FutureFuel Announces First Quarter 2026 Results
Rhea-AI Summary
FutureFuel (NYSE:FF) reported first quarter 2026 revenue of $32.0 million, up 82.2% year over year, with Chemicals revenue up 109.6% and Biofuels up 50.7%.
The company posted a net loss of $20.6 million and Adjusted EBITDA of ($13.8) million, impacted by Winter Storm Fern and a $11.6 million derivative loss. Management expects positive Adjusted EBITDA for full-year 2026, excluding certain non-cash items. FutureFuel announced a $25 million customer-funded capacity addition, plans for over $27 million in 2026 customer deposits, and reduced its quarterly dividend from $0.06 to $0.01 per share to prioritize growth investments and share repurchases.
AI-generated analysis. Not financial advice.
Positive
- Total revenue $32.0 million, up 82.2% year over year
- Chemicals revenue $19.6 million, up 109.6% versus Q1 2025
- Biofuels revenue $12.3 million, up 50.7% versus Q1 2025
- Adjusted EBITDA loss improved to ($13.8) million from ($16.1) million
- Total volumes up 61.6% and blended pricing up 20.6%
- Biofuels gallons sold up 18.8% year over year
- Chemicals plant utilization increased to 54% from 33%
- Customer to invest $25 million in 2026 and up to $17 million in 2027
- More than $27 million 2026 customer deposits expected
- Over 65% of 2026 capital spending expected to be customer-funded
- Accrued $1.2 million in 45Z Clean Fuel Production Credits
- Company anticipates positive full-year 2026 Adjusted EBITDA
Negative
- Net loss of ($20.6) million versus ($18.1) million a year ago
- Gross loss of ($15.9) million, slightly worse than ($15.2) million
- $11.6 million unfavorable derivative impact, including $9.1 million realized loss
- Winter Storm Fern caused about $3.2 million gross loss impact and more downtime
- Additional $1.0 million storm-related capital repairs expected in Q2 2026
- Biofuels gross loss widened to ($13.3) million from ($9.2) million
- Operating cash flow ($20.0) million versus ($5.4) million in Q1 2025
- Cash and equivalents fell to $22.4 million from $51.3 million
- Capital expenditures rose to $7.1 million from $4.0 million
- Quarterly dividend reduced from $0.06 to $0.01 per share
- Elevated feedstock costs expected to pressure Biofuels gross profit per gallon
Key Figures
Market Reality Check
Peers on Argus
FF was up 2.08% ahead of results with subdued volume, while only one tracked peer (CMT) appeared in momentum scanners and moved down, suggesting stock-specific positioning rather than a broad specialty chemicals move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 10 | Q3 2025 earnings | Negative | -11.3% | Revenue down 56% YoY with significant net loss and negative EBITDA. |
| Aug 11 | Q2 2025 earnings | Negative | -4.0% | Q2 revenue halved and swung from prior profit to net loss. |
| May 12 | Q1 2025 earnings | Negative | +3.5% | Sharp revenue drop and negative EBITDA despite later positive price move. |
| Mar 13 | 2024 results delay | Negative | -5.0% | Announcement of delay in releasing 2024 financial results. |
| Nov 08 | Q3 2024 earnings | Negative | -17.9% | Q3 2024 revenue down 56% with net loss on weaker biofuels. |
Earnings releases have generally been weak and the stock has usually traded lower on these reports, with one notable positive divergence in Q1 2025.
Over the past several earnings cycles, FutureFuel has reported steep revenue declines and recurring net losses, especially through 2024–2025, with multiple quarters showing negative Adjusted EBITDA and idled biodiesel capacity. Market reactions to these earnings have typically been negative, notably after the Nov 10, 2025 and Nov 8, 2024 reports. Against this backdrop, the latest Q1 2026 release showing strong revenue growth but continued losses fits into an ongoing turnaround narrative from a depressed base.
Historical Comparison
Across the last 5 earnings-related releases, FF’s average 1-day move was -6.96%, showing a history of weak market reactions to financial updates.
