FutureFuel Corp. 10-K

Item 8. Financial Statements and Supplementary Data. Financials. 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. Item Page Report of Independent Registered Public Accounting Firm (Grant Thornton LLP: PCAOB ID 248 ) 48 Report of Independent Registered Public Accounting Firm (RSM US LLP: PCAOB ID 49) 49 Consolidated Balance Sheets 50 Consolidated Statements of Income and Comprehensive Income 51 Consolidated Statements of Cash Flows 52 Consolidated Statements of Changes in Stockholders' Equity 53 Notes to Consolidated Financial Statements of FutureFuel Corp. 54 Note 1. Description of business and operations 54 Note 2. Significant accounting policies and basis of presentation 54 Note 3. Government tax credits 60 Note 4. Revenue Recognition 61 Note 5. Inventory 63 Note 6. Derivative instruments 63 Note 7. Marketable securities 64 Note 8. Fair value measurements 64 Note 9. Property, plant, and equipment 65 Note 10. Other assets 65 Note 11. Accrued expenses and other liabilities 65 Note 12. Borrowings 66 Note 13. Asset retirement obligations and environmental reserves 66 Note 14. Lease commitments and purchase obligations 67 Note 15. Income taxes 68 Note 16. Earnings per share 72 Note 17. Stock-based compensation 73 Note 18. Stockholders' equity 75 Note 19. Employee benefit plans 76 Note 20. Related party transactions 76 Note 21. Segment information 78 Note 22. Legal proceedings 79 Note 23. Subsequent events 79 47 Table of Contents Report of Independent Registered Public Accounting Firm Board of Directors and Stockholders FutureFuel Corp. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of FutureFuel Corp. (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”). 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. Basis for opinion These consolidated financial statements are the responsibility of the Company’s management. 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. 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. 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. 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. We believe that our audits provide a reasonable basis for our opinion. Critical audit matter 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: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters. /s/ GRANT THORNTON LLP We have served as the Company’s auditor since 2024. Tulsa, Oklahoma March 16, 2026 48 Table of Contents Report of Independent Registered Public Accounting Firm Shareholders and the Board of Directors FutureFuel Corp. Opinion on the Financial Statements 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. and subsidiaries (the Company). 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. Our responsibility is to express an opinion on the Company's financial statements based on our audit. 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. 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. 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. 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. We believe that our audit provide a reasonable basis for our opinion. /s/RSM US LLP We served as the Company’s auditor from 2019 to 2024. St Louis, Missouri March 14, 2024 (May 10, 2024, as to the effects of the restatement discussed in Note 25 of the consolidated financial statements filed on Form 10-K/A on May 10, 2024) 49 Table of Contents FutureFuel Corp. Consolidated Balance Sheets As of December 31, 2025 and 2024 (Dollars in thousands) 2025 2024 Assets Cash and cash equivalents $ 51,316 $ 109,541 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 9,405 21,896 Inventory, net 21,254 20,643 Income tax receivable 88 53 Prepaid expenses 4,077 3,978 Other current assets 14,383 8,675 Total current assets 100,523 164,786 Property, plant and equipment, net 86,797 78,538 Other noncurrent assets 4,922 4,367 Total noncurrent assets 91,719 82,905 Total Assets $ 192,242 $ 247,691 Liabilities and Stockholders’ Equity Accounts payable, inclusive of the blenders’ tax credit rebates due to customers of $ 0 and $ 890 , respectively $ 10,633 $ 10,483 Accounts payable – related parties 40 139 Deferred revenue – current 1,726 904 Dividends payable-current 2,761 10,699 Accrued expenses and other current liabilities 2,576 11,082 Total current liabilities 17,736 33,307 Deferred revenue – noncurrent 14,453 6,324 Dividends payable -noncurrent 196 - Noncurrent deferred income taxes 910 773 Other noncurrent liabilities 4,239 1,466 Total noncurrent liabilities 19,798 8,563 Total liabilities 37,534 41,870 Commitments and contingencies Preferred stock, $ 0.0001 par value, 5,000,000 shares authorized, none issued and outstanding - - Common stock, $ 0.0001 par value, 75,000,000 shares authorized, 43,863,507 and 43,803,243 issued and outstanding as of December 31, 2025 and 2024, respectively 4 4 Additional paid in capital 203,771 205,434 Retained earnings (accumulated deficit) ( 49,067 ) 383 Total stockholders’ equity 154,708 205,821 Total Liabilities and Stockholders’ Equity $ 192,242 $ 247,691 The accompanying notes are an integral part of these consolidated financial statements. 50 Table of Contents FutureFuel Corp. Consolidated Statements of Income and Comprehensive Income For the Years Ended December 31, 2025, 2024 and 2023 (Dollars in thousands, except per share amounts) 2025 2024 2023 Revenue $ 95,742 $ 243,339 $ 368,228 Revenue – related parties - - 22 Cost of goods sold 132,831 220,860 324,311 Cost of goods sold – related parties 11 66 ( 315 ) Distribution 2,160 2,590 3,099 Distribution – related parties 165 179 176 Gross (loss) profit ( 39,425 ) 19,644 40,979 Selling, general, and administrative expenses Compensation expense 5,563 4,838 4,545 Other expense 3,462 3,809 4,052 Related party expense 674 632 616 Research and development expenses 3,866 3,993 4,398 Total operating expenses 13,565 13,272 13,611 (Loss) income from operations ( 52,990 ) 6,372 27,368 Interest and dividend income 3,911 7,656 9,577 Interest expense ( 153 ) ( 138 ) ( 138 ) Gain on marketable securities - - 575 Other income, net - 2,405 1 Other income 3,758 9,923 10,015 (Loss) income before income taxes ( 49,232 ) 16,295 37,383 Income tax provision 165 792 1 Net (loss) income $ ( 49,397 ) $ 15,503 $ 37,382 (Loss) earnings per common share Basic $ ( 1.13 ) $ 0.35 $ 0.85 Diluted $ ( 1.13 ) $ 0.35 $ 0.85 Weighted average shares outstanding Basic 43,861,438 43,765,757 43,763,243 Diluted 43,861,438 43,765,757 43,764,683 2025 2024 2023 Comprehensive income Net (loss) income $ ( 49,397 ) $ 15,503 $ 37,382 Other comprehensive income (loss) from unrealized net losses on available-for- sale debt securities - - 2 Income tax effect - - ( 1 ) Total unrealized gain (loss), net of tax - - 1 Comprehensive (loss) income $ ( 49,397 ) $ 15,503 $ 37,383 The accompanying notes are an integral part of these consolidated financial statements. 