What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-11 compared with 2025-11-10 · 330 added, 160 removed, 288 unchanged (63% of the section changed)

2 unchanged sentences

Consolidated Balance Sheets

(Dollars in thousands)

September 30, 2025

(Dollars in thousands, except per share amounts)

(Unaudited) As Adjusted (Note 1)

March 31, 2026

December 31, 2025

1 unchanged sentence

$ 22,367 $ 51,316

Accounts receivable, inclusive of the blenders' tax credit of $ 0 and $ 6,683 , respectively, and net of allowances for expected credit losses of $ 29 and $ 29 , respectively

Accounts receivable, net of allowances for expected credit losses of $ 44 and $ 28 , respectively

Inventory, net

31,102 29,334

Income tax receivable

Prepaid expenses

Prepaid expenses – related parties

Other current assets

14,440 14,383

Total current assets

6 unchanged sentences

Liabilities and Stockholders’ Equity

Accounts payable, inclusive of the blenders’ tax credit rebates due customers of $ 28 and $ 890 , respectively

Accounts payable

$ 11,818 $ 10,633

3 unchanged sentences

Accrued expenses and other current liabilities

13,835 11,082

Total current liabilities

1 unchanged sentence

Deferred revenue – noncurrent

11,244 11,644

Dividends payable - noncurrent

Noncurrent deferred income taxes

1 unchanged sentence

Total noncurrent liabilities

19,505 19,943

Total liabilities

2 unchanged sentences

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, 43,803,243 shares issued and outstanding as of September 30, 2025 and December 31, 2024

Common stock, $ 0.0001 par value, 75,000,000 shares authorized, 43,863,507 shares issued and outstanding as of March 31, 2026 and December 31, 2025

Additional paid in capital

8 unchanged sentences

FutureFuel Corp.

Consolidated Statements of Operations and Net (Loss) Income

Consolidated Statements of Operations and Net Loss

(Dollars in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

September 30,

As Adjusted (Note 1)

Revenue – related parties

Cost of goods sold

1 unchanged sentence

Distribution – related parties

Gross (loss) profit

Selling, general, and administrative expenses

Compensation expense

Other expense

Other expense, net

Related party expense

1 unchanged sentence

Total operating expenses

(Loss) income from operations

Loss from operations

Interest income

Interest expense

Other (expense) income

Other income, net

(Loss) income before taxes

Income tax (benefit) provision

Net (loss) income

(Loss) earnings per common share

Loss before taxes

Income tax provision (benefit)

Loss per common share

Weighted average shares outstanding

3 unchanged sentences

(Dollars in thousands)

For the Nine Months Ended September 30, 2025

For the Three Months Ended March 31, 2026

Additional Earnings Total

Stockholders’

Balance - December 31, 2025

43,863,507 $ 4 $ 203,771 $ ( 41,132 ) $ 162,643

Cash dividends declared, $ 0.01 per share

- - ( 439 ) - ( 439 )

Stock based compensation

- - 313 ( 8 ) 305

- - - ( 20,582 ) ( 20,582 )

Balance - March 31, 2026

Stock based compensation

Balance - June 30, 2025

Stock based compensation

Balance - September 30, 2025

For the Nine Months Ended September 30, 2024

43,863,507 $ 4 $ 203,645 $ ( 61,722 ) $ 141,927

For the Three Months Ended March 31, 2025 (As Adjusted (Note 1))

Additional Earnings Total

Stockholders’

Balance - December 31, 2024

Cash dividends declared, $2.50 per common share

43,803,243 $ 4 $ 205,434 $ 383 $ 205,821

Change in accounting principle

- - - 6,252 6,252

Balance - December 31, 2024, as adjusted

43,803,243 4 205,434 6,635 212,073

Stock based compensation

- - 227 ( 1 ) 226

- - - ( 18,094 ) ( 18,094 )

Balance - March 31, 2025

Balance - June 30, 2024

Stock based compensation

Balance - September 30, 2024

43,803,243 $ 4 $ 205,661 $ ( 11,460 ) $ 194,205

The accompanying notes are an integral part of these consolidated financial statements.

