What changed in this filing

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Item 1. Financial Statements

2026-08-10 compared with 2026-05-11 · 194 added, 115 removed, 503 unchanged (38% of the section changed)

3 unchanged sentences

(Dollars in thousands, except per share amounts)

(Unaudited) As Adjusted (Note 1)

March 31, 2026

As Adjusted (Note 1)

June 30, 2026

December 31, 2025

35 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, 43,863,507 shares issued and outstanding as of March 31, 2026 and December 31, 2025

Common stock, $ 0.0001 par value, 75,000,000 shares authorized, 43,863,318 and 43,863,507 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Additional paid in capital

8 unchanged sentences

FutureFuel Corp.

Consolidated Statements of Operations and Net Loss

Consolidated Statements of Operations and Net Income (Loss)

(Dollars in thousands, except per share amounts)

Three Months Ended

Six Months Ended

As Adjusted (Note 1)

Revenue – related parties

2 unchanged sentences

Distribution – related parties

Gross profit (loss)

Selling, general, and administrative expenses

4 unchanged sentences

Total operating expenses

Loss from operations

Income (loss) from operations

Interest income

1 unchanged sentence

Other income, net

Loss before taxes

Income tax provision (benefit)

Loss per common share

Income (loss) before taxes

Income tax provision

Net income (loss)

Earnings (loss) per common share

Weighted average shares outstanding

3 unchanged sentences

(Dollars in thousands)

For the Three Months Ended March 31, 2026

For the Six Months Ended June 30, 2026

Additional Earnings Total

9 unchanged sentences

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

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

Cash dividends declared, $ 0.01 per share

- $ - ( 439 ) - ( 439 )

Stock based compensation

( 189 ) - 232 ( 8 ) 224

- - - 11,370 11,370

Balance - June 30, 2026

43,863,318 $ 4 $ 203,438 $ ( 50,360 ) $ 153,082

For the Six Months Ended June 30, 2025 (As Adjusted (Note 1))

Additional Earnings Total

11 unchanged sentences

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

Stock based compensation

- - 237 - 237

- - - ( 14,190 ) ( 14,190 )

Balance - June 30, 2025

43,803,243 $ 4 $ 205,898 $ ( 25,650 ) $ 180,252

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

2 unchanged sentences

(Dollars in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

As Adjusted (Note 1)

Cash flows from operating activities

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

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

Amortization of deferred financing costs

Provision (benefit) for deferred income taxes

Provision for deferred income taxes

Change in fair value of derivative instruments

6 unchanged sentences

Accounts receivable

( 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

2 unchanged sentences

Deferred revenue

( 344 ) ( 31 )

Other noncurrent liabilities

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

$ 22,367 $ 97,071

Non-cash activities

Cash paid for income taxes

Noncash investing and financing activities

ROU assets obtained in exchange for new operating lease liabilities

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.

A component of Other expense, net, in the consolidated statement of operations and net income (loss) for the three and six months ended June 30, 2026, includes $ 260 and $ 1,617 , respectively, 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, and $ 281 and $ 281 , respectively, of incremental, non-recurring costs associated with a fire in our tank farm area that was promptly and safely contained.

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

4 unchanged sentences

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

The tables below illustrate the impacts for the prior three - and six -month periods ended June 30, 2025, had the Company reported under the weighted average cost basis of accounting:

June 30, 2025

As Originally

Condensed Balance Sheets

Condensed Balance Sheet

Reported under LIFO

Effect of Change

Inventories, net

Inventory, net

$ 9,620 $ 11,742 $ 2,122

3 unchanged sentences

Noncurrent deferred income taxes

773 720 ( 53 )

Total noncurrent liabilities

8 unchanged sentences

218,212 220,334 2,122

Three months ended June 30, 2025

As Originally

Condensed Statement of Operations and Net Loss

Reported under LIFO

Effect of Change

$ 35,673 $ 35,673 $ -

Cost of goods sold

43,761 47,387 3,626

( 8,767 ) ( 12,393 ) ( 3,626 )

Loss from operations

( 11,928 ) ( 15,554 ) ( 3,626 )

Loss before taxes

( 10,381 ) ( 14,007 ) ( 3,626 )

Income tax provision

( 10,416 ) ( 14,190 ) ( 3,774 )

Loss per common share

$ ( 0.24 ) $ ( 0.32 ) $ ( 0.09 )

Notes to Consolidated Financial Statements of FutureFuel Corp.