51 Table of Contents FutureFuel Corp. Consolidated Statements of Cash Flows For the Years Ended December 31, 2025, 2024 and 2023 (Dollars in thousands) 2025 2024 2023 Cash flows from operating activities Net (loss) income $ ( 49,397 ) $ 15,503 $ 37,382 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation 9,657 9,208 10,348 Amortization of deferred financing costs 82 103 101 (Benefit) provision for deferred income taxes 137 773 - Change in fair value of equity securities - - ( 3,117 ) Change in fair value of derivative instruments ( 221 ) 1,971 ( 1,878 ) Loss on the sale of investments - - 2,543 Stock based compensation 1,008 359 - (Gain) loss on disposal of property, plant, and equipment ( 34 ) 30 29 Noncash interest expense 36 35 34 Changes in operating assets and liabilities: Accounts receivable 12,491 6,510 ( 2,208 ) Accounts receivable – related parties - 1 5 Inventory ( 611 ) 4,740 ( 4,445 ) Income tax receivable ( 35 ) 1,887 19 Prepaid expenses ( 99 ) 380 ( 652 ) Other assets ( 4,360 ) ( 146 ) ( 935 ) Accounts payable ( 519 ) ( 12,098 ) ( 6,493 ) Accounts payable – related parties ( 99 ) 97 ( 7,757 ) Dividends payable 47 186 - Accrued expenses and other current liabilities ( 8,506 ) 6,324 ( 720 ) Deferred revenue 8,951 ( 9,205 ) ( 2,418 ) Other noncurrent liabilities 2,737 ( 1,856 ) 1,461 Net cash (used in) provided by operating activities ( 28,735 ) 24,802 21,299 Cash flows from investing activities Collateralization of derivative instruments ( 1,388 ) ( 132 ) 1,343 Proceeds from the sale of marketable securities - - 37,701 Proceeds from the sale of property, plant, and equipment 34 6 - Capital expenditures ( 17,247 ) ( 14,668 ) ( 6,022 ) Net cash (used in) provided by investing activities ( 18,601 ) ( 14,794 ) 33,022 Cash flows from financing activities Deferred financing costs ( 376 ) - ( 14 ) Payment of dividends ( 10,513 ) ( 119,911 ) ( 10,503 ) Net cash used in financing activities ( 10,889 ) ( 119,911 ) ( 10,517 ) Net change in cash and cash equivalents ( 58,225 ) ( 109,903 ) 43,804 Cash and cash equivalents at beginning of period 109,541 219,444 175,640 Cash and cash equivalents at end of period $ 51,316 $ 109,541 $ 219,444 Cash paid for interest $ 71 $ - $ - Cash paid for income taxes $ 27 $ 457 $ 20 Noncash investing and financing activities: Noncash capital expenditures included in accounts payable $ 669 $ 403 $ 333 Dividends payable $ 2,957 $ 10,699 $ 10,503 The accompanying notes are an integral part of these consolidated financial statements. 52 Table of Contents FutureFuel Corp. Consolidated Statements of Changes in Stockholders ’ Equity For the Years Ended December 31, 2025, 2024 and 2023 (Dollars in thousands) Accumulated Retained Other Additional Earnings Total Common Stock Comprehensive Paid in (Accumulated Stockholders’ Shares Amount Income Capital Deficit) Equity Balance - December 31, 2022 43,763,243 $ 4 $ ( 1 ) $ 282,489 $ 508 $ 283,000 Cash dividends declared - - - - ( 10,503 ) ( 10,503 ) Other comprehensive loss - - 1 - - 1 Net Income - - - - 37,382 37,382 Balance - December 31, 2023 43,763,243 $ 4 $ - $ 282,489 $ 27,387 $ 309,880 Cash dividends declared - - - ( 77,691 ) ( 42,230 ) ( 119,921 ) Stock based compensation 40,000 - - 636 ( 277 ) 359 Net Income - - - - 15,503 15,503 Balance - December 31, 2024 43,803,243 $ 4 $ - $ 205,434 $ 383 $ 205,821 Cash dividends declared - - - ( 2,632 ) ( 2 ) ( 2,634 ) Stock based compensation 60,264 - - 969 ( 51 ) 918 Net Loss - - - - ( 49,397 ) ( 49,397 ) Balance - December 31, 2025 43,863,507 $ 4 $ - $ 203,771 $ ( 49,067 ) $ 154,708 The accompanying notes are an integral part of these consolidated financial statements. 53 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 1. DESCRIPTION OF BUSINESS AND OPERATIONS FutureFuel Corp. (the “Company”) is a Delaware corporation with its wholly owned subsidiaries, FutureFuel Chemical Company; FutureFuel Warehouse Company, L.L.C.; and Legacy Regional Transport, L.L.C. The Company’s sole operating facility is FutureFuel Chemical Company located in Batesville, Arkansas, a manufacturer of specialty and performance chemicals and biofuels. 2. SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Financial Presentation The consolidated financial statements of FutureFuel Corp. and subsidiaries are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and include amounts that are based upon management estimates and judgments which could differ from actual future results. Intercompany transactions and balances are eliminated in consolidation. Cash and cash equivalents Cash equivalents include highly liquid investments with original maturities of three months or less. These are recorded at cost, which closely reflects fair value. The Company maintains its cash and temporary cash investments with high-credit, quality financial institutions. 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 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. 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. Write-offs are recorded at the time a customer receivable is deemed uncollectible. Customer concentrations 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. 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. Receivables for the significant customers at December 31, 2024, were 13 % o f total receivables. For the year ended December 31, 2025, three chemical customers each represented greater than 10% of total sales revenue for a total of 50 %. For the years ended December 31, 2024, and 2023, no chemical customer represented greater than 10% of total sales revenue. Two chemical customers had receivables that were 38 % and 29 % of total receivables as of December 31, 2025. One chemical customer had a receivable that was 20 % of total receivables as of December 31, 2024. 54 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) Inventory Inventories are valued at the lower of cost or market or net realizable value. The Company determines the cost of raw materials, work in process, and finished goods inventories by the last-in, first -out (“LIFO”) method. The cost of all other inventories is determined by the average cost method, which approximates the first -in, first -out ("FIFO") method. The Company writes down its inventories for estimated obsolescence or unmarketable inventory equal to the difference between the carrying value of inventory and the estimated market value based upon assumptions about future demand and market conditions. Derivative instruments The Company records all derivative instruments at fair value. Fair value is determined by using the closing prices of the derivative instruments on the New York Mercantile Exchange at the end of an accounting period. Changes in the fair value of derivative instruments are recognized at the end of each accounting period and recorded in the consolidated statements of income and comprehensive income as a component of cost of goods sold. In order to manage commodity price risk caused by market fluctuations in biofuel prices, future purchases of feedstock used in biodiesel production, physical feedstock, finished product inventories attributed to the process, and other petroleum products purchased or sold, the Company may enter into exchange-traded commodity futures and options contracts. The Company accounts for these derivative instruments in accordance with Accounting Standards Codification (“ASC”) 815 - 20 - 25, Derivatives and Hedging . Under this standard, the accounting for changes in the fair value of a derivative instrument depends upon whether it has been designated as an accounting hedging relationship and, further, on the type of hedging relationship. To qualify for designation as an accounting hedging relationship, specific criteria must be met and appropriate documentation maintained. The Company had no derivative instruments that qualified under these rules as designated accounting hedges in 2025, 2024, or 2023. 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. Marketable securities Investments consist of marketable equity and debt securities stated at fair value. The debt securities are designated as available-for-sale securities at the time of purchase based upon the intended holding period. 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. Changes in the fair value of debt securities are recognized in accumulated other comprehensive income on the consolidated balance sheets, unless the Company determines that an unrealized loss will not be recovered before it is sold, in which case, the Company will recognize the loss as a component of other income (expense). See Notes 7 and 8 for further information on marketable securities and fair value measurements. 