2 unchanged sentences

(Dollars in thousands)

Nine Months Ended September 30,

Three Months Ended March 31,

As Adjusted (Note 1)

Cash flows from operating activities

Net (loss) income

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:

$ ( 20,582 ) $ ( 18,094 )

Adjustments to reconcile net loss to net cash used in operating activities:

Amortization of deferred financing costs

Provision for deferred income taxes

Provision (benefit) for deferred income taxes

Change in fair value of derivative instruments

Stock based compensation

(Gain) loss on disposal of property and equipment

Gain on disposal of property and equipment

Change in allowance for credit losses

Change in inventory reserve

Noncash interest expense

1 unchanged sentence

Accounts receivable

Accounts receivable – related parties

( 3,923 ) 13,969

( 2,037 ) ( 4,943 )

Income tax receivable

1 unchanged sentence

Prepaid expenses – related parties

( 1,681 ) ( 6 )

Accounts payable

931 ( 3,404 )

Accounts payable – related parties

Income tax payable

Dividends payable

Accrued expenses and other current liabilities

Deferred revenue

( 344 ) ( 31 )

Other noncurrent liabilities

Net cash (used in) provided by operating activities

Net cash used in operating activities

( 19,996 ) ( 5,395 )

Cash flows from investing activities

Collateralization of derivative instruments

( 934 ) ( 110 )

Proceeds from the sale of property and equipment

Capital expenditures

( 5,387 ) ( 4,003 )

Net cash used in investing activities

( 6,321 ) ( 4,082 )

Cash flows from financing activities

Payment of dividends

( 2,632 ) ( 2,628 )

Deferred financing costs

Net cash used in financing activities

( 2,632 ) ( 2,993 )

Net change in cash and cash equivalents

( 28,949 ) ( 12,470 )

Cash and cash equivalents at beginning of period

51,316 109,541

Cash and cash equivalents at end of period

Cash paid for income taxes

Cash paid for interest expense

$ 22,367 $ 97,071

Non-cash activities

Change in noncash capital expenditures

$ 254 $ ( 407 )

The accompanying notes are an integral part of these consolidated financial statements.

17 unchanged sentences

The cost of turnarounds incurred for routine repairs and maintenance or unplanned outages at our facility are expensed as incurred.

A component of Other expense, net, in the consolidated statement of operations and net loss for the three months ended March 31, 2026, includes $ 1,357 of incremental, non-recurring costs associated with the Winter Storm Fern freeze event, which caused a 30 -day shutdown for the majority of our manufacturing plant.

These expenditures primarily consisted of idle labor and emergency repairs and are abnormal to the Company's standard operations.

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share and per gallon amounts)

Effective January 1, 2026, the Company elected to change its method of accounting for certain inventory from last in, first out ("LIFO") to weighted average cost.

The Company believes the change to weighted average cost is preferable because it provides a better matching of costs and revenues, conforms the Company's inventory to a single method of accounting and improves comparability with the Company's peers.

Comparative financial statements for prior years have been adjusted to apply the new method retrospectively.

The tables below illustrate the impacts for the prior three -month period ended March 31, 2025, had the Company reported under the weighted average cost basis of accounting:

March 31, 2025

As Originally

Condensed Balance Sheets

Reported under LIFO

Effect of Change

Inventories, net

$ 26,664 $ 32,412 $ 5,748

Total current assets

143,377 149,125 5,748

227,669 233,417 5,748

Noncurrent deferred income taxes

773 720 ( 53 )

Total noncurrent liabilities

8,729 8,676 ( 53 )

Total liabilities

39,265 39,212 ( 53 )

Retained earnings (accumulated deficit)

( 17,261 ) ( 11,460 ) 5,801

Total stockholders' equity

188,404 194,205 5,801

Total Liabilities and Stockholders' Equity

227,669 233,417 5,748

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share and per gallon amounts)

Three months ended March 31, 2025

As Originally

Condensed Statement of Operations and Net Loss

Reported under LIFO

Effect of Change

$ 17,538 $ 17,538 $ -

Cost of goods sold

31,560 32,185 625

( 14,563 ) ( 15,188 ) ( 625 )

