FutureFuel (FF) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Document Information [Line Items]
Entity Central Index Key	0001337298
Entity Registrant Name	FUTUREFUEL CORP.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	0-52577
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3340900
Entity Address, Address Line One	8235 Forsyth Blvd., Suite 400
Entity Address, City or Town	St Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63105
City Area Code	314
Local Phone Number	854-8352
Title of 12(b) Security	Common Stock
Trading Symbol	FF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,763,243

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 133,398	$ 219,444
Accounts receivable, inclusive of the blenders’ tax credit of $3,964 and $11,381, respectively, and net of allowances for expected credit losses of $136 and $55, respectively	15,967	28,406
Accounts receivable – related parties	0	1
Inventory, net	24,878	32,978
Income tax receivable	0	1,940
Prepaid expenses	964	4,346
Prepaid expenses – related parties	12	12
Other current assets	1,018	3,419
Total current assets	176,237	290,546
Property, plant and equipment, net	76,815	72,711
Other assets	3,414	3,824
Total noncurrent assets	80,229	76,535
Total Assets	256,466	367,081
Liabilities and Stockholders’ Equity
Accounts payable	11,587	22,178
Accounts payable – related parties	124	42
Income tax payable	359	0
Deferred revenue – current	4,135	3,863
Dividends payable	2,626	10,503
Accrued expenses and other current liabilities	10,820	4,758
Total current liabilities	29,651	41,344
Deferred revenue – non-current	9,593	12,570
Noncurrent deferred income taxes	618	0
Other noncurrent liabilities	3,313	3,287
Total noncurrent liabilities	13,524	15,857
Total liabilities	43,175	57,201
Commitments and contingencies (See Note 13)
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,763,243 shares issued and outstanding as of September 30, 2024 and December 31, 2023	4	4
Additional paid in capital	204,911	282,489
Retained earnings	8,376	27,387
Total stockholders’ equity	213,291	309,880
Total Liabilities and Stockholders’ Equity	$ 256,466	$ 367,081

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Allowance for bad debt	$ 136	$ 55
Accounts receivable, tax credit	3,964	11,381
Accounts payable, Blenders' Tax Credit Rebates	$ 890	$ 890
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	43,763,243	43,763,243
Common stock, shares outstanding (in shares)	43,763,243	43,763,243

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 51,140	$ 116,752	$ 181,830	$ 276,241
Gross profit	383	3,870	14,047	16,901
Selling, general, and administrative expenses
Compensation expense	1,140	1,010	3,188	3,102
Other expense	994	1,247	2,833	3,130
Related party expense	156	153	462	462
Research and development expenses	981	1,163	2,803	3,242
Total operating expenses	3,271	3,573	9,286	9,936
(Loss) income from operations	(2,888)	297	4,761	6,965
Interest and dividend income	1,830	2,527	6,151	6,595
Interest expense	(35)	(36)	(104)	(103)
Gain on marketable securities	0	0	0	575
Other (expense) income	(105)	0	2,533	0
Other income, net	1,690	2,491	8,580	7,067
(Loss) income before taxes	(1,198)	2,788	13,341	14,032
Income tax (benefit) provision	(3)	12	635	34
Net (loss) income	$ (1,195)	$ 2,776	$ 12,706	$ 13,998
(Loss) earnings per common share
Basic (in dollars per share)	$ (0.03)	$ 0.06	$ 0.29	$ 0.32
Diluted (in dollars per share)	$ (0.03)	$ 0.06	$ 0.29	$ 0.32
Weighted average shares outstanding
Basic (in shares)	43,763,243	43,763,243	43,763,243	43,763,243
Diluted (in shares)	43,763,243	43,765,709	43,763,243	43,765,163
Comprehensive (loss) income
Net (loss) income	$ (1,195)	$ 2,776	$ 12,706	$ 13,998
Other comprehensive income from unrealized net gains on available-for-sale debt securities	0	0	0	2
Income tax effect	0	0	0	(1)
Total other comprehensive income, net of tax	0	0	0	1
Comprehensive (loss) income	(1,195)	2,776	12,706	13,999
Non-related Parties [Member]
Revenue	51,140	116,752	181,830	276,221
Non-related Parties [Member] | Excluding Shipping and Handling [Member]
Cost of goods sold	50,152	113,328	165,644	257,890
Non-related Parties [Member] | Shipping and Handling [Member]
Cost of goods sold	532	244	1,939	2,018
Related Parties [Member]
Revenue	0	0	0	20
Related Parties [Member] | Excluding Shipping and Handling [Member]
Cost of goods sold	36	(728)	63	(700)
Related Parties [Member] | Shipping and Handling [Member]
Cost of goods sold	$ 37	$ 38	$ 137	$ 132