55 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) Fair value measurements The Company records recurring and non-recurring financial assets and liabilities as well as all non-financial assets and liabilities subject to fair value measurement at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. These fair value principles prioritize valuation inputs across three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. 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 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. Property, plant, and equipment, net Property, plant, and equipment, net is carried at cost less accumulated depreciation. Maintenance and repairs are charged to earnings; replacements and betterments are capitalized. When the Company retires or otherwise disposes of an asset, it removes the cost of such asset and related accumulated depreciation from the accounts. The Company records any profit and loss on retirement or other disposition in earnings. Depreciation expense is calculated based on historical cost and the estimated useful lives of the assets, generally using the straight-line method with the following useful lives: Building & building equipment (years) 20 – 39 Machinery and equipment (years) 3 – 33 Transportation equipment (years) 5 – 33 Other (years) 5 – 33 Impairment of assets 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. 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. 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. 56 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) Asset retirement obligations and environmental costs The Company establishes reserves for closure/post-closure costs associated with the environmental and other assets it maintains, which include, but are not limited to, waste management units, such as a chemical waste destructor, storage tanks, and boilers. When these types of assets are constructed or installed, a liability is established with a corresponding asset for the future costs anticipated to be associated with the closure of the site based on an expected life of the environmental assets, the applicable regulatory closure requirements, and the Company’s environmental policies and practices. These expenses are charged into earnings over the estimated useful life of the assets. Currently, the Company estimates the useful life of each individual asset up to 27 years. 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. Leases 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. Right-of-use (“ROU”) lease assets represent the Company's right to use an underlying asset for the term of lease. Lease liabilities represent the Company's obligation to make lease payments associated with the lease. 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. ROU assets include any lease payments made and exclude lease incentives. Lease terms may also include an option to extend or terminate the lease. These options would be recognized when it was reasonably certain the Company would exercise the option. Litigation 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. The Company accrues a liability for such matters when it is probable that a liability has been incurred, and the amount can be reasonably estimated. When a single amount cannot be reasonably estimated but the cost can be estimated within a range, the Company accrues the minimum amount. Revenue recognition In accordance with ASC Topic 606, Revenue from Contracts with Customers , the Company recognizes revenue when performance obligations of the customer contract are satisfied. The Company sells to customers through master sales agreements or standalone purchase orders. The majority of the Company’s revenue is from short-term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer is satisfied. Accordingly, the Company recognizes revenue when control is transferred to the customer, which is when products are considered to meet customer specification per the customer contract and title and risk of loss are transferred. This typically occurs at the time of shipment or delivery; or for certain contracts, this occurs upon delivery of the material to a Company storage location, ready for customer pickup and separated from other Company inventory. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated price. 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. 57 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (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; and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed. Revenue within the biofuel segment includes revenue from biodiesel RINs. RINs are renewable identification numbers under the Renewable Fuel Standard ( “RFS2” ) used to incent the use of renewable fuels domestically. RINs are generated at 1.5 RINs per gallon of biodiesel produced and sold. Revenue is recognized from RINs when transferred to the buyer in the government provided tracking system. No cost is incurred in the generation of a RIN. Taxes collected from customers remitted to governmental authorities are recorded as a reduction of the transaction price. 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. The Company follows the direct-expense method of accounting for turnaround activities with associated costs included in cost of goods sold. 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. Distribution expense includes outbound freight costs, depreciation of distribution equipment, and other indirect costs necessary to distribute product. Selling, general, and administrative expenses Selling, general, and administrative expenses include personnel costs associated with sales, marketing, and administration; legal and related costs; consulting and professional service fees; advertising expenses; and other similar costs. Research and development expenses Research and development expenses include direct salaries, depreciation of equipment, material expenditures, contractor fees, and other indirect costs. All costs identified as research and development costs are charged to expense when incurred. Comprehensive income Comprehensive income is comprised of net income and other comprehensive income (loss) (“OCI”). Comprehensive income comprises all changes in stockholders’ equity from transactions and other events and circumstances from non-owner sources. The Company’s OCI comprises unrealized gains and losses resulting from its investments in marketable debt securities classified as available-for-sale (see Note 7 ). Unrealized gains and losses were determined using the specific identification method and are classified in OCI. 58 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) Income taxes The income tax (benefit) provision is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represent income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. A tax valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In assessing the recoverability of its deferred tax assets, the Company evaluates available positive and negative evidence to estimate whether it is more likely than not that sufficient future taxable income will be generated to permit use of the existing deferred tax assets in each taxpaying jurisdiction. In making this determination, the Company considers positive evidence in the form of projections of future taxable income, reversing temporary differences, and tax planning strategies. 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. New Accounting Standards From time to time, the Financial Accounting Standards Board (“FASB”) or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through issuance of an Accounting Standards Update (“ASU”). 