Loss from operations

( 18,838 ) ( 19,463 ) ( 625 )

Loss before taxes

( 17,637 ) ( 18,262 ) ( 625 )

Income tax provision (benefit)

6 ( 168 ) ( 174 )

( 17,643 ) ( 18,094 ) ( 451 )

Loss per common share

$ ( 0.40 ) $ ( 0.41 ) $ ( 0.01 )

Three months ended March 31, 2025

As Originally

Condensed Statements of Cash Flows

Reported under LIFO As Adjusted Effect of Change

$ ( 17,643 ) $ ( 18,094 ) $ ( 451 )

Provision (benefit) for deferred income taxes

- ( 174 ) ( 174 )

( 5,568 ) ( 4,943 ) 625

Net Cash flows from Operating Activities

( 5,395 ) ( 5,395 ) -

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share and per gallon amounts)

December 31, 2025

As Originally

Condensed Balance Sheet

Reported under LIFO

Effect of Change

Inventories, net

$ 21,254 $ 29,334 $ 8,080

Total current assets

100,523 108,603 8,080

192,242 200,322 8,080

Noncurrent deferred income taxes

910 1,055 145

Total noncurrent liabilities

19,798 19,943 145

Total liabilities

37,534 37,679 145

Retained earnings (accumulated deficit)

( 49,067 ) ( 41,132 ) 7,935

Total stockholder's equity

154,708 162,643 7,935

Total Liabilities and Stockholder's Equity

192,242 200,322 8,080

The following tables summarize the effect of the change on the Company's results of operations for the three months ended March 31, 2026.

March 31, 2026

Condensed Balance Sheets

As Computed under Weighted Average Cost

As Computed under LIFO

Effect of Change

Inventories, net

$ 31,102 $ 31,414 $ 312

Total current assets

84,143 84,455 312

178,997 179,309 312

Income tax payable

Total current liabilities

17,565 17,571 6

Noncurrent deferred income taxes

1,057 1,131 74

Total noncurrent liabilities

19,505 19,579 74

Total liabilities

37,070 37,150 80

Retained earnings (accumulated deficit)

( 61,722 ) ( 61,490 ) 232

Total stockholders' equity

141,927 142,159 232

Total Liabilities and Stockholders' Equity

178,997 179,309 312

Three months ended March 31, 2026

Condensed Statement of Operations and Net Loss

As Computed under Weighted Average Cost

As Computed under LIFO

Effect of Change

$ 31,952 $ 31,952 $ -

Cost of goods sold

47,012 46,700 ( 312 )

( 15,858 ) ( 15,546 ) 312

Loss from operations

( 20,843 ) ( 20,531 ) 312

Loss before taxes

( 20,574 ) ( 20,262 ) 312

Income tax provision (benefit)

( 20,582 ) ( 20,350 ) 232

Loss per common share

$ ( 0.47 ) $ ( 0.46 ) 0.01

Three months ended March 31, 2026

Condensed Statements of Cash Flows

As Computed under Weighted Average Cost

As Computed under LIFO

Effect of Change

$ ( 20,582 ) $ ( 20,350 ) $ 232

Benefit for deferred income taxes

( 2,037 ) ( 2,349 ) ( 312 )

Income taxes payable - 6 6

Net Cash flows from Operating Activities

( 19,996 ) ( 19,996 ) -

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share and per gallon amounts)

Recently Adopted Accounting Standards

Accounting standards update (“ASU”) No.

2023 - 09 Income Taxes (Topic 740 ):

Improvements to Income Tax Disclosures:

The FASB issued this ASU 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.

The amendments in this ASU apply to all entities that are subject to income taxes.

The ASU is effective for years beginning after December 15, 2024, but early adoption is permitted.

This ASU should be applied on a prospective basis, although retrospective application is permitted.

The Company has adopted the new standard effective for the year ended December 31, 2025;

however, the required disclosures are effective for our 2025 annual report.

The adoption has an immaterial impact on the Company's financial statements but additional disclosures will be included in the notes to the financial statements for the year ended December 31, 2025.

