31, 2025 and 2024, there was unrecognized compensation expense related to restricted stock awards of $ 54 and $0, respectively.
A summary of the activity of the Company’s stock options f or the period beginning January 1, 2023, and ending December 31, 2025 is presented below.
3 unchanged sentences
Canceled, forfeited, or expired
+Added: ( 10,000 ) 16.21
Outstanding at December 31, 2023
7 unchanged sentences
(Dollars in thousands, except per share amounts)
−Removed: There wer e 3,506,324 stock units (option s or awards) available for grant under the Incentive Plan.
+Added: There wer e 3,456,008 shares of stock (option s or awards) available for grant under the Incentive Plan.
The following table provides the remaining contractual term and weighted average exercise prices of stock options outstanding and exercisable from the Incentive Plan at December 31, 2025 .
15 unchanged sentences
Albans exercises its registration rights with respect to all 17,085,100 shares of the Company’s common stock currently owned by it, there will be an additional 6,637,600 registered shares of common stock available for trading in the public market.
−Removed: Dividends payable at December 31, 2024 was $ 0.06 per common share per quarter or $ 10,699 .
+Added: Dividends payable at December 31, 2025 was $ 0.06 per common share or $ 2,681 payable in March 2026.
Notes to Consolidated Financial Statements of FutureFuel Corp.
10 unchanged sentences
Related party balance sheet accounts
−Removed: Accounts receivable
−Removed: Biodiesel, petrodiesel, blends and other petroleum products
−Removed: Total accounts receivable
−Removed: Prepaid expenses
−Removed: Administrative services and other
−Removed: Total prepaid expenses
Accounts payable
−Removed: Fuel purchases
Travel and administrative services and other
3 unchanged sentences
Biodiesel, petrodiesel, blends and other petroleum products
−Removed: $ - $ 22 $ 459
Total revenues
−Removed: $ - $ 22 $ 459
Cost of goods sold
25 unchanged sentences
The Company uses natural gas to generate steam for its manufacturing process and to support certain of its air and waste treatment utilities.
+Added: The Company terminated this agreement in 2021;
+Added: however, the settlement for the underlying natural gas was finalized in 2023.
Distribution and related services
2 unchanged sentences
Expenses related to this agreement include monthly lease charges, generally on a per-barrel basis, and associated heating, throughput, and other customary terminalling charges.
+Added: This agreement was terminated October 31, 2025.
Commodity trading advisory fees
5 unchanged sentences
Income tax and consulting services
−Removed: An affiliate provides professional services to the Company, primarily in the area of income tax preparation and consulting.
+Added: An affiliate provides professional services to the Company, primarily around income tax preparation and consulting.
The Company also receives certain finance and accounting expertise from this affiliate as requested.
−Removed: Expenses related to these services comprise an agreed quarterly fee plus reimbursement of expense, at cost and are reported as selling, general, and administrative expenses.
+Added: Expenses related to these services comprise an agreed quarterly fee plus reimbursement of expenses, at cost and are reported as selling, general, and administrative expenses.
+Added: These services ended December 31, 2025.
Notes to Consolidated Financial Statements of FutureFuel Corp.
14 unchanged sentences
Biodiesel revenues are generated through the sale of biodiesel to customers through the Company’s distribution network at the Batesville plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks.
−Removed: Results of the biofuels business segment also reflect the sale of biodiesel blends with petrodiesel, petrodiesel with no biodiesel added, RINs, biodiesel production byproducts, and revenue and profits from Legacy Regional Transport.
+Added: Results of the Biofuels segment also reflect the sale of biodiesel blends with petrodiesel, petrodiesel with no biodiesel added, RINs, biodiesel production byproducts, and revenue and profits from Legacy Regional Transport.
Summary of business by segment
10 unchanged sentences
Other income, net
−Removed: Net income before income taxes
+Added: Net (loss) before income taxes
For the Year Ended December 31, 2024
3 unchanged sentences
748 2,021 2,769
−Removed: Segment gross profit
+Added: Segment gross profit (loss)
$ 22,632 $ ( 2,988 ) $ 19,644
25 unchanged sentences
However, adverse developments could negatively impact earnings or cash flows in future periods.
−Removed: During the year ended December 31, 2024, the Company resolved a prior-year legal dispute which resulted in a cash payment of $ 2,750 to FutureFuel which is reflected in Other (expense) income in the Consolidated Statements of Income and Comprehensive Income in the twelve months ended December 31, 2024.
+Added: During the year ended December 31, 2024, the Company resolved a prior-year legal dispute which resulted in a cash payment of $ 2,750 to FutureFuel which is reflected in Other income (expense), net in the Consolidated Statements of Income and Comprehensive Income in the twelve months ended December 31, 2024.
Subsequent event
1 unchanged sentence
Where applicable, the notes to these consolidated financial statements have been updated to discuss significant subsequent events which have occurred, except as disclosed below.
−Removed: A vendor's late delivery of essential wastewater management infrastructure caused the Company in January 2025 to halt its biodiesel production to manage wastewater processing within our permit limits.
−Removed: Consequently, the Company decided to move up its planned turnaround, initially scheduled for later in the year, and began this process in early January 2025.
−Removed: Subsequently, in late February, severe inclement weather impacted the Company's ability to complete the turnaround and restart the various production processes it operates in Batesville.
−Removed: Biodiesel production will likely not restart until the end of March 2025 at the earliest.
−Removed: On February 21, 2025, the Company, amended and restated its credit agreement as detailed in Note 12.
+Added: On January 27, 2026, the Company experienced an extended downtime of the plant due to the extreme freezing temperatures of Winter Storm Fern.
+Added: As of February 25, 2026, all but one continuous process was restarted.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
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.