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. New accounting standards adopted In December 2023, the FASB issued ASU No. 2023 - 09 “ Income Taxes (Topic 740 ): Improvements to Income Tax Disclosures. ” ASU 2023 - 09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional disclosure on income taxes paid. We adopted this guidance prospectively for the year ending December 31, 2025 and have provided the required disclosures. See Note 15 Income Taxes. New accounting standards issued but not yet adopted 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. ” ASU 2024 - 03 requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This guidance will be effective for us on January 1, 2027. The Company is currently evaluating the impact of the changes required by the new standard on the Company's financial statements and disclosures. In July 2025, the FASB issued ASU 2025 - 05 “ Financial Instruments - Credit Losses (Topic 326 ): Measurement of Credit Losses for Accounts Receivable and Contract Assets. ” ASU 2025 - 05 permits the use of certain estimates and assumptions in developing forecasts used for determining expected credit losses on accounts receivable. This guidance will be effective for us on January 1, 2026. We do not expect the above guidance to materially impact our consolidated financial statements. In September 2025, the FASB issued ASU 2025 - 06 “ Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350 - 40 ): Targeted Improvements to the Accounting for Internal-Use Software. ” ASU 2025 - 06 eliminates the consideration of project development stages in determining whether a cost is eligible for capitalization. Instead, cost capitalization will be based on a “probable to complete” threshold. This guidance will be effective for us on January 1, 2028. We are evaluating the impact, if any, that the adoption of ASU 2025 - 06 may have on our consolidated financial statements. 59 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 3. GOVERNMENT TAX CREDITS BIODIESEL BLENDERS' TAX CREDIT 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. 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. The BTC expired December 31, 2024. SMALL AGRI-BIODIESEL PRODUCER TAX CREDIT (SAPC) The SAPC also expired on December 31, 2024. 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. The Company was eligible for this credit and recognized the credit in the same accounting period as the benefit from the BTC. The benefit of this credit was recognized as a component of income tax provision in the years ended December 31, 2024, and 2023. On July 4, 2025, the Budget Reconciliation Act of 2025 reinstated and extended the SAPC through December 31, 2026. 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. 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. CLEAN FUEL PRODUCTION TAX CREDIT (CFPC) 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. The Company’s biodiesel was approved for the CFPC in December 2024. This transferable, non-refundable income tax credit uses a sliding scale based on the fuel's greenhouse gas (“GHG”) emissions. 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. TRANSFERABLE TAX CREDITS (SAPC and CFPC) Due to the lack of specific U.S. GAAP guidance for the transferable tax credits, the Company elected to follow International Accounting Standards (“IAS”) 20 principles (“Accounting for Government Grants”). Accordingly, the SAPC and CFPC were recognized as a reduction in the cost of goods sold, net of estimated selling expenses when applicable. 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 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. The Company applied for this credit and will recognize the benefit of the credit once reasonable assurance can be made as to the retention of the credit. 60 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 4. REVENUE RECOGNITION The majority of revenue is from contracts with less than one -year arrangements with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer is satisfied. Certain of the Company’s custom chemical contracts within the chemical segment contain a material right, as defined by ASC Topic 606, from the provision of a customer option to purchase future goods or services at a discounted price as a result of upfront payments provided by customers. Each contract also has a performance obligation to transfer products with 30 -day payment terms. The Company recognizes revenue when the customer takes control of the inventory, either upon shipment or when the material is made available for pick up. If the customer is deemed to take control of the inventory prior to pick up, the Company recognizes the revenue as a bill-and-hold transaction in accordance with ASC Topic 606. The Company applies the renewal option approach in allocating the transaction price to these material rights and transfer of product. As a basis for allocating the transaction price to the material right and transfer of product, 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. Each estimate is updated quarterly on a prospective basis. The Company leases warehouse space under a short-term lease agreement with a term of twelve months. Lease revenue recognized under this agreement was $ 680 and $ 669 for the years ended December 31, 2025 and 2024, respectively. Contract Assets and Liabilities: Contract assets consist of unbilled amounts resulting from revenue recognized through bill-and-hold arrangements. The contract assets for 2025 and 2024 consist of unbilled revenue from one customer and unbilled capital reimbursements from another customer and are recorded as accounts receivable in the consolidated balance sheets. Contract liabilities consist of advance payments related to material rights recorded as deferred revenue in the consolidated balance sheets. Increases to contract liabilities from cash received or due for a performance obligation of chemical segment plant expansions were $ 9,725 and $ 0 in 2025 and 2024 , respectively. Contract liabilities are reduced as the Company transfers product to the customer under the renewal option approach. Revenue recognized in the chemical segment from the contract liability reductions were $ 551 and $ 8,984 in 2025 and 2024 , respectively. One contract liability ended in 2024 with additional revenue recognition of $ 5,492 in 2024. This contract was expected to be negotiated before the end of the year based on a letter of intent and was not renewed. The customer continues to purchase material from the Company on a short-term purchased order basis. Contract asset and liability balances are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. The following table provides the opening and closing balances of receivables, contract assets, and contract liabilities from contracts with customers. Contract balances Contract Assets and Liabilities December 31, 2025 2024 2023 Trade receivables, included in accounts receivable* $ 8,660 $ 14,991 $ 15,897 Contract assets, included in accounts receivable 745 222 1,128 Contract liabilities, included in Deferred revenue - short-term 1,519 697 3,656 Contract liabilities, included in Deferred revenue - long-term 11,644 3,293 9,318 * 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. The Company includes non-contract liabilities resulting from federal and state railroad grants as deferred revenue in the consolidated balance sheets. 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. 61 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 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. 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. 