Accounting Standards Issued Not Yet Adopted as of September 30, 2025

2024 - 03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220 - 40 ):

In July 2025, the FASB issued Accounting Standards Update (“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 was effective for us January 1, 2026 and did not materially impact our consolidated financial statements.

Accounting Standards Issued, 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.

The FASB issued this ASU in November 2024 which aims to provide investors with more useful information about an entity’s expenses by improving disclosures on income statement expenses.

The amendments in this ASU require all public business entities to disclose disaggregated information about specific categories underlying certain income statement expense line items.

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.

Early adoption is permitted.

The Company is evaluating this accounting standard and currently does not expect the adoption to have a material impact on its financial statements and disclosures.

2025 - 06 Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350 - 40 ):

The FASB issued this ASU, which finalizes Proposed ASU No.

2024 - ED400 of the same name, in September 2025.

This ASU aims to address the challenges of applying current internal-use software accounting requirements (which were issued when companies followed a prescriptive and sequential development method) to software developed under more current, incremental and iterative development methods.

This ASU removes all references to a prescriptive and sequential software method, referred to as “project stages”, and requires a company to start capitalizing software costs when management has authorized or committed to funding the project and when it is probable that the project will be completed and the software will perform as intended.

The amendments in this ASU are effective for all entities for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods.

” 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 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 the Company's financial statements and disclosures.

In December 2025, the FASB issued ASU 2025 - 10 “ Government Grants (Topic 832 ):

Accounting for Government Grants Received by Business Entities.

” ASU 2025 - 10 finalizes proposed ASU No.

2024 - ED700 of the same name and establishes authoritative guidance for business entities on the recognition, measurement, and presentation of government grants.

A government grant is defined, in part, as a transfer of a monetary asset from a government to a business entity.

A government grant should not be recognized until it is probable that the business will comply with the conditions attached to the grant and that the grant will be received.

The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2029, and for interim reporting periods within those annual reporting periods.

Early adoption is permitted as of the beginning of an annual reporting period.

2 unchanged sentences

(Dollars in thousands, except per share and per gallon amounts)

GOVERNMENT TAX CREDITS

GOVERNMENT TAX CREDITS AND ASSET GRANTS

Due to the lack of specific U.S.

1 unchanged sentence

Accordingly, the following credits were recognized as a reduction in the cost of goods sold, net of estimated selling expenses.

BIODIESEL BLENDERS' TAX CREDIT

The biodiesel Blenders’ Tax Credit (“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.

The BTC expired December 31, 2024.

In addition, the Company utilizes the deferral method for grants related to long-lived assets, whereby the grant is recognized as deferred income and amortized to Other income and expense, net, systematically over the asset's productive life.

SMALL AGRI-BIODIESEL PRODUCER TAX CREDIT

The Small Agri-Biodiesel Producer Tax Credit also expired 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 through December 31, 2024.

The Small Agri-Biodiesel Producer Tax Credit expired December 31, 2024.

On July 4, 2025, the Budget Reconciliation Act of 2025 officially reinstated and extended the Small Producer's Tax Credit through December 31, 2026.

This transferable, nonrefundable credit offers eligible producers—those with a capacity of 60 million gallons or less—$0.20 per gallon on the first 15 million gallons of fuel they produce.

The benefit of this credit was recognized as a reduction in cost of goods sold following IAS 20.

The benefit of this credit is recognized as a reduction in cost of goods sold following IAS 20.

CLEAN FUEL PRODUCTION TAX CREDIT

The Clean Fuel Production Credit (“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 Clean Fuel Production Credit in December 2024.

This transferable, nonrefundable income tax credit uses a sliding scale based on the fuel's greenhouse gas (GHG) emissions.

The Company’s biodiesel was approved for the CFPC in December 2024.

This transferable, nonrefundable income tax credit uses a sliding scale based on the fuel's greenhouse gas 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.

For the three and nine months ended September 30, 2025, the Company recognized $ 2.5 million in CFPC.

For the three months ended March 31, 2026 and 2025, the Company recognized $ 1.2 million and $ 0.0 million, respectively, in CFPC.

In conjunction with a facility expansion project in March 2011, the Company secured federal and state grants.

The resulting asset, which has a 33 -year life, will have its value recognized as other operating income over the same period.