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	AOCI Attributable to Parent [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	43,763,243
Balance at Dec. 31, 2022	$ 4	$ (1)	$ 282,489	$ 508	$ 283,000
Net (loss) income	$ 0	0	0	21,081	21,081
Balance (in shares) at Mar. 31, 2023	43,763,243
Balance at Mar. 31, 2023	$ 4	16	282,489	21,589	304,098
Other comprehensive income	0	17	0	0	17
Other comprehensive loss	$ 0	17	0	0	17
Balance (in shares) at Dec. 31, 2022	43,763,243
Balance at Dec. 31, 2022	$ 4	(1)	282,489	508	283,000
Net (loss) income					13,998
Balance (in shares) at Sep. 30, 2023	43,763,243
Balance at Sep. 30, 2023	$ 4	0	282,489	14,506	296,999
Balance (in shares) at Mar. 31, 2023	43,763,243
Balance at Mar. 31, 2023	$ 4	16	282,489	21,589	304,098
Net (loss) income	$ 0	0	0	(9,859)	(9,859)
Balance (in shares) at Jun. 30, 2023	43,763,243
Balance at Jun. 30, 2023	$ 4	0	282,489	11,730	294,223
Other comprehensive income	0	(16)	0	0	(16)
Other comprehensive loss	0	(16)	0	0	(16)
Net (loss) income	$ 0	0	0	2,776	2,776
Balance (in shares) at Sep. 30, 2023	43,763,243
Balance at Sep. 30, 2023	$ 4	0	282,489	14,506	296,999
Balance (in shares) at Dec. 31, 2023	43,763,243
Balance at Dec. 31, 2023	$ 4	0	282,489	27,387	309,880
Cash dividends declared, $2.50 per common share	0	0		(31,717)	(109,408)
Cash dividends declared, $2.50 per common share			(77,691)
Stock based compensation	0	0	22	0	22
Net (loss) income	$ 0	0	0	4,330	4,330
Balance (in shares) at Mar. 31, 2024	43,763,243
Balance at Mar. 31, 2024	$ 4	0	204,820	0	204,824
Balance (in shares) at Dec. 31, 2023	43,763,243
Balance at Dec. 31, 2023	$ 4	0	282,489	27,387	309,880
Net (loss) income					12,706
Balance (in shares) at Sep. 30, 2024	43,763,243
Balance at Sep. 30, 2024	$ 4	0	204,911	8,376	213,291
Balance (in shares) at Mar. 31, 2024	43,763,243
Balance at Mar. 31, 2024	$ 4	0	204,820	0	204,824
Net (loss) income	$ 0	0	0	9,571	9,571
Balance (in shares) at Jun. 30, 2024	43,763,243
Balance at Jun. 30, 2024	$ 4	0	204,820	9,571	214,395
Stock based compensation	0	0	91	0	91
Net (loss) income	$ 0	0	0	(1,195)	(1,195)
Balance (in shares) at Sep. 30, 2024	43,763,243
Balance at Sep. 30, 2024	$ 4	$ 0	$ 204,911	$ 8,376	$ 213,291

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals)	3 Months Ended
	Mar. 31, 2024 $ / shares
Dividends declared, per share (in dollars per share)	$ 2.5

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 12,706	$ 13,998
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	6,923	7,736
Amortization of deferred financing costs	77	75
Provision for deferred income taxes	618	0
Change in fair value of equity securities	0	(3,117)
Change in fair value of derivative instruments	1,439	3,523
Loss on the sale of investments	0	2,543
Stock based compensation	113	0
Loss on disposal of property and equipment	24	8
Noncash interest expense	26	26
Changes in operating assets and liabilities:
Accounts receivable	12,439	(3,295)
Accounts receivable – related parties	1	6
Inventory	8,100	(149)
Income tax receivable	1,940	32
Prepaid expenses	3,382	2,700
Other assets	872	963
Accounts payable	(11,043)	(14,910)
Accounts payable - related parties	82	(800)
Income tax payable	359	0
Accrued expenses and other current liabilities	6,062	(404)
Deferred revenue	(2,705)	(2,030)
Other noncurrent liabilities	0	1,553
Net cash provided by operating activities	41,415	8,458
Cash flows from investing activities
Collateralization of derivative instruments	423	(2,991)
Proceeds from the sale of marketable securities	0	37,701
Proceeds from the sale of property and equipment	6	0
Capital expenditures	(10,605)	(4,994)
Net cash (used in) provided by investing activities	(10,176)	29,716
Cash flows from financing activities
Payment of dividends	(117,285)	(7,877)
Deferred financing costs	0	(14)
Net cash used in financing activities	(117,285)	(7,891)
Net change in cash and cash equivalents	(86,046)	30,283
Cash and cash equivalents at beginning of period	219,444	175,640
Cash and cash equivalents at end of period	133,398	205,923
Noncash capital expenditures	$ 452	$ 518

