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FutureFuel Releases Second听Quarter听2025 Results

Reports Net Loss听of $10.4听惭颈濒濒颈辞苍 辞谤听$0.24听per Diluted Share, and Adjusted EBITDA of ($9.8)听惭颈濒濒颈辞苍

CLAYTON, Mo., Aug. 11, 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 second听quarter听ended June 30, 2025.

Second听quarter 2025听Financial Highlights (all comparisons are with the second听quarter of 2024)

• Revenues were $35.7听million, a听decrease of 51%听or $36.7听million compared to听$72.4听million.
• Net loss听was听$10.4听million, or $0.24听per diluted share, down听from a net income听of听$9.6听million, or $0.22听per diluted share.
• Adjusted EBITDA⁽¹⁾听was ($9.8)听million, down听from $6.9听million.

Six听Months 2025听Financial Highlights (all comparisons are with the first听six months of 2024)

• Revenues were $53.2听million, a听decrease of 59%听or $77.5听million compared to听$130.7听million.
• Net loss听was听$28.1听million, or $0.64听per diluted share, down听from a net income听of $13.9听million, or $0.32听per diluted share.
• Adjusted EBITDA⁽¹⁾听was ($25.9)听million, down听from $14.0听million.

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

鈥淥ur second quarter continued to see downside as expected in our BioDiesel segment,听driven by听challenging market conditions,听which depressed our ability to generate an acceptable margin. These conditions were driven by historically high pricing on inputs and a lack of clarity of support for the BioDiesel business under IRA 45Z, Clean Fuel Producer Credit (鈥淐FPC鈥�).听

As part of the reconciliation bill passed by the Senate and signed into law, there is now greater clarity on the IRA听45Z support, which aims to assist the biodiesel industry and is viewed as a positive step. However, due to the on-going abnormally high feedstock prices and after depleting our current feedstock听inventory, we decided to temporarily idle our biodiesel plant in June. We hope feedstock prices will听eventually return to normal, allowing us to resume production later in 2025 or early 2026.

Our Chemicals segment started the quarter slower, mainly due to weaker market demand and a delayed production start-up following our turnaround.听

We have successfully expanded our chemicals business opportunity pipeline by adding several new projects with substantial volume potential upon commercialization. Furthermore, we have managed to commercialize multiple projects from our pipeline, with production expected to begin by the end of Q4 and in Q1 2026.

We previously announced that we are nearing completion of a new production facility. This plant will enable us to backward integrate into one of our raw materials and expand our market participation with new product capacity. We expect to complete the final commissioning in Q3.

During this lull in the BioDiesel business, we continue investing in the reliability and efficiency of the plant. Unlike many competitors in the BioDiesel market, we have chemical activities that contribute to our revenue and marketing efforts.

Additionally, our focus continues to be on maintaining cost control with a solid balance sheet and听ample cash which enables us to endure the BioDiesel downturn, while continuing to invest in future growth.鈥� said Roeland Polet, Chief Executive Officer for FutureFuel Corp.

2025听Cash Dividends

In the second quarter听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听September听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 and Business Summary

Consolidated sales revenue听in the three听and six months ended June 30, 2025, decreased $36,736听and $77,479, compared to the three and six months ended June 30, 2024, respectively. This听decrease听was primarily attributed to uncertainty surrounding the clean fuel producer鈥檚 credit, which negatively and materially impacted the biofuel segment. In the first three months of the year, we initiated an extended plant turnaround听as a measure to improve plant reliability and product quality. This extended turnaround negatively impacted both segments. We resumed biodiesel production in April to fulfill existing sales obligations. The听weak market conditions continued into the current three-month period and led听the Company to idle听its biodiesel production. As a result of these market conditions, the Company implemented听a reduction in force in July. The Company听retained employees with expertise to facilitate the restart of biodiesel production upon the return of more favorable market conditions.

Income from operations in the three months ended June听30, 2025听decreased $17,379听as compared to the same period听of 2024, due primarily to听reduced throughput from听the issues noted above.听Also reducing gross profit in the current three-month period听was the change in the听adjustment in the carrying value of our inventory as determined utilizing the last-in, first-out, (鈥淟IFO鈥�) method of inventory accounting. This adjustment increased gross profit $1,232听in the current three-month period as compared to an increase of $1,313听in the same period of the prior year. Partially offsetting the decrease in gross profit听was the effect of liquidation听of biofuel inventory of $2,394.听

Income from operations in the six听months ended June听30, 2025听decreased $38,415听as compared to the same period听of 2024, primarily听from the听reduced throughput given听the issues noted above along with听increased spend on parts and contract labor f辞谤听the turnaround. Also reducing gross profit in the current six-month period听was a benefit from the change in the adjustment in the carrying value of our inventory as determined utilizing the LIFO method of inventory accounting. This adjustment increased gross profit $1,857听in the current six-month period as compared to an听increase of $4,341听in the prior six-month period. Partially offsetting these decreases in听gross profit in the current six-month period was the effect of liquidation听of biofuel inventory of听$2,394.听

Capital Expenditures

Capital expenditures听were $9,478听in听2025, compared with $5,270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 three months ended September 30, 2025.

Cash and Cash Equivalents

Cash and cash equivalents听totaled听$95,152听as of June 30, 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 听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 June 30, 2025, FutureFuel held 0.5听million听RINs听with a fair market value of $604听and no cost. Comparatively, at June 30, 2024, FutureFuel held听2.1听million RINs with a fair market value of听$1,055听and no cost.

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