Notes to Consolidated Financial Statements of FutureFuel Corp.

9 unchanged sentences

Each estimate is updated quarterly on a prospective basis.

The Company has a short-term, twelve -month lease agreement for its warehouse space.

Lease revenue recognized under this agreement totaled $ 170 and $ 170 for the three months ended September 30, 2025, and 2024, respectively, and $ 510 and $ 499 for the nine months ended September 30, 2025 and 2024, respectively.

The Company leases warehouse space to a third -party tenant under a short-term lease agreement with a term of twelve months.

Lease revenue recognized under this agreement was $ 170 for both the three months ended March 31, 2026 and 2025.

Contract Assets and Liabilities:

Contract assets consist of unbilled amounts typically resulting from revenue recognized through bill-and-hold arrangements.

The contract assets at September 30, 2025 and December 31, 2024 consist of unbilled revenue from one customer and unbilled capital reimbursement from another customer and are recorded as accounts receivable in the consolidated balance sheets.

The contract assets at March 31, 2026 and December 31, 2025 consist of unbilled revenue from one customer and unbilled capital reimbursement from two customers and are recorded as accounts receivable in the consolidated balance sheets.

Contract liabilities consist of advance payment arrangements 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 $ 0 and $ 0 for the three months and $ 125 and $ 0 for the nine months ended September 30, 2025 and 2024, respectively.

Increases to contract liabilities from cash received or due for a performance obligation of chemical segment plant expansions were $ 0 for both the three months ended March 31, 2026 and 2025.

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 was $ 61 and $ 936 for the three months and $ 171 and $ 2,539 for the nine months ended September 30, 2025 and 2024 , respectively.

Revenue recognized in the chemical segment from the contract liability reductions was $ 345 and $ 30 for the three months ended March 31, 2026 and 2025 , respectively.

These 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.

1 unchanged sentence

Contract Assets and Liability Balances

September 30, 2025

March 31, 2026

December 31, 2025

1 unchanged sentence

Trade receivables, included in accounts receivable*

$ 12,544 $ 8,660 $ 14,991

Contract assets, included in accounts receivable

Contract liabilities, included in deferred revenue - short-term

1,575 1,519 697

Contract liabilities, included in deferred revenue - long-term

* Exclusive of the BTC of $ 0 , $ 6,683 , and $ 11,381 , respectively, and net of allowances for expected credit losses of $ 29 , $ 29 , and $ 55 , respectively, as of the dates noted.

Transaction price allocated to the remaining performance obligations:

At September 30, 2025 , approximately $ 3,944 of revenue is expected to be recognized from the remaining performance obligations.

The Company expects to recognize this revenue ratably over the expected sales over the expected term of its long-term contracts ranging from two to five years.

Approximately 20 % of this revenue is expected to be recognized over the next 12 months, and 80 % is expected to be recognized over the subsequent 51 months.

These amounts are subject to change based upon changes in the estimated contract life and estimated quantities to be sold over the contract life.

The Company applies the practical expedient in ASC 606 - 10 - 50 - 14 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 it has the right to invoice for services performed.

11,244 11,644 3,293

* Exclusive of the blender's tax credit (which expired 12/31/2024 ) of $ 0 , $ 0 , and $ 6,683 , respectively, and net of allowances for expected credit losses of $ 44 , $ 28 , and $ 29 , respectively, as of the dates noted.

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share and per gallon amounts)

Transaction price allocated to the remaining performance obligations:

At March 31, 2026 , approximately $ 28,791 of revenue is expected to be recognized from the remaining performance obligations.

The Company expects to recognize this revenue ratably over the expected sales over the expected term of its long-term contracts ranging from two to ten years.

Approximately 21 % of this revenue is expected to be recognized over the next 12 months, and 49 % is expected to be recognized in years two and three, and 30% in years four through ten.

These amounts are subject to change based upon changes in the estimated contract life and estimated quantities to be sold over the contract life.

The Company applies the practical expedient in ASC 606 - 10 - 50 - 14 and excludes the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.

The following tables provide revenue from customers disaggregated by the type of arrangement and by the timing of the recognized revenue.