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. See Note 2 for further information. Disaggregation of revenue - contractual and non-contractual Year ended December 31, 2025 2024 2023 Contract revenue from customers with > 1-year arrangements $ 18,066 $ 21,887 $ 37,055 Contract revenue from customer with < 1-year arrangements 77,454 221,230 330,973 Revenue from non-contractual arrangements 222 222 222 Total revenue $ 95,742 $ 243,339 $ 368,250 Timing of revenue Year ended December 31, 2025 2024 2023 Bill-and-hold revenue $ 36,690 $ 43,959 $ 43,766 Non-bill-and-hold revenue 59,052 199,380 324,484 Total revenue $ 95,742 $ 243,339 $ 368,250 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. The inventory was segregated from other Company inventory as it was custom manufactured and stored at the customer’s request and could not be sold to another buyer. Credit and payment terms for bill-and-hold transactions are similar to other specialty chemical customers. Sales revenue under bill-and-hold arrangements totaled $ 36,690 , $ 43,959 , and $ 43,766 , for the years ended December 31, 2025, 2024, and 2023, respectively. Of the bill-and-hold sales revenue recognized, $ 5,106 , $7,301 , and $ 4,317 had not been shipped for the years ended December 31, 2025, 2024, and 2023, respectively. These balances do not include contract assets that have not been billed or shipped as described above. The Company’s revenues for the years ended December 31, 2025, 2024 and 2023 attributable to the United States and foreign countries (based upon the billing addresses of its customers) were as follows. Year ended December 31, 2025 2024 2023 United States $ 94,790 $ 242,685 $ 367,368 All Foreign Countries 952 654 882 Total $ 95,742 $ 243,339 $ 368,250 For the years ended December 31, 2025, 2024 and 2023 , no revenues from a single foreign country were greater than 1% of total revenues. 62 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 5. INVENTORY The carrying values of inventory were as follows as of December 31: 2025 2024 At average cost (approximates current cost) Finished goods $ 14,771 $ 10,809 Work in process 684 872 Raw materials 13,879 15,335 29,334 27,016 LIFO reserve ( 8,080 ) ( 6,373 ) Total inventory $ 21,254 $ 20,643 A LIFO liquidation of $ 435 occurred in the year ended December 31, 2024. There was no liquidation in the years ended December 31, 2025 or 2023. 6. DERIVATIVE INSTRUMENTS 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: Asset/ (Liability) 2025 2024 Contract Fair Contract Fair Quantity Value Quantity Value Regulated fixed price future commitments, included in other current assets (in thousand barrels) 165 $ ( 13 ) 100 $ ( 235 ) The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $ 2,266 and $ 877 at December 31, 2025 and 2024 , respectively, and is classified as other current assets in the consolidated balance sheets. 63 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 7. MARKETABLE SECURITIES At December 31, 2025 and 2024, the Company held no marketable equity or trust preferred (debt) securities. 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. In 2023, the Company had no recategorized net gain or loss to report from accumulated other comprehensive income. 8. FAIR VALUE MEASUREMENTS Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants as of the measurement date. Fair value accounting pronouncements also include a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. Derivative instruments were fair value measurements using inputs considered as Level 1 holdings in the year ended December 31, 2025, as disclosed in Note 6. The Company had no Level 2 or Level 3 securities. 64 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 9. PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment consisted of the following at December 31: 2025 2024 Land and land improvements $ 5,967 $ 5,967 Buildings and building equipment 28,786 29,031 Machinery and equipment 211,157 191,868 Construction in progress 6,764 9,625 Accumulated depreciation ( 165,877 ) ( 157,953 ) Total $ 86,797 $ 78,538 Depreciation expense totaled $ 9,657 , $ 9,208 , and $ 10,348 for the years ended December 31, 2025, 2024 and 2023 , respectively. 10. OTHER ASSETS Other current assets consisted of the following at December 31: 2025 2024 Supplies and parts $ 9,372 $ 7,733 Clean Fuel Production Credit 2,460 0 Collateralization of derivative instruments 2,266 877 Small Producers Tax Credit 194 0 Other current assets 91 65 Total $ 14,383 $ 8,675 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. 11. ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other current liabilities consisted of the following at December 31: 2025 2024 Refundable deposit $ - $ 6,500 Employment tax credit - 1,856 Accrued employee liabilities 1,386 1,743 Accrued property, motor fuel and other taxes 1,059 881 Other current liabilities 131 102 Total $ 2,576 $ 11,082 Other noncurrent liabilities includes an employment tax credit with a balance of $ 2,737 and $ 0 at December 31, 2025 and 2024, respectively. The remaining balance of noncurrent liabilities is related to asset retirement obligations (see Note 13 ). 65 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 12. BORROWINGS 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. The interest rate floats at the following margins over Secured Overnight Financing Rate ("SOFR") or base rate based upon our leverage ratio. Adjusted SOFR Rate Loans Consolidated Leverage Ratio and Letter of Credit Fee Base Rate Loans Commitment Fee < 1.00:1.0 1.00 % 0.00 % 0.15 % ≥ 1.00:1.0 And < 1.50:1.0 1.25 % 0.25 % 0.15 % ≥ 1.50:1.0 And < 2.00:1.0 1.50 % 0.50 % 0.20 % ≥ 2.00:1.0 And < 2.50:1.0 1.75 % 0.75 % 0.20 % ≥ 2.50:1.0 2.00 % 1.00 % 0.25 % 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. There were no borrowings under the Credit Agreement at December 31, 2025 or December 31, 2024. 13. Asset retirement obligations and environmental reserves The Batesville plant generates hazardous and non-hazardous wastes, the treatment, storage, transportation, and disposal of which are regulated by various governmental agencies. In addition, the Batesville plant may be required to incur costs for environmental and closure and post-closure costs under the Resource Conservation and Recovery Act. The Company’s liability for asset retirement obligations and environmental contingencies was $ 1,502 and $ 1,466 as of December 31, 2025 and 2024 , respectively. These amounts are recorded in other noncurrent liabilities in the accompanying consolidated balance sheets. The accretion expense for 2025 , 2024 , and 2023 was $ 37 , $ 35 , and $ 35 , respectively. The periodic review of the asset retirement obligation calculations resulted in an addition to the reserve of $0 in 2025 , 2024 , and 2023 . 66 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 14. Lease commitments and purchase obligations The Company leased railcars under multi-year arrangements primarily for delivery of feedstock and biodiesel within its biofuels segment. The lease fees were fixed with no option to purchase and no upfront fees or residual value guarantees. All railcar leases were direct, and no subleases existed. These leases expired on December 31, 2024. Following are supplemental income statement and cash flow information related to leases. Year ended December 31, 2025 2024 2023 Operating lease expense $ - $ 534 $ 881 Short-term lease expense $ 227 $ 6 $ 9 Cash paid for operating leases $ - $ 534 $ 881 Weighted average discount rate, per annum N/A N/A 5.5 % On December 31, 2025 and 2024, there were no right of use assets reported on the balance sheet. 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. The third party is also obligated to make certain capital improvements during the term of the agreement. The Company is obligated to provide and maintain related infrastructure and utilities and pay a monthly fee. 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. 