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

Three months ended March 31, 2025

Six months ended June 30, 2025

As Originally

10 unchanged sentences

( 28,018 ) ( 32,269 ) ( 4,251 )

Income tax provision (benefit)

6 ( 168 ) ( 174 )

Income tax provision

( 28,059 ) ( 32,284 ) ( 4,225 )

2 unchanged sentences

$ ( 0.64 ) $ ( 0.74 ) $ ( 0.10 )

Three months ended March 31, 2025

Six months ended June 30, 2025

As Originally

4 unchanged sentences

10,499 14,750 4,251

( 5,568 ) ( 4,943 ) 625

Net Cash flows from Operating Activities

( 183 ) ( 183 ) -

Notes to Consolidated Financial Statements of FutureFuel Corp.

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

December 31, 2025

3 unchanged sentences

Effect of Change

Inventories, net

Inventory, net

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

14 unchanged sentences

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

Notes to Consolidated Financial Statements of FutureFuel Corp.

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

The following tables summarize the effect of the change on the Company's financial condition as of, and results of operations for the three and six months ended, June 30, 2026.

June 30, 2026

Condensed Balance Sheet

As Computed under Weighted Average Cost

1 unchanged sentence

Effect of Change

Inventories, net

Inventory, net

$ 40,692 $ 38,730 $ ( 1,962 )

17 unchanged sentences

215,041 213,079 ( 1,962 )

Three months ended March 31, 2026

Three months ended June 30, 2026

Condensed Statement of Operations and Net Income (Loss)

As Computed under Weighted Average Cost

As Computed under LIFO

Effect of Change

$ 78,726 $ 78,726 $ -

Cost of goods sold

62,623 64,897 2,274

15,023 12,749 ( 2,274 )

Income from operations

11,251 8,977 ( 2,274 )

Income before taxes

11,439 9,165 ( 2,274 )

Income tax provision (benefit)

69 ( 631 ) ( 700 )

11,370 9,796 ( 1,574 )

Earnings per common share

$ 0.25 $ 0.21 $ ( 0.04 )

Notes to Consolidated Financial Statements of FutureFuel Corp.

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

Six months ended June 30, 2026

Condensed Statement of Operations and Net Loss

12 unchanged sentences

77 ( 543 ) ( 620 )

( 9,212 ) ( 10,554 ) ( 1,342 )

Loss per common share

1 unchanged sentence

$ ( 0.21 ) $ ( 0.24 ) $ ( 0.03 )

Three months ended March 31, 2026

Six months ended June 30, 2026

Condensed Statements of Cash Flows

3 unchanged sentences

$ ( 9,212 ) $ ( 10,554 ) $ ( 1,342 )

Benefit for deferred income taxes

Provision (benefit) for deferred income taxes

63 ( 557 ) ( 620 )

Income taxes payable - 6 6

( 11,859 ) ( 9,897 ) 1,962

Net Cash flows from Operating Activities

30 unchanged sentences

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.

In May 2026, the FASB issued ASU 2026 - 02 “ Environmental Credits and Environmental Credit Obligations (Topic 818 ).” This update establishes comprehensive recognition, measurement, presentation, and disclosure guidance for participants in voluntary and compliance-based environmental credit programs, including Renewable Identification Numbers (“RINs”).

Under the standard, internally generated environmental credits are measured initially at transaction or registration costs incurred, if any.

The standard also expands disclosure requirements regarding an entity's involvement in environmental credit programs, including volumes generated, held, and transferred, as well as accounting policies for related compliance obligations.

ASU 2026 - 02 is effective for the Company for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted.

The standard permits adoption on a modified retrospective or prospective basis.

While the Company historically does not allocate production costs to internally generated RINs, it is currently evaluating the impact of the new disclosure, measurement, and presentation requirements on its consolidated financial statements and footnote disclosures.

Notes to Consolidated Financial Statements of FutureFuel Corp.

2 unchanged sentences

Due to the lack of specific U.S.

GAAP guidance for the following tax credits, the Company elected to follow IAS 20 principles ("Accounting for Government Grants").

GAAP guidance for the following tax credits, the Company elected to follow International Accounting Standards (“IAS”) 20 principles (“Accounting for Government Grants”).

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

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.

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 expense, net, systematically over the asset's productive life.

SMALL AGRI-BIODIESEL PRODUCER TAX CREDIT

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

The Small Agri-Biodiesel Producer Tax Credit (“SPTC”) 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.

1 unchanged sentence

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

The Company recognized $ 1,490 and $ 1,845 in the three and six months ended June 30, 2026, respectively.

CLEAN FUEL PRODUCTION TAX CREDIT

3 unchanged sentences

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

The Company recognized CFPC of $ 3,724 and $ 2,483 for the three months ended, and $ 4,888 and $ 2,483 for the six months ended, June 30, 2025 and 2026, respectively.

TRANSFERABLE TAX CREDITS (SPTC and CFPC)

The Company finalized an agreement in June 2026 to sell all 2025 SPTC and CFPC for $ 2,725 net of fees.