Disaggregation of revenue - contractual and non-contractual:

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

Contract revenue from customers with > one-year arrangements

$ 10,389 $ 1,969

Contract revenue from customers with < one-year arrangements

21,563 15,514

Revenue from non-contractual arrangements

Total revenue

$ 31,952 $ 17,538

Timing of revenue :

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

Bill-and-hold revenue

$ 10,378 $ 4,590

Non-bill-and-hold revenue

21,574 12,948

Total revenue

As of September 30, 2025 and December 31, 2024 , $ 5,902 and $ 7,301 , respectively, of bill-and-hold revenue had not shipped.

$ 31,952 $ 17,538

As of March 31, 2026 and December 31, 2025 , $ 5,486 and $ 5,106 , respectively, of bill-and-hold revenue had not shipped.

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share and per gallon amounts)

The carrying values of inventory were as follows as of:

September 30, 2025

As Adjusted (Note 1)

March 31, 2026

December 31, 2025

4 unchanged sentences

Total inventory

The Company recognized a liquidation of $ 5,083 during the nine months ended September 30, 2025 primarily as a result of lower biodiesel related inventories.

The Company recognized a liquidation of $ 435 during the year ended December 31, 2024.

Effective January 1, 2026, the Company changed its method of accounting for inventory from the LIFO method to the weighted average cost method.

See Note 1 for additional information on the prior year effect.

OTHER CURRENT ASSETS

Other current assets consisted of the following at:

March 31, 2026

December 31, 2025

Supplies and parts

Clean Fuel Production Credit

Collateralization of derivative instruments, net of fair value (1)

Small Producers Tax Credit

( 1 ) On regulated fixed price futures commitments as shown in Note 6.

Notes to Consolidated Financial Statements of FutureFuel Corp.

19 unchanged sentences

The Company has elected the normal purchase and normal sales exception for certain feedstock purchase contracts and supply agreements.

Total gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the consolidated statements of operations as a component of cost of goods sold and amounted to a net gain of $ 171 (including settlements of $ 48 ) and a net gain of $ 621 (including settlements of $ 217 ) for the three and nine months ended September 30, 2025 , respectively, and a net gain of $ 1,947 (includin g settlements of $ 1,691 ) and a net loss of $ 102 (including settlement gains of $ 1,337 ) for the three and nine months ended September 30, 2024 , respectively.

Total gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the consolidated statements of operations as a component of cost of goods sold and amounted to a net loss of $ 11,629 (including settlements of $ 9,141 ) for the three months ended March 31, 2026 , and a net loss of $ 166 (includin g settlements of $ 93 ) for the three months ended March 31, 2025 .

The volumes and carrying values of FutureFuel’s derivative instruments were as follows at:

Asset (Liability)

September 30, 2025

March 31, 2026

December 31, 2025

2 unchanged sentences

Regulated fixed price future commitments, included in other current assets (in thousand barrels)

The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $ 517 and $ 877 at September 30, 2025 and December 31, 2024 , respectively, and was classified as other current assets in the consolidated balance sheets.

64 $ ( 2,501 ) 165 $ ( 13 )

The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $ 3,199 and $ 2,266 at March 31, 2026 and December 31, 2025 , respectively, and was classified as other current assets in the consolidated balance sheets.

The carrying values of the margin account and of the derivative instruments are included net in other current assets.

1 unchanged sentence

(Dollars in thousands, except per share and per gallon amounts)

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other current liabilities consisted of the following at:

September 30, 2025

March 31, 2026

December 31, 2025

Refundable deposit

Employment tax credit

Accrued employee liabilities

Accrued property, franchise, motor fuel and other taxes

The Company entered into an amendment to the Credit Agreement on July 25, 2025, effective as of June 30, 2025, which modified the Consolidated Interest Coverage Ratio to exclude non-cash interest.

Other noncurrent liabilities consisted of the following at:

March 31, 2026

December 31, 2025

Federal and state railroad grants

Employment tax credit

Asset retirement obligation

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.

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.

The interest rate floats at the following margins over Secured Overnight Financing Rate ("SOFR") or base rate based upon our consolidated leverage ratio.