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 The Company has entered into contracts for the purchase of goods and services including contracts for feedstocks for biodiesel, expansion of the Company’s specialty chemicals segment, and related infrastructure with less than one -year terms. The Company holds two non-cancelable obligations for enterprise resource planning and software maintenance with p ayment obligations as of December 31, 2025 presented as follows. Less than 1 year $ 421 1-3 years 412 4-5 years - Total $ 833 67 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 15. Income taxES The Company prospectively adopted ASU No. 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. 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: 2025 2024 2023 Income before taxes - U.S. $ ( 49,232 ) $ 16,295 $ 37,383 Income tax provision: Federal Current - - - Deferred ( 68 ) 477 - State and other Current 29 19 1 Deferred 204 296 - Total $ 165 $ 792 $ 1 68 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) The following table reconciles the income tax provision (benefit) to the U.S. federal statutory rate for the year ended December 31, 2025. 2025 Amount % U.S. federal income tax at the statutory tax rate $ ( 10,339 ) 21.0 % State and local income taxes, net of U.S. federal effect (a) ( 1,430 ) 2.9 Tax credits: Research credit ( 191 ) 0.4 Change in valuation allowance 11,610 ( 23.6 ) Nontaxable or nondeductible items: CFPC ( 517 ) 1.1 Other 60 ( 0.1 ) Other Adjustments: Expiration of federal capital loss carryforward 865 ( 1.8 ) Other 107 ( 0.2 ) Income tax provision $ 165 ( 0.3 )% (a) The Company is subject to taxation in the U.S. federal jurisdiction and various state jurisdictions. 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% ). 69 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) Differences between the income tax provision (benefit) computed using the U.S. federal statutory income tax rate were as follows: 2024 2023 Amount computed using the statutory rate of 21% for 2024, 2023, and 2022 21.0 % 21.0 % Agri-biodiesel production credit ( 7.3 ) ( 3.2 ) Federal BTC benefit ( 58.2 ) ( 32.3 ) State BTC benefit ( 8.2 ) ( 4.4 ) Credit for increasing research activities ( 1.3 ) ( 0.5 ) Dividends received deduction - ( 0.1 ) Capital loss carryforward expirations 1.9 - State income taxes, net 2.4 2.3 State rate change and other deferred adjustments 1.2 ( 1.0 ) State loss carryforward expirations 2.6 - Valuation allowance for deferred tax assets 50.1 18.2 Other 0.7 - Income tax provision (benefit) 4.9 % 0.0 % 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 . 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. 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. 70 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) The significant components of deferred tax assets and liabilities were as follows as of December 31: 2025 2024 Deferred tax assets Compensation $ 55 $ 50 Inventory reserves 739 607 Self-insurance 82 78 Asset retirement obligation 342 331 Deferred revenue 3,146 1,631 Federal net operating loss carryforwards 31,540 21,099 State net operating loss carryforwards 4,652 3,359 Accrued expenses 634 767 Stock based compensation 267 129 Federal credit carryforwards 8,772 8,581 State credit carryforwards 867 676 Research & development costs 1,447 2,000 Derivative instruments 3 56 Capital loss and charitable contribution carryforwards 847 1,703 Other 7 9 Subtotal deferred tax assets 53,400 41,076 Valuation Allowance ( 33,916 ) ( 22,385 ) Total deferred tax assets 19,484 18,691 Deferred tax liabilities LIFO inventory ( 3,884 ) ( 4,185 ) Depreciation ( 15,753 ) ( 14,377 ) Prepaid expenses ( 757 ) ( 902 ) Total deferred tax liabilities ( 20,394 ) ( 19,464 ) Net deferred tax liabilities $ ( 910 ) $ ( 773 ) The Company’s federal net operating loss carryforwards at December 31, 2025 do not expire and can be carried forward indefinitely. Utilization of these carryforwards is limited to 80 % of taxable income in any given year. 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. 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. State credit carryforwards comprise Arkansas In-house Research Credits generated in 2019 through 2020 and expiring in 2028 through 2029. Capital loss and charitable contribution carryforwards were generated in 2020 through 2025 and will expire in 2026 through 2030. A valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In assessing the recoverability of its deferred tax assets, the Company evaluates available positive and negative evidence to estimate whether it is more likely than not that sufficient future taxable income will be generated to permit use of the existing deferred tax assets in each taxing jurisdiction. In making this determination, the Company considers positive evidence in the form of projections of future taxable income, reversing temporary differences, and tax planning strategies. 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 taking into account tax planning strategies and the reversing net deferred tax liability from temporary differences as sources of income. 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 . As of December 31, 2024, the Company similarly recorded a valuation allowance of $ 22,385 , resulting in a net deferred tax liability of $ 773 . There are no unrecognized tax positions as of December 31, 2025 , 2024 , or 2023 . 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. 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. federal jurisdiction and with various state jurisdictions. In general, the Company is subject to U.S., state, and local examinations by tax authorities from 2022 forward. The following table presents income taxes paid (net of refunds) for the year ending December 31, 2025: Jurisdiction 2025 Federal $ - State of Iowa ( 15 ) State of New York 2 State of Tennessee 40 Total $ 27 71 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 16. Earnings per share 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. 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. The RSUs, and related dividends, vest in five equal installments on each anniversary of the award date. 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: 2025 2024 2023 Numerator: Net (loss) income $ ( 49,397 ) $ 15,503 $ 37,382 Denominator: Weighted average shares outstanding – basic 43,861,438 43,765,757 43,763,243 Effect of dilutive securities: Stock options - - 1,440 Weighted average shares outstanding – diluted 43,861,438 43,765,757 43,764,683 Basic earnings per share $ ( 1.13 ) $ 0.35 $ 0.85 Diluted earnings per share $ ( 1.13 ) $ 0.35 $ 0.85 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. The weighted number of options excluded was 47,500 , 44,000 , and 40,060 , respectively. 72 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 17. Stock-based compensation The Board of Directors of the Company adopted an omnibus incentive plan which was approved by the shareholders of the Company at its 2017 annual shareholder meeting (the “Incentive Plan”). The purpose of the plan is to: ● Encourage ownership in the Company by key personnel whose long-term employment with or engagement by the Company or its subsidiaries is considered essential to its continued progress and, thereby, encourage recipients to act in the Company’s shareholders’ interests and share in its success; ● Encourage such persons to remain in the Company’s employ or in the employ of its subsidiaries; and ● Provide incentives to persons who are not the Company employees to promote the Company’s success. The Incentive Plan authorizes the Company to issue stock options (including incentive stock options and nonqualified stock options), common stock awards, and stock appreciation rights. Eligible participants in the plan include: (i) members of the Company’s board of directors and its executive officers; (ii) regular, active employees of the Company and any of its subsidiaries; and (iii) persons engaged by the Company or any of its subsidiaries to render services to the Company or its subsidiaries as an advisor or consultant. Awards under the Incentive Plan are limited to shares of the Company’s common stock, which may be shares acquired by the Company, including shares purchased in the open market, or authorized but un-issued shares. Awards are limited to 10 % of the issued and outstanding shares of the Company’s common stock in the aggregate. The Incentive Plan became effective upon its approval by the Company’s shareholders on September 7, 2017 and continues in effect for a term of ten years thereafter unless amended and extended by the Company or unless otherwise terminated. The Company recognizes compensation expense in its financial statements for common stock-based options, stock units, and stock awards based upon the grant-date fair value over the requisite service period. In 2025, the Company issued the following awards under the Incentive Plan: ● In April 2025, the Company granted 10,000 stock options to a newly appointed director. 