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1 ) SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by FutureFuel Corp. (“FutureFuel” or “the Company”) in accordance and consistent with the accounting policies stated in the Company's 2023 10 In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10 not three Recently Adopted Accounting Standards The Company had no Accounting Standards Issued Not September 30, 2024 ASU No. 2023 07 280 November 2023 December 31, 2024, not ASU No. 2023 09 740 December 2023 December 15, 2024, December 31, 2025, not ASU No. 2024 03 220 40 November 2024 December 15, 2026, December 15, 2027. not

Note 2 - Government Tax Credits

Note 2 - Government Tax Credits	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Other Income and Other Expense Disclosure [Text Block]	2 ) GOVERNMENT TAX CREDITS BIODIESEL BLENDERS' TAX CREDIT, SMALL AGRI-BIODIESEL PRODUCER TAX CREDIT, and CLEAN FUEL PRODUCTION TAX CREDIT The biodiesel Blenders’ Tax Credit (“BTC”) provides a one 0.1% The Further Consolidated Appropriations Act of 2020 December 20, 2019, 2018 2019 December 31, 2022. December 31, 2024. As part of each law from which the BTC was reinstated, small agri-biodiesel producers with production capacity not 60 $0.10 first 15 The IRA created the clean fuel production credit (“CFPC”) for qualifying transportation fuel produced after 2024 December 31, 2027. December 31, 2024, The CFPC is an income tax credit structured on a sliding scale so that producers become eligible for larger credits as the greenhouse gas (“GHG”) emissions of the fuels they produce approach zero. For producers meeting the prevailing wage and registered apprenticeship requirements, the maximum credit is $1.00 not 20 June 2024, CARES ACT EMPLOYEE RETENTION TAX CREDIT The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), was enacted on March 27, 2020, January 1, 2021,

Note 3 - Revenue Recognition

Note 3 - Revenue Recognition	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3 REVENUE RECOGNITION The majority of revenue is from short-term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer is satisfied. Certain of the Company's custom chemical contracts within the chemical segment contain a material right as defined by ASC Topic 606, 30 606. 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, 2024 December 31, 2023 one three nine September 30, 2024 2023, three nine September 30, 2024 2023 The following table provides the balance of receivables, contract assets, and contract liabilities from contracts with customers. Contract Assets and Liability Balances September 30, 2024 December 31, 2023 Trade receivables, included in accounts receivable* $ 11,753 $ 15,897 Contract assets, included in accounts receivable 250 1,128 Contract liabilities, included in deferred revenue - short-term 3,928 3,656 Contract liabilities, included in deferred revenue - long-term 6,506 9,318 * Exclusive of the BTC of $3,964 and $11,381 , respectively, and net of allowances for expected credit losses of $136 and $55, respectively, as of the dates noted. Transaction price allocated to the remaining performance obligations: At September 30, 2024 two six The Company applies the practical expedient in ASC 606 10 50 14 one 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, 2024 2023 2024 2023 Contract revenue from customers with > one-year arrangements $ 8,966 $ 8,291 $ 26,941 $ 28,318 Contract revenue from customers with < one-year arrangements 42,119 108,406 154,723 247,757 Revenue from non-contractual arrangements 55 55 166 166 Total revenue $ 51,140 $ 116,752 $ 181,830 $ 276,241 Timing of revenue : Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Bill-and-hold revenue $ 10,211 $ 10,149 $ 32,875 $ 31,504 Non-bill-and-hold revenue 40,929 106,603 148,955 244,737 Total revenue $ 51,140 $ 116,752 $ 181,830 $ 276,241 As of September 30, 2024 December 31, 2023 and $4,317 not

Note 4 - Inventory

Note 4 - Inventory	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	4 INVENTORY The carrying values of inventory were as follows as of: September 30, 2024 December 31, 2023 At average cost (approximates current cost) Finished goods $ 7,914 $ 16,235 Work in process 748 611 Raw materials and supplies 22,732 25,532 31,394 42,378 LIFO reserve (6,516 ) (9,400 ) Total inventory $ 24,878 $ 32,978 A Last In First Out (“LIFO”) liquidation of $935 occurred in the nine September 30, 2024 twelve December 31, 2023.