These credits were previously estimated at December 31, 2025 at $ 2,654 .

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.

The resulting asset, which has a 33 -year life, will have its value recognized as Other expense, net over the same period.

Notes to Consolidated Financial Statements of FutureFuel Corp.

10 unchanged sentences

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.

Lease revenue recognized under this agreement was $ 170 for both the three months and $ 340 for both the six months ended June 30, 2026 and 2025, respectively.

Contract Assets and Liabilities:

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

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.

The contract assets at June 30, 2026 and December 31, 2025 consist of unbilled revenue from one customer and unbilled capital reimbursement from three 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 for both the three months ended March 31, 2026 and 2025.

Increases to contract liabilities from cash received or due for a performance obligation of chemical segment plant expansions were $ 188 and $ 125 for the three months and $ 188 and $ 125 for the six months ended June 30, 2026 and 2025, 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 was $ 345 and $ 30 for the three months ended March 31, 2026 and 2025 , respectively.

Revenue recognized in the chemical segment from the contract liability reductions was $ 366 and $ 80 for the three months and $ 711 and $ 110 for the six months ended June 30, 2026 and 2025 , respectively.

During the six months ended June 30, 2026 and 2025, the Company recognized revenue of $ 523 and $ 106 , respectively, that was included in the deferred revenue balances as of December 31, 2025 and 2024, 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

March 31, 2026

June 30, 2026

June 30, 2025

December 31, 2025

3 unchanged sentences

Contract assets, included in accounts receivable

608 222 745 222

Contract liabilities, included in deferred revenue - short-term

2 unchanged sentences

11,978 3,076 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.

* Exclusive of the blender's tax credit (which expired 12/31/2024 ) of $ 0 , $ 0 , $ 0 , and $ 6,683 , respectively, the CFPC and SPTC of $ 2,800 , $ 0 , $ 0 , and $ 0 , respectively, and net of allowances for expected credit losses of $ 36 , $ 44 , $ 28 , and $ 29 , respectively, as of the dates noted.

Notes to Consolidated Financial Statements of FutureFuel Corp.

1 unchanged sentence

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.

At June 30, 2026 , approximately $ 26,272 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.

2 unchanged sentences

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.

Disaggregation of revenue:

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 March 31,

Contractual and non-contractual:

Three Months Ended June 30,

Six Months Ended June 30,

Contract revenue from customers with > one-year arrangements

6 unchanged sentences

Timing of revenue :

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Bill-and-hold revenue

4 unchanged sentences

$ 78,726 $ 35,673 $ 110,678 $ 53,211

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

As of June 30, 2026 and December 31, 2025 , $ 4,357 and $ 5,106 , respectively, of bill-and-hold revenue had not shipped.

Notes to Consolidated Financial Statements of FutureFuel Corp.

2 unchanged sentences

As Adjusted (Note 1)

March 31, 2026

June 30, 2026

December 31, 2025

3 unchanged sentences

Raw materials

Total inventory

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

2 unchanged sentences

Other current assets consisted of the following at:

March 31, 2026

June 30, 2026

December 31, 2025

3 unchanged sentences

Small Producers Tax Credit (1)

( 1 ) See Note 2 for additional information.

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

20 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 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 .

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 $ 1,840 (including loss settlements of $ 1,383 ) and a net loss of $ 9,788 (including loss settlements of $ 10,523 ) for the three and six months ended June 30, 2026 , respectively, and net gains of $ 617 (includin g gain settlements of $ 77 ) and $ 450 (including gain settlements of $ 169 ) for the three and six months ended June 30, 2025 , respectively.

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

Asset (Liability)

March 31, 2026

June 30, 2026

December 31, 2025

2 unchanged sentences

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

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 margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $ 1,540 and $ 2,266 at June 30, 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.

3 unchanged sentences

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

March 31, 2026

June 30, 2026

December 31, 2025

1 unchanged sentence

Accrued property, franchise, motor fuel and other taxes

Lease liability, current

Other noncurrent liabilities consisted of the following at:

March 31, 2026

June 30, 2026

December 31, 2025

1 unchanged sentence

Employment tax credit

Refundable deposits (1)

Asset retirement obligation

Lease liability, noncurrent

( 1 ) Upfront payment received for plant expansion as part of a contract with a customer

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.

16 unchanged sentences

The terms of the Credit Facility contain certain negative covenants and conditions including a maximum consolidated leverage ratio and a minimum consolidated interest coverage ratio.

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

There were no borrowings under the Credit Agreement at June 30, 2026 or December 31, 2025 .

Notes to Consolidated Financial Statements of FutureFuel Corp.

2 unchanged sentences

The following table summarizes the income tax provision.