Adjusted SOFR Rate Loans and

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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 September 30, 2025 or December 31, 2024 .

There were no borrowings under the Credit Agreement at March 31, 2026 or December 31, 2025 .

Notes to Consolidated Financial Statements of FutureFuel Corp.

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The following table summarizes the income tax provision.

Three Months Ended September 30,

Nine Months Ended September 30,

Income tax (benefit) provision

Three Months Ended March 31,

As Adjusted (Note 1)

Income tax provision (benefit)

$ 8 $ ( 168 )

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0.0 % ( 0.9 )%

The Company’s income tax (benefit) provision for the three and nine months ended September 30, 2025, is comprised of a decrease in its net deferred tax liability plus immaterial state taxes and miscellaneous items.

The benefit for the three months ended September 30, 2024 consists of immaterial state taxes and miscellaneous items.

The provision for the nine months ended September 30, 2024 includes immaterial state taxes and, primarily, the initial establishment of the net deferred tax liability reflecting the Company’s determination that its future reversing net deferred tax liabilities would not support full realization of its existing deferred tax assets.

The Budget Reconciliation Act of 2025 includes a broad range of U.S.

income tax provisions.

However, based upon the current expectations of how relevant provisions will be applied, it had an immaterial impact on the Company's income tax (benefit) provision for the three and nine months ended September 30, 2025.

The Company continues to evaluate the income tax effects but does not currently expect a material effect to its consolidated financial statements.

The Company’s income tax provision for the three months ended March 31, 2026, is comprised immaterial state taxes and miscellaneous items.

The income tax benefit for the three months ended March 31, 2025, was comprised of immaterial state taxes and miscellaneous items.

EARNINGS PER SHARE

We compute earnings per share using the two -class method in accordance with ASC Topic No.

260, “Earnings per Share”, (“ASC 260” ).

The two -class method is an allocation of earnings between the holders of common stock and a company’s participating security holders.

The Company has outstanding Restricted Stock Units (“RSUs”) granted on September 3, 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.

We compute earnings per share using the treasury method 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.

These RSUs are considered participating securities and require the use of the two -class method for computing basic and diluted earnings per share (“EPS”), pursuant to ASC 260.

These contingently issuable shares associated with outstanding service-based restricted stock units were not included in the earnings per share calculations for the three -month and nine -month periods ended September 30, 2025 or 2024 as the shares which had vested were not issued.

The vested shares are held in name only per the award grant and held until the earlier of termination of employment under certain circumstances or full vesting at the end of the award period.

There were no other outstanding RSUs for the periods ended March 31, 2026 and 2025.

Basic and diluted earnings per common share were computed as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

Net (loss) income

Loss allocated to participating securities (RSUs)

Net (loss) income attributable to common stockholders

Three Months Ended March 31,

As Adjusted (Note 1)

$ ( 20,582 ) $ ( 18,094 )

Weighted average shares outstanding – basic

44,026,813 43,803,243

Effect of dilutive securities:

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Weighted average shares outstanding – diluted

Basic (loss) earnings per share

Diluted (loss) earnings per share

The calculation of diluted EPS in the three and nine months ended September 30, 2025 excludes the effect of incremental shares from the unvested RSUs ( 750,000 shares granted on September 3, 2024) and options to purchase the Company’s stock, as their inclusion would be anti-dilutive due to the reported net loss.

For the three and nine months ended September 30, 2025, 50,000 and 46,667 options to purchase FutureFuel’s common stock were excluded, respectively.

In the three and nine months ended September 30, 2024, 44,000 and 44,000 options to purchase FutureFuel's common stock, respectively, were excluded.

44,026,813 43,803,243

Basic loss per share

$ ( 0.47 ) $ ( 0.41 )

Diluted loss per share

$ ( 0.47 ) $ ( 0.41 )

The calculation of diluted earnings per share in the three months ended March 31, 2026 and 2025, excludes the effect of incremental shares from the unvested RSUs and options to purchase the Company’s stock, 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 three months ended March 31, 2026 and 2025 because they were anti-dilutive in the period.

The weighted number of options excluded was 130,000 and 40,000 , respectively.