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. For financial statement purposes, these options are treated as being vested immediately and carry a five -year term, expiring in 2030. The Company estimated the grant-date fair value of $ 3.96 per option using the Black-Scholes-Merton Valuation method. ● 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. For financial statement purposes, these awards are treated as being vested immediately. The aggregate grant date fair value for these awards was $ 130 . ● In December 2025, the Company granted a total of 21,514 shares of restricted stock to seven members of the leadership team. The awards vest 33 % each year over a three -year period and had a compensation expense of $ 18 . In 2024, the Company issued the following awards under the Incentive Plan: ● Pursuant to his employment agreement, the Company granted CEO Roeland Polet 750,000 RSUs on September 3, 2024. These units vest in five equal annual installments beginning on the first anniversary of the grant date. The grant-date fair value of the award was $ 4,519 , which is being recognized as compensation expense over the five -year vesting period. During 2024, the company recorded $ 392 in related compensation expense. 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. ● 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. These awards vested immediately. The aggregate grant-date fair value of these awards was $ 206 . ● 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. 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. All 2024 director options vested immediately upon grant and carry a five -year term expiring in 2029. 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. 73 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) There were no stock options exercised in 2025, 2024 or 2023. The assumptions used in the determination of the fair value of the options granted are provided in the following table: 2025 2024 2023 Assumptions Options Options Options Expected volatility rate 47.85 % 49.06 % N/A Expected dividend yield 6.06 % 3.69 % N/A Risk-free interest rate 3.92 % 4.25 % N/A Expected forfeiture rate 0.00 % 0.00 % N/A Expected term in years 2.3 2.3 N/A The volatility rate for the options granted in 2025 and 2024 were derived from the historical stock price volatility of the Company’s common stock over the same time period as the expected term of each stock option award. The volatility rate is derived by a mathematical formula using the daily closing stock price data over the expected term. The expected dividend yield is calculated using the Company’s expected dividend amount at the date of the option grant over the expected term divided by the fair market value of the Company’s common stock. Forfeitures for RSU grants are recognized as they occur. For the years ended December 31, 2025, 2024 and 2023 , total share-based compensation totaled $ 1,059 , $ 636 , and $0, respectively. In the years ended December 31, 2025, and 2024, this balance was recorded as an element of selling, general, and administrative expenses. 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. 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. Weighted Average Options Exercise Price Outstanding at January 1, 2023 44,000 $ 10.74 Granted - - Exercised - - Canceled, forfeited, or expired ( 10,000 ) 16.21 Outstanding at December 31, 2023 34,000 9.13 Granted 20,000 6.64 Exercised - - Canceled, forfeited, or expired ( 10,000 ) 12.07 Outstanding at December 31, 2024 44,000 7.33 Granted 10,000 3.96 Exercised - - Canceled, forfeited, or expired ( 4,000 ) 11.56 Outstanding at December 31, 2025 50,000 6.32 74 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 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 . Options Outstanding Options Exercisable Weighted Number Average Weighted Number Weighted Outstanding at Remaining Average Exercisable at Average Exercise December 31, Contractual Exercise December 31, Exercise Price 2025 Life Price 2025 Price $ 7.18 20,000 1.61 $ 7.18 20,000 $ 7.18 7.55 10,000 3.21 7.55 10,000 7.55 5.73 10,000 3.62 5.73 10,000 5.73 3.96 10,000 4.26 3.96 10,000 5.73 50,000 2.86 6.32 50,000 6.32 The aggregate intrinsic value of total options outstanding and exercisable was $ 0 at December 31, 2025 and 2024 . Intrinsic value is the amount by which the last trade price of the common stock closest to December 31, 2025 and 2024 exceeded the exercise price of the options granted. 18. Stockholders’ equity St. Albans Global Management, LLC (“St. Albans”), an entity affiliated with Mr. P. A. Novelly II, a member of the board, is entitled to demand that the Company register under the Securities Act of 1933, as amended, the resale of all shares of the Company’s common stock beneficially owned by it. If St. 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. Dividends payable at December 31, 2025 was $ 0.06 per common share or $ 2,681 payable in March 2026. 75 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 19. Employee benefit plans Defined contribution savings plan The Company currently offers its employees a company 401 (k) matching savings plan, which covers substantially all employees. Under this plan, the Company matches the amount of eligible employees’ contributions, subject to specified limits, up to 6 % of earnings. Company contributions totaled $ 2,017 , $ 2,080 , and $ 1,923 for the years ended December 31, 2025, 2024 and 2023 , respectively. 20. Related party transactions The Company enters into transactions with companies affiliated with or controlled by a director or significant stockholder. Revenues, expenses, accounts receivable, prepaid amounts, and unpaid amounts related to these transactions are captured on the consolidated financial statements as related party line items. These related party transactions are summarized in the following table and further described below. Related party balance sheet accounts 2025 2024 Accounts payable Travel and administrative services and other 40 139 Total accounts payable $ 40 $ 139 Related party income statement accounts Years ended December 31: 2025 2024 2023 Revenues Biodiesel, petrodiesel, blends and other petroleum products $ - $ - $ 22 Total revenues $ - $ - $ 22 Cost of goods sold Biodiesel, petrodiesel, blends, and other petroleum products $ 11 $ 66 $ - Natural gas purchases - - ( 315 ) Total cost of goods sold $ 11 $ 66 $ ( 315 ) Distribution Distribution and related services $ 165 $ 179 $ 176 Total distribution $ 165 $ 179 $ 176 Selling, general and administrative expenses Commodity trading advisory fees $ 328 $ 316 $ 308 Travel and administrative services 144 196 188 Income tax, consulting services