Earnings history shows a shift from steep revenue contractions and idled biodiesel capacity in 2024–2025 toward Q1 2026 results with strong top-line growth but still negative profitability, alongside new capacity projects and a more supportive regulatory backdrop for biofuels.
Market Pulse Summary
This announcement highlights a sharp rebound in Q1 2026 revenue to $32.0M and improved, though still negative, Adjusted EBITDA of ($13.8M), against a backdrop of prior earnings that often triggered weak share reactions. Management pointed to customer-funded capacity additions of up to $42M across 2026–2027 and a reduced dividend of $0.01 per share to prioritize growth. Investors may focus on cash of $22.4M, biofuel demand under new regulations, and progress toward full-year positive Adjusted EBITDA.
Key Terms
adjusted ebitda financial
non-gaap financial measure financial
derivative instruments financial
clean fuel production credit regulatory
renewable fuel standard regulatory
renewable identification number (rin) regulatory
biomass diesel medical
AI-generated analysis. Not financial advice.
BATESVILLE, Ark., May 11, 2026 (GLOBE NEWSWIRE) -- FutureFuel Corp. (NYSE: FF) (“FutureFuel” or the “Company”), a manufacturer of custom and performance chemicals and biofuels, today announced financial results for the first quarter ended March 31, 2026.
FIRST QUARTER 2026 RESULTS
(As compared to the First Quarter 2025)
- Total Revenues of
$32.0 million , +82.2%
- Chemical revenue +
109.6% ; Biofuel revenue +50.7%
- Net Loss of (
$20.6) million , or ($0.47) per basic share
- Adjusted EBITDA of (
$13.8) million (1)
- Recent new customer wins within Chemicals segment to support improved asset optimization
- Announces
$25 million customer-funded capacity addition within Chemicals segment
- Anticipate positive Adjusted EBITDA(2) in full-year 2026, excluding non-cash derivative timing differences related to physical movements
| (1) | A non-GAAP financial measure. See “Non-GAAP Financial Measures” for a description of the measure and a reconciliation to the applicable GAAP measure. |
| (2) | A non-GAAP financial measure. No reconciliation for full-year 2026 Adjusted EBITDA is included herein because we are unable to quantify certain amounts that would be required to be included in such reconciliation without unreasonable efforts due to the high variability and difficulty to predict certain items excluded from Adjusted EBITDA. |
MANAGEMENT COMMENTARY
“During the first quarter, we continued to advance our strategic priorities, consistent with a focus on long-term value creation for our shareholders,” stated Roeland Polet, Chairman and Chief Executive Officer of FutureFuel. “Winter storm-related disruptions, which impacted operations at our Batesville complex for 30 days during February and March, together with the
“Within our core Chemicals segment, customers continue to choose FutureFuel as their partner of choice given our proven domestic manufacturing capabilities, deep technical expertise, and ability to produce high-quality, complex formulations at scale,” continued Polet. “Exiting the first quarter, our pipeline of new customer activity approached record levels, as a combination of recurring customer relationships, together with new program wins, have positioned our business to fill existing production capacity. Total segment sales volumes increased materially in the first quarter, when compared to the year-ago period, supported by increased demand from energy-related customers, together with new program wins. As we further optimize our production footprint, maintain price discipline, and drive cost efficiencies across the organization, we expect to deliver improved operating leverage, along with improved incremental margin capture.”