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share and per gallon amounts)

RELATED PARTY TRANSACTIONS

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FutureFuel’s biofuel segment primarily manufactures and markets biodiesel.

Biodiesel revenues are generated through the sale of biodiesel to customers through FutureFuel’s distribution network at its Batesville Plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks.

Biofuel revenues also include the sale of biodiesel blends with petrodiesel;

petrodiesel with no biodiesel added;

internally generated, separated Renewable Identification Numbers (“RINs”);

biodiesel production byproducts;

and revenue and profits from Legacy Regional Transport.

Biodiesel revenues are generated through the sale of biodiesel to customers through the Company’s distribution network at the Batesville plant and through a network of remotely located tanks.

Biofuel revenues also include the sale of biodiesel blends with petrodiesel, petrodiesel with no biodiesel added, internally generated Renewable Identification Numbers (“RINs”), biodiesel production byproducts, and revenue and profits from Legacy Regional Transport.

Biodiesel selling prices and profitability can at times fluctuate based on the timing of unsold, internally generated RINs.

FutureFuel does not allocate production costs to internally generated RINs, and from time to time, can enter into sales of biodiesel on a “RINs-free” basis, resulting in FutureFuel maintaining possession of the applicable RINs from the sale.

FutureFuel does not allocate production costs to internally generated RINs.

The benefit derived from the eventual sale of the RINs is not reflected in results of operations until such time as the RINs sale has been completed, which may lead to variability in reported operating results.

As of September 30, 2025 , FutureFuel held 0.4 million RINs with a fair market value of $ 361 .

Comparatively, at September 30, 2024 , FutureFuel held 5.0 million RINs with a fair market value of $ 2,556 and at December 31, 2024 , 3.1 million RINs were held with a fair market value of $ 1,831 .

As of March 31, 2026 , FutureFuel held 0.2 million RINs with a fair market value of $ 298 .

Comparatively, at March 31, 2025 , FutureFuel held 2.3 million RINs with a fair market value of $ 2,077 and at December 31, 2025 , 0.4 million RINs were held with a fair market value of $ 379 .

The fair value of RINs is considered a Level 1 input and has no cost.

Summary of business by segment

Three months ended September 30, 2025

Nine months ended September 30, 2025

Three Months Ended March 31, 2026

$ 19,632 $ 12,320 $ 31,952

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21,794 25,218 47,012

291 280 571 825 963 1,788

Segment gross loss

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Selling, general, and administrative expenses

$ 2,049 $ 7,161

Research and development expenses

Other income, net

( 381 ) ( 3,129 )

Net loss before income taxes

$ ( 9,354 ) $ ( 37,372 )

Notes to Consolidated Financial Statements of FutureFuel Corp.

(Dollars in thousands, except per share and per gallon amounts)

Three months ended September 30, 2024

Nine months ended September 30, 2024

Three Months Ended March 31, 2025 (As Adjusted (Note 1))

$ 9,365 $ 8,173 $ 17,538

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15,140 17,047 32,187

164 405 569 569 1,507 2,076

Segment gross profit (loss)

Segment gross loss

$ ( 6,015 ) $ ( 9,173 ) $ ( 15,188 )

Reconciliation of Segment gross profit (loss) to Net (loss) income before income taxes:

Reconciliation of Segment gross loss to Net loss before income taxes:

Selling, general, and administrative expenses

$ 2,290 $ 6,483

Research and development expenses

Other income, net

( 1,690 ) ( 8,580 )

Net (loss) income before income taxes

$ ( 1,198 ) $ 13,341

Net loss before income taxes

Depreciation is allocated to segment cost of goods sold based on plant usage.

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SUBSEQUENT EVENTS

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 and determined no such events were required to be disclosed herein.

On May 9, 2026, the Company experienced a localized fire at its Batesville facility.

In response to the event, emergency response protocols were immediately initiated, the fire was quickly extinguished, and no employees were injured.

The event resulted in a temporary shutdown of biodiesel production but did not affect the Company’s chemical facilities.

The Company is currently evaluating the affected portion of the facility and repairs necessary for a safe and rapid restart of production.

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.

What changed 10-Q

Item 1. Financial Statements