and other 202 120 120 Total selling, general, and administrative expenses $ 674 $ 632 $ 616 76 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) Biodiesel, petrodiesel, blends, and other petroleum products The Company enters into agreements to buy and sell biofuels (biodiesel, petrodiesel, biodiesel/petrodiesel blends, RINs, and biodiesel production byproducts) with an affiliate from time to time. Such agreements are priced at the then-current market price of the product as determined from bids from other customers and/or market pricing services. Cost of goods sold related to these sales includes variable costs and allocated fixed costs. The revenue amounts presented in the table above result when the Company sells biodiesel, petrodiesel, blends, and other petroleum products to a related party regardless of who the material was purchased from. Likewise, cost of goods sold amounts result when biodiesel, petrodiesel, blends, and other petroleum products are purchased from a related party regardless of who the material was sold to. Natural gas purchases The Company uses natural gas to generate steam for its manufacturing process and to support certain of its air and waste treatment utilities. The Company terminated this agreement in 2021; however, the settlement for the underlying natural gas was finalized in 2023. Distribution and related services The Company leases oil storage capacity from an affiliate under a storage and throughput agreement. This agreement provides for the storage of biodiesel, diesel or biodiesel/petrodiesel blends, methanol, and biodiesel feedstocks in above-ground storage tankage at designated facilities of the affiliate. Expenses related to this agreement include monthly lease charges, generally on a per-barrel basis, and associated heating, throughput, and other customary terminalling charges. This agreement was terminated October 31, 2025. Commodity trading advisory fees The Company entered into a commodity trading advisory agreement with an affiliate. Pursuant to the terms of this agreement, the affiliate provides advice to the Company concerning the purchase, sale, exchange, conversion, and/or hedging of commodities as requested from time to time. Travel and administrative services The Company reimburses an affiliate for legal, trading, travel and other administrative services incurred on its behalf. Such reimbursement is performed at cost with the affiliate realizing no profit on the transaction. Income tax and consulting services 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. 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. These services ended December 31, 2025. 77 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) 21. Segment information The Company has two reportable segments organized along similar product lines – chemicals and biofuels. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2. The chief operating decision maker (“CODM”) is Roeland Polet, the chief executive officer. The CODM reviews the significant components for each of our segments. The CODM evaluates the performance of each reportable segment and decides how to allocate resources based on segment gross profit (loss) which includes the revenue and expenses that are directly attributable to management of each segment. The CODM uses segment gross profit (loss) to assess the income generated by each reportable segment and to decide which reportable segment to reinvest profits or pay dividends. Segment gross profit (loss) is also used to analyze performance against the budget and the Company’s competitors. Chemicals The Company’s chemicals segment manufactures diversified chemical products that are sold to third party customers. This segment comprises two product groups: “custom manufacturing” (manufacturing chemicals for specific customers) and “performance chemicals” (multi-customer specialty chemicals). Included in this segment is warehouse lease rental revenue from a warehouse that was originally acquired for chemical storage. Biofuels The Company’s biofuels segment manufactures and markets biodiesel. 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. 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 For the Year Ended December 31, 2025 Chemical Biofuel Total Revenue $ 59,565 $ 36,177 $ 95,742 Less: Cost of goods sold 71,514 61,328 132,842 Distribution 1,058 1,267 2,325 Segment gross profit (loss) $ ( 13,007 ) $ ( 26,418 ) $ ( 39,425 ) Reconciliation of Segment gross profit (loss) to Net Income before income taxes: Selling, general, and administrative expenses $ 9,699 Research and development expenses 3,866 Other income, net ( 3,758 ) Net (loss) before income taxes $ ( 49,232 ) For the Year Ended December 31, 2024 Chemical Biofuel Total Revenue $ 80,007 $ 163,332 $ 243,339 Less: Cost of goods sold 56,627 164,299 220,926 Distribution 748 2,021 2,769 Segment gross profit (loss) $ 22,632 $ ( 2,988 ) $ 19,644 Reconciliation of Segment gross profit (loss) to Net Income before income taxes: Selling, general, and administrative expenses $ 9,279 Research and development expenses 3,993 Other income, net ( 9,923 ) Net income before income taxes $ 16,295 78 Table of Contents Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) For the Year Ended December 31, 2023 Chemical Biofuel Total Revenue $ 79,333 $ 288,917 $ 368,250 Less: Cost of goods sold 48,650 275,346 323,996 Distribution 747 2,528 3,275 Segment gross profit $ 29,936 $ 11,043 $ 40,979 Reconciliation of Segment gross profit (loss) to Net Income before income taxes: Selling, general, and administrative expenses $ 9,213 Research and development expenses 4,398 Other expense, net ( 10,015 ) Net income before income taxes $ 37,383 Depreciation is allocated to segment cost of goods sold based on plant usage. Total assets and capital expenditures of the Company have not been allocated to individual segments as large portions of these assets are shared to varying degrees by each segment, causing such an allocation to be of little value. 22. Legal proceedings The Company is not a party to, nor is any of its property subject to, any material pending legal proceedings, other than ordinary routine litigation incidental to its business. However, from time to time, the Company may be a party to, or a target of, lawsuits, claims, investigations, and proceedings, including product liability, personal injury, asbestos, patent and intellectual property, commercial, contract, environmental, antitrust, health and safety, and employment matters, which the Company expects to be handled and defended in the ordinary course of business. While the Company is unable to predict the outcome of any matters currently pending, the Company does not believe that the ultimate resolution of any such pending matters will have a material adverse effect on its overall financial condition, results of operations, or cash flows. However, adverse developments could negatively impact earnings or cash flows in future periods. 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. 23. Subsequent event The Company evaluated subsequent events that would require an adjustment to the Company’s consolidated financial statements or require disclosure in the notes to the consolidated financial statements through the date of issuance of the consolidated financial statements. Where applicable, the notes to these consolidated financial statements have been updated to discuss significant subsequent events which have occurred, except as disclosed below. On January 27, 2026, the Company experienced an extended downtime of the plant due to the extreme freezing temperatures of Winter Storm Fern. As of February 25, 2026, all but one continuous process was restarted. 79 Table of Contents Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. None.