“In recent months, the regulatory environment has grown increasingly favorable for our Biofuels segment,” continued Polet. “In February 2026, the U.S. Department of the Treasury issued proposed regulations under Section 45Z of the Clean Fuel Production Credit that are expected to support a more level competitive landscape for biodiesel through reduced sustainable aviation fuel (SAF) incentives, North American feedstock requirements, and an extension of the credit through December 2029. Shortly thereafter, in March 2026, the U.S. Environmental Protection Agency finalized the Renewable Fuel Standard ‘Set 2’ rule establishing new biodiesel and renewable diesel mandates for 2026 and 2027, which are expected to require more than
“Total gallons sold by our Biofuels segment increased
“For the full-year 2026, we expect to generate positive Adjusted EBITDA, excluding non-cash derivative timing differences related to physical commodity price movements,” stated Rose Sparks, Chief Financial Officer of FutureFuel. “We continue to prioritize capital allocation to support the long-term growth of the business, as reflected in our recently announced reduction in the quarterly cash dividend, together with other targeted actions. This year, we expect to receive more than
FIRST QUARTER 2026 FINANCIAL PERFORMANCE
Consolidated Results
Total Revenue was
Total gross loss was
The Company reported a net loss of (
Chemicals segment
Revenue increased to
Gross loss was (
Market conditions within the Chemicals segment continued to improve during the first quarter, as demonstrated by a growing pipeline of project activity and new customer additions. During the last twelve months, the Company has increased total production capacity by
Biofuels segment
Revenue increased
Gross loss was (
Market conditions within the Biofuels segment improved during the first quarter of 2026 given more favorable regulatory conditions (see Regulatory Update section below). Sales volumes are expected to improve during the second half of 2026 given improved regulatory clarity; however, input costs for soybean oil and other raw materials used in the production of biofuels remain elevated, which is expected to have a continued, near-term impact on Biofuels gross profit per gallon sold.
FINANCIAL RESOURCES AND LIQUIDITY
As of March 31, 2026, the Company had total cash and equivalents of
Cash flow from operations was (
BUSINESS HIGHLIGHTS
FutureFuel is focused on a multi-faceted strategy to drive long-term value creation, anchored by profitable organic and inorganic growth across its core Chemicals and Biofuels segments, enhanced operational discipline in areas such as plant optimization, procurement, and automation, and a returns-focused capital allocation framework that balances reinvestment in the business with shareholder returns, including share repurchases under its existing authorization and a quarterly cash dividend.
In the first quarter of 2026, the Company advanced this strategy through the following key actions outlined below.
- Improved chemicals plant utilization at Batesville. Chemicals segment plant utilization, as defined by production volumes, increased to
54% in the first quarter of 2026, versus33% in the prior-year period. New customer program wins, and growth in existing customer activity, particularly from energy-related customers, contributed to improved production throughputs in the first quarter of 2026.
- Customer-funded capacity addition. FutureFuel has entered into a definitive agreement with an existing chemicals customer under which the customer has committed to invest
$25 million in the Batesville facility in 2026 and up to$17 million in 2027 to support incremental production capacity that is expected to come online in early fiscal 2028. The Company sees a clear commercial roadmap toward additional sales volume growth through this agreement, together with increased customer program activity.
- Reduction in quarterly cash dividend. In March 2026, the Board of Directors announced it reduced the quarterly dividend from
$0.06 per share to$0.01 per share effective for the second quarter of 2026. The Company expects to redirect capital to fund growth investments and for opportunistic share repurchases. As of March 31, 2026, FutureFuel had the full authorization remaining under its existing$25 million share repurchase program.
REGULATORY UPDATE
On March 27, 2026, the U.S Environmental Protection Agency (“EPA”) finalized the “Set 2” RFS volumes establishing the highest blending mandates in the program’s history targeting a
On February 4, 2026, the Treasury Department and the Internal Revenue Service (IRS) issued proposed regulations providing expanded guidance on the 45Z credit integrating changes from the Budget Reconciliation Act of 2025, which made modifications to the CFPC. The proposed rule is expected to help level the competitive environment for biodiesel by reducing the tax credit for SAF from
FutureFuel believes recent actions by the U.S. EPA, Treasury Department and IRS have the potential to support stronger biofuels demand and improved production economics.
FINANCIAL OUTLOOK
The following forward-looking guidance reflects the Company’s current expectations and beliefs as of May 11, 2026, and is subject to change. The following statements apply only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included elsewhere herein.
FutureFuel currently anticipates that favorable demand trends within its core Chemicals segment, together with an improved regulatory climate for its Biofuels segment, position the business to deliver positive Adjusted EBITDA(1) in the full-year 2026, excluding unrealized gains and losses on derivative instruments and inventory valuation adjustments.