Three Months Ended March 31,

As Adjusted (Note 1)

Income tax provision (benefit)

Three Months Ended June 30,

Six Months Ended June 30,

As Adjusted (Note 1) As Adjusted (Note 1)

Income tax provision

$ 69 $ 183 $ 77 $ 15

1 unchanged sentence

0.6 % ( 1.3 )% ( 0.8 )% 0.0 %

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.

The Company’s income tax provision for the three and six months ended June 30, 2026 and 2025, was comprised primarily of an increase in the valuation allowance against net deferred assets, plus immaterial state taxes and miscellaneous items.

LEASE COMMITMENTS

During the second quarter of 2026, the Company entered into a new, five -year operating lease for a railroad locomotive.

The lease fees are fixed with no option to purchase and no upfront fees or residual value guarantees.

The Company determines lease existence and classification at inception when an agreement conveys the right to control the identified property for a period of time in exchange for consideration.

As operating leases do not provide a readily determinable implicit interest rate, the Company uses an incremental borrowing rate based on information available at the commencement date in determining present value of the lease payments.

The discount rate per annum was 5.6 %.

The remaining term of the lease is four years and nine months.

At June 30, 2026, an operating right-of-use asset of $ 324 was recorded in other assets, a current operating lease liability of $ 61 was recorded in accrued expenses and other current liabilities, and a noncurrent operating lease liability of $ 263 was recorded in other noncurrent liabilities.

Operating lease expense for both the three and six months ended June 30, 2026, was $ 19 .

Following are maturities of the lease liability at June 30, 2026.

Remainder of 2026

2029 and beyond

Total undiscounted lease payments

imputed interest

Total lease liability

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 ASC Topic 842, Leases , 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 $ 8,950 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.

Notes to Consolidated Financial Statements of FutureFuel Corp.

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

EARNINGS PER SHARE

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 Company computes 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.

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 periods ended March 31, 2026 and 2025.

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 .

There were no other outstanding RSUs for the periods ended June 30, 2026 and 2025.

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

Three Months Ended March 31,

As Adjusted (Note 1)

Three Months Ended June 30,

Six Months Ended June 30,

As Adjusted (Note 1) As Adjusted (Note 1)

Net income (loss)

$ 11,370 $ ( 14,190 ) $ ( 9,212 ) $ ( 32,284 )

Income allocated to participating securities (RSUs)

Net income (loss) attributable to common stockholders

$ 11,202 $ ( 14,190 ) $ ( 9,212 ) $ ( 32,284 )

Weighted average shares outstanding – basic

4 unchanged sentences

44,039,829 43,803,243 44,027,914 43,803,243

Basic loss per share

Basic income (loss) per share

$ 0.25 $ ( 0.32 ) $ ( 0.21 ) $ ( 0.74 )

Diluted loss per share

Diluted income (loss) per share

$ 0.25 $ ( 0.32 ) $ ( 0.21 ) $ ( 0.74 )

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)

The calculation of diluted earnings per share in the six months ended June 30, 2026 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.

In the three and six months ended June 30, 2025, all of the prorated RSU's were excluded in the computation of earnings per share as all were anti-dilutive.

Certain options to purchase the Company's common stock were not included in the computation of diluted earnings per share for the three and six months ended June 30, 2026 and 2025, respectively, because they were anti-dilutive in the period.

The weighted number of options excluded was 119,174 and 124,587 for the three and six months ended June 30, 2026, respectively, and 50,000 and 45,000 for the three and six months ended June 30, 2025, respectively.

RELATED PARTY TRANSACTIONS

16 unchanged sentences

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.

Biofuel revenues also include the sale of biodiesel blends with petrodiesel, petrodiesel with no biodiesel added, internally generated 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.

1 unchanged sentence

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 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 .

As of June 30, 2026 , FutureFuel held 0.1 million RINs with a fair market value of $ 210 .

Comparatively, at June 30, 2025 , FutureFuel held 0.5 million RINs with a fair market value of $ 604 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 March 31, 2026

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

Three Months Ended June 30, 2026

Six months ended June 30, 2026

Cost of goods sold

21,794 25,218 47,012

Segment gross loss

$ ( 2,519 ) $ ( 13,339 ) $ ( 15,858 )

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

Segment gross profit (loss)

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

Selling, general, and administrative expenses

1 unchanged sentence

Other income, net

Net loss before income taxes

Net income (loss) before income taxes

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 Adjusted (Note 1))

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

Three Months Ended June 30, 2025 (As Adjusted (Note 1))

Six months ended June 30, 2025 (As Adjusted (Note 1))

Cost of goods sold

15,140 17,047 32,187

Segment gross loss

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

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

Segment gross profit (loss)

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

Selling, general, and administrative expenses

8 unchanged sentences

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 except as follows.

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