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FutureFuel Releases First Quarter听2025 Results

Reports Net Loss听of $17.6听惭颈濒濒颈辞苍 辞谤听$0.40听per Diluted Share, and Adjusted EBITDA of ($16.1)听惭颈濒濒颈辞苍

CLAYTON, Mo., May 12, 2025 (GLOBE NEWSWIRE) -- FutureFuel Corp. (NYSE: FF) (鈥淔utureFuel鈥�), a manufacturer of custom and performance chemicals and biofuels, today announced financial results for the first听quarter听ended March 31, 2025.

First听quarter 2025听Financial Highlights (all comparisons are with the first听quarter of 2024)

• Revenues were $17.5听million, a听decrease of 70%听or $40.7听million compared to听$58.3听million.
• Net loss听was听$17.6听million, or $0.40听per diluted share, down听from a net income听of听$4.3听million, or $0.10听per diluted share.
• Adjusted EBITDA⁽¹⁾听was ($16.1)听million, down听from $7.1听million.

⁽¹⁾听 A non-GAAP financial measure.听 See 鈥淣on-GAAP Financial Measures鈥澨齠or a description of the measure and a reconciliation to the applicable GAAP measure.

鈥淔utureFuel experienced lower biofuel volumes in the first quarter, primarily due to the turnaround of our main production facilities in Batesville, Arkansas. This strategic maintenance period鈥攐riginally scheduled for later in the year鈥攚as advanced to align with anticipated weakness in biodiesel margins. The turnaround, which ran from December through March, was aimed at significantly enhancing plant reliability, quality capabilities, and usable capacity. Following the turnaround, chemical operations resumed in mid-March, and biodiesel production restarted at the end of March.

Unlike newer entrants to the market, FutureFuel has been producing renewable fuels since 2005. With two decades of experience, we have developed deep expertise in navigating the inherent cyclicality of the biodiesel business. Historically, periods of low biodiesel margins have proven temporary: economic pressures force less-efficient capacity offline, which improves both credit pricing and feedstock costs鈥攗ltimately restoring biodiesel profitability. Throughout these cycles, FutureFuel has remained focused on maintaining advantaged margins and emphasizing operational efficiency during downturns.

FutureFuel is actively engaging with Biodiesel industry groups like SABR (www.sabrcoalition.org)听which advocates for clarity regarding IRA 45Z and the reinstatement of the blenders' tax credit 40 A. The biodiesel industry is a critical component of the nation鈥檚 fuel supply and plays an integral role in achieving our national renewable fuel goals and obligations.听

While we are not immune to the industry鈥檚 headwinds, our plant鈥檚 ability to process a wide range of feedstocks gives us a structural advantage over many peers. These flexible operating conditions鈥攃ombined with the steady contribution from our chemicals segment鈥攁llow us to sustain through challenging markets and capture superior economics during recovery. As the industry and regulators engage to clarify elements of the Clean Fuel Producers Tax Credit (IRA 45Z), which replaced the Blenders Tax Credit (BTC 40A) as of January 1, 2025, we continue to invest in growth. Our new backward-integrated capacity project remains on track and is expected to come online in late summer 2025. We anticipate it will begin contributing revenue by the end of the third quarter.

We are also pleased to welcome Pam Butcher to the FutureFuel Board of Directors. Pam brings extensive leadership experience in the chemical industry and will play a key role in advancing our growth strategy. She joins Richard Rowe and Bruce Greer, both of whom joined the Board last year, as part of our continued commitment to strengthening our strategic leadership,鈥� said Roeland Polet, Chief Executive Officer for FutureFuel Corp.

2025听Cash Dividends

In the first three months of 2025, FutureFuel paid a regular quarterly cash dividend in the amount of $0.06 per share on our common stock. The remaining 2025听quarterly dividends of $0.06 per share will be paid in June, September, and December.

Financial Overview and Key Operating Metrics

Financial and operating metrics, which include non-GAAP financial measures (see 鈥淣on-GAAP Financial Measures鈥� for additional information), include all dollar amounts听in thousands, except per share amounts:

Financial Results Q1听2025听versus Q1听2024

Consolidated sales revenue听in the three听months ended March听31, 2025 decreased $40,743听compared to the three months ended March听31, 2024. This听decline was听from听lower sales volumes in the biofuel segment of $29,856 driven by the extended plant turnaround to improve reliability and product quality.听 The turnaround which was further extended by severe weather conditions, also reduced the chemical segment sales volumes by $7,949. Sales revenue was also reduced $2,193 in the biofuel segment from lower prices.听 The renewable fuel market continues to be negatively impacted by听the expiration of the BTC and lack of clarity on the clean fuel production credit听(CFPC).

Income from operations in the three months ended March 31, 2025听decreased $21,036听as compared to the same period听of 2024, due primarily to:听(i)听reduced throughput听due to the issues noted above,听(ii) increased spend on parts and contract labor f辞谤听the turnaround, and (iii) a reduced benefit from the change in the听adjustment in the carrying value of our inventory as determined utilizing the LIFO method of inventory accounting. This adjustment increased gross profit $625听in the current three-month period as compared to an increase听of $3,028听in the same period of the prior year.

Capital Expenditures

Capital expenditures听were $4,003听in听2025, compared with $2,273听in the same period in听2024. Capital expenditures in 2025听increased primarily from construction of a custom chemical plant that is expected to be completed in the middle of the year.

Cash and Cash Equivalents

Cash and cash equivalents听totaled听$97,071听as of March 31, 2025, compared with听$109,541听as of December 31, 2024.听

About FutureFuel

FutureFuel is a leading manufacturer of diversified chemical products and biofuels. FutureFuel鈥檚 chemicals segment manufactures specialty chemicals for specific customers (鈥渃ustom chemicals鈥�) as well as multi-customer specialty chemicals (鈥減erformance chemicals鈥�). FutureFuel鈥檚 custom manufacturing product portfolio includes proprietary agrochemicals, adhesion promoters, a biocide intermediate, and an antioxidant precursor. FutureFuel鈥檚 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鈥檚 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鈥檚 current plans, intentions, beliefs, and expectations, and statements of future economic performance. Statements containing such terms as 鈥渂elieve,鈥� 鈥渄o not believe,鈥� 鈥減lan,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥渆stimate,鈥� 鈥渁nticipate,鈥� 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 鈥淪EC鈥�), in press releases, or in oral statements made by or with the approval of one of FutureFuel鈥檚 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 鈥淩isk Factors鈥� and 鈥淢anagement鈥檚 Discussion and Analysis of Financial Condition and Results of Operations鈥� in FutureFuel鈥檚 Form 10-K Annual Report听for the year ended December听31, 2024, 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鈥檚 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鈥檚 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鈥檚 business. FutureFuel鈥檚 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鈥檚 chief operating decision makers to assess the performance and liquidity of FutureFuel鈥檚 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鈥檚 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.

As of March 31, 2025, FutureFuel held 2.3听million听RINs听with a fair market value of $2,077听and no cost. Comparatively, at March 31, 2024, FutureFuel held听2.0听million RINs with a fair market value of听$1,624听and no cost.

COMPANY CONTACT
FutureFuel Corp.
Roeland Polet
(314) 854-8352
www.futurefuelcorporation.com