The Company believes that it remains well-positioned to benefit from reshoring trends, supported by its vertically integrated domestic platform, as customers seek to localize production and mitigate supply chain risk.
(1) A non-GAAP financial measure. No reconciliation for full-year 2026 Adjusted EBITDA is included herein because we are unable to quantify certain amounts that would be required to be included in such reconciliation without unreasonable efforts due to the high variability and difficulty to predict certain items excluded from Adjusted EBITDA.
ABOUT FUTUREFUEL
FutureFuel is a leading manufacturer of diversified chemical products and biofuels. FutureFuel's chemicals segment manufactures specialty chemicals for specific customers ("custom chemicals") as well as multi-customer specialty chemicals ("performance chemicals"). FutureFuel's custom manufacturing product portfolio includes proprietary agrochemicals, adhesion promoters, a biocide intermediate, and an antioxidant precursor. FutureFuel's performance chemicals products include a portfolio of proprietary nylon and polyester polymer modifiers and several small-volume specialty chemicals and solvents for diverse applications. FutureFuel's biofuels segment primarily produces and sells biodiesel to its customers. Please visit www.futurefuelcorporation.com for more information.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements deal with FutureFuel's current plans, intentions, beliefs, and expectations, and statements of future economic performance. Statements containing such terms as "believe," "do not believe," "plan," "expect," "intend," "estimate," "anticipate," and other phrases of similar meaning are considered to contain uncertainty and are forward-looking statements. In addition, from time-to-time FutureFuel or its representatives have made or will make forward-looking statements orally or in writing. Furthermore, such forward-looking statements may be included in various filings that the company makes with United States Securities and Exchange Commission (the "SEC"), in press releases, or in oral statements made by or with the approval of one of FutureFuel's authorized executive officers. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, those set forth under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in FutureFuel's Form 10-K Annual Report for the year ended December 31, 2025, and in its future filings made with the SEC. An investor should not place undue reliance on any forward-looking statements contained in this document, which reflect FutureFuel management's opinions only as of their respective dates. Except as required by law, the company undertakes no obligation to revise or publicly release the results of any revisions to forward-looking statements. The risks and uncertainties described in this document and in current and future filings with the SEC are not the only ones faced by FutureFuel. New factors emerge from time to time, and it is not possible for the company to predict which will arise. There may be additional risks not presently known to the company or that the company currently believes are immaterial to its business. In addition, FutureFuel cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. If any such risks occur, FutureFuel's business, operating results, liquidity, and financial condition could be materially affected in an adverse manner. An investor should consult any additional disclosures FutureFuel has made or will make in its reports to the SEC on Forms 10-K, 10-Q, and 8-K, and any amendments thereto. All subsequent written and oral forward-looking statements attributable to FutureFuel or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained in this document.
NON-GAAP FINANCIAL MEASURES
In this press release, FutureFuel used adjusted EBITDA as a key operating metric to measure both performance and liquidity. Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is not a substitute for operating income, net income, or cash flow from operating activities (each as determined in accordance with GAAP), as a measure of performance or liquidity. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP. FutureFuel defines adjusted EBITDA as net income before interest, income taxes, depreciation, and amortization expenses, excluding, when applicable, non-cash share-based compensation expense, public offering expenses, acquisition-related transaction costs, purchase accounting adjustments, loss on disposal of property and equipment, non-cash gains or losses on derivative instruments, and other non-operating income or expense. Information relating to adjusted EBITDA is provided so that investors have the same data that management employs in assessing the overall operation and liquidity of FutureFuel's business. FutureFuel's calculation of adjusted EBITDA may be different from similarly titled measures used by other companies; therefore, the results of its calculation are not necessarily comparable to the results of other companies. Adjusted EBITDA allows FutureFuel's chief operating decision makers to assess the performance and liquidity of FutureFuel's business on a consolidated basis to assess the ability of its operating segments to produce operating cash flow to fund working capital needs, to fund capital expenditures, and to pay dividends. In particular, FutureFuel management believes that adjusted EBITDA permits a comparative assessment of FutureFuel's operating performance and liquidity, relative to a performance and liquidity based on GAAP results, while isolating the effects of depreciation and amortization, which may vary among its operating segments without any correlation to their underlying operating performance, and of non-cash stock-based compensation expense, which is a non-cash expense that varies widely among similar companies, and non-cash gains and losses on derivative instruments, whose immediate recognition can cause net income to be volatile from quarter to quarter due to the timing of the valuation change in the derivative instruments relative to the sale of biofuel. A table included in this earnings release reconciles adjusted EBITDA with net income, the most directly comparable GAAP performance financial measure, and a table reconciles adjusted EBITDA with cash flows from operations, the most directly comparable GAAP liquidity financial measure.
| FutureFuel Corp. Condensed Consolidated Balance Sheets (Dollars in thousands, except per share amounts) (Unaudited) | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 22,367 | $ | 51,316 | ||||
| Accounts receivable, net of allowances for credit losses of | 13,312 | 9,405 | ||||||
| Inventory, net | 31,102 | 29,334 | ||||||
| Other current assets | 17,362 | 18,548 | ||||||
| Total current assets | 84,143 | 108,603 | ||||||
| Property, plant and equipment, net | 89,881 | 86,797 | ||||||
| Other assets | 4,973 | 4,922 | ||||||
| Total noncurrent assets | 94,854 | 91,719 | ||||||
| Total Assets | $ | 178,997 | $ | 200,322 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Accounts payable | $ | 11,861 | $ | 10,673 | ||||
| Dividends payable | 571 | 2,761 | ||||||
| Other current liabilities | 5,133 | 4,302 | ||||||
| Total current liabilities | 17,565 | 17,736 | ||||||
| Deferred revenue – long-term | 11,244 | 14,453 | ||||||
| Other noncurrent liabilities | 8,261 | 5,078 | ||||||
| Total noncurrent liabilities | 19,505 | 19,531 | ||||||
| Total liabilities | 37,070 | 37,267 | ||||||
| Commitments and contingencies | ||||||||
| Preferred stock, | – | – | ||||||
| Common stock, | 4 | 4 | ||||||
| Additional paid in capital | 203,645 | 203,771 | ||||||
| Retained earnings (accumulated deficit) | (61,722 | ) | (40,720 | ) | ||||
| Total Stockholders’ Equity | 141,927 | 163,055 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 178,997 | $ | 200,322 | ||||
| FutureFuel Corp. Condensed Consolidated Statements of Operations and Net Income (Dollars in thousands, except per share amounts) (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue | $ | 31,952 | $ | 17,538 | ||||
| Cost of goods sold and distribution | 47,810 | 32,726 | ||||||
| Gross loss | (15,858 | ) | (15,188 | ) | ||||
| Selling, general, and administrative expenses | ||||||||
| Compensation expense | 1,269 | 1,940 | ||||||
| Other expense, net | 2,876 | 944 | ||||||
| Research and development expenses | 840 | 1,391 | ||||||
| Total operating expenses | 4,985 | 4,275 | ||||||
| Loss from operations | (20,843 | ) | (19,463 | ) | ||||
| Interest income | 298 | 1,237 | ||||||
| Other income (expense), net | (29 | ) | (36 | ) | ||||
| Other income, net | 269 | 1,201 | ||||||
| Loss before income taxes | (20,574 | ) | (18,262 | ) | ||||
| Income tax provision | 8 | (168 | ) | |||||
| Net loss | $ | (20,582 | ) | $ | (18,094 | ) | ||
| Loss per common share | ||||||||
| Basic | $ | (0.47 | ) | $ | (0.41 | ) | ||
| Diluted | $ | (0.47 | ) | $ | (0.41 | ) | ||
| Weighted average shares outstanding | ||||||||
| Basic | 44,026,813 | 43,803,243 | ||||||
| Diluted | 44,026,813 | 43,803,243 | ||||||
| FutureFuel Corp. Consolidated Statements of Cash Flows (Dollars in thousands) (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (20,582 | ) | $ | (18,094 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation | 2,557 | 2,328 | ||||||
| Amortization of deferred financing costs | 19 | 26 | ||||||
| Provision (benefit) for deferred income taxes | 2 | (174 | ) | |||||
| Change in fair value of derivative instruments | 2,488 | 259 | ||||||
| Stock based compensation | 305 | 226 | ||||||
| Gain on disposal of property, plant, and equipment | – | (31 | ) | |||||
| Change in allowance for credit losses | 16 | (1 | ) | |||||
| Change in inventory reserve | 269 | (453 | ) | |||||
| Noncash interest expense | 9 | 9 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (3,923 | ) | 13,969 | |||||
| Accounts receivable – related parties | – | – | ||||||
| Inventory | (2,037 | ) | (4,943 | ) | ||||
| Income tax receivable | 6 | 6 | ||||||
| Prepaid expenses | 1,237 | 1,075 | ||||||
| Prepaid expenses – related parties | (12 | ) | ||||||
| Other assets | (1,681 | ) | (6 | ) | ||||
| Accounts payable | 931 | (3,404 | ) | |||||
| Accounts payable – related parties | 3 | (94 | ) | |||||
| Dividends payable | 8 | – | ||||||
| Accrued expenses and other current liabilities | 775 | 3,617 | ||||||
| Deferred revenue | (344 | ) | (31 | ) | ||||
| Other noncurrent liabilities | (54 | ) | 333 | |||||
| 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 | – | 31 | ||||||
| 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 | – | (365 | ) | |||||
| 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 | ||||
| Change in noncash capital expenditures | 254 | (407 | ) | |||||
| FutureFuel Corp. Reconciliation of Non-GAAP Financial Measure to Financial Measure (Dollars in thousands) (Unaudited) | ||||||||
| Reconciliation of Adjusted EBITDA to Net Income | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net loss | $ | (20,582 | ) | $ | (18,094 | ) | ||
| Depreciation | 2,557 | 2,328 | ||||||
| Non-cash stock-based compensation | 305 | 226 | ||||||
| Interest income, net | (269 | ) | (1,237 | ) | ||||
| Non-cash interest expense and amortization of deferred financing costs | 28 | 35 | ||||||
| Gain on disposal of property and equipment | – | (31 | ) | |||||
| Unrealized loss on derivative instruments | 2,488 | 259 | ||||||
| Change in allowance for credit losses | 16 | (1 | ) | |||||
| Change in inventory reserve | 269 | (453 | ) | |||||
| Extraordinary maintenance costs | 1,357 | 1,033 | ||||||
| Income tax provision (benefit) | 8 | (168 | ) | |||||
| Adjusted EBITDA | $ | (13,823 | ) | $ | (16,103 | ) | ||
| Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net cash used in operating activities | $ | (19,996 | ) | $ | (5,395 | ) | ||
| Deferred income taxes, net | (2 | ) | 174 | |||||
| Interest income, net | (269 | ) | (1,237 | ) | ||||
| Income tax provision (benefit) | 8 | (168 | ) | |||||
| Changes in operating assets and liabilities, net | 5,079 | (10,510 | ) | |||||
| Extraordinary maintenance costs | 1,357 | 1,033 | ||||||
| Adjusted EBITDA | $ | (13,823 | ) | $ | (16,103 | ) | ||
| FutureFuel Corp. Condensed Consolidated Segment Income (Dollars in thousands) (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue | ||||||||
| Custom chemicals | $ | 13,872 | $ | 8,409 | ||||
| Performance chemicals | 5,760 | 956 | ||||||
| Chemical revenue | 19,632 | 9,365 | ||||||
| Biofuel revenue | 12,320 | 8,173 | ||||||
| Total Revenue | $ | 31,952 | $ | 17,538 | ||||
| Segment gross loss | ||||||||
| Chemical | $ | (2,519 | ) | $ | (6,015 | ) | ||
| Biofuel | (13,339 | ) | (9,173 | ) | ||||
| Total gross loss | $ | (15,858 | ) | $ | (15,188 | ) | ||
INVESTOR RELATIONS CONTACT
Noel Ryan or Paul Bartolai
FF@val-adv.com