Note 5 - Derivative Instruments

Note 5 - Derivative Instruments	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	5 ) DERIVATIVE INSTRUMENTS The Company records all derivative instruments at fair value. Fair value is determined by using the closing prices of the derivative instruments on the New York Mercantile Exchange at the end of an accounting period. Changes in the fair value of derivative instruments are recognized at the end of each accounting period and recorded in the statements of operations and comprehensive income as a component of cost of goods sold. These instruments use inputs considered Level 1 Fair value accounting pronouncements include a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of FutureFuel. Unobservable inputs are inputs that reflect FutureFuel’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy is broken down into three 1 2 not 3 In order to manage commodity price risk caused by market fluctuations in biofuel prices, future purchases of feedstock used in biodiesel production, physical feedstock, finished product inventories attributed to the process, and other petroleum products purchased or sold, the Company may 815 20 25, no 2024 2023 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 $1,947 (including settlements of $1,691) and a net loss of $102 (including settlement gains of $1,337) for the three nine September 30, 2024 g three nine September 30, 2023 The volumes and carrying values of FutureFuel’s derivative instruments were as follows at: Asset (Liability) September 30, 2024 December 31, 2023 Contract Quantity Fair Value Contract Quantity Fair Value Regulated fixed price future commitments, included in other current assets (in thousand barrels) 105 $ 297 354 $ 1,736 The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $322 and $745 at September 30, 2024 December 31, 2023

Note 6 - Marketable Securities

Note 6 - Marketable Securities	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	6 ) MARKETABLE SECURITIES At September 30, 2024 December 31, 2023 no During the three June 30, 2023, nine September 30, 2023.

Note 7 - Accrued Expenses and O

Note 7 - Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	7 ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following at: September 30, 2024 December 31, 2023 Refundable deposit $ 6,500 $ - Accrued employee liabilities 2,724 2,179 Accrued property, franchise, motor fuel and other taxes 1,378 1,346 Lease liability, current 93 389 Other 125 844 Total $ 10,820 $ 4,758

Note 8 - Borrowings

Note 8 - Borrowings	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	8 BORROWINGS On March 30, 2020, April 16, 2015 ( five $100,000 March 30, 2025. On March 1, 2023 , not Adjusted SOFR Rate Loans and Consolidated Leverage Ratio Letter of Credit Fee Base Rate Loans Commitment Fee < 1.00:1.0 1.00 % 0.00 % 0.15 % ≥ 1.00:1.0 And < 1.50:1.0 1.25 % 0.25 % 0.15 % ≥ 1.50:1.0 And < 2.00:1.0 1.50 % 0.50 % 0.20 % ≥ 2.00:1.0 And < 2.50:1.0 1.75 % 0.75 % 0.20 % ≥ 2.50:1.0 2.00 % 1.00 % 0.25 % The terms of the Credit Facility contain certain negative covenants and conditions including a maximum consolidated leverage ratio and a consolidated minimum interest coverage ratio. There were no borrowings under the Credit Agreement at September 30, 2024 December 31, 2023

Note 9 - Income Tax Provision

Note 9 - Income Tax Provision	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9 INCOME TAX PROVISION The following table summarizes the income tax provision. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Income tax (benefit) provision $ (3 ) $ 12 $ 635 $ 34 Effective tax rate 0.3 % 0.4 % 4.8 % 0.2 % The Company’s income tax benefit was insignificant in the three September 30, 2024. nine September 30, 2024, No none not three nine 2023 The Company evaluates its deferred tax assets quarterly and records a valuation allowance to reduce these assets to the amount that is more likely than not

Note 10 - Earnings Per Share

Note 10 - Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	10 ) EARNINGS PER SHARE In the three nine September 30, 2024 2023 Basic and diluted earnings per common share were computed as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net (loss) income $ (1,195) $ 2,776 $ 12,706 $ 13,998 Denominator: Weighted average shares outstanding – basic 43,763,243 43,763,243 43,763,243 43,763,243 Effect of dilutive securities: Stock options and other awards - 2,466 - 1,920 Weighted average shares outstanding – diluted 43,763,243 43,765,709 43,763,243 43,765,163 Basic (loss) earnings per share $ (0.03) $ 0.06 $ 0.29 $ 0.32 Diluted (loss) earnings per share $ (0.03) $ 0.06 $ 0.29 $ 0.32 three nine September 30, 2024 three nine September 30, 2023 42,080

Note 11 - Related Party Transac

Note 11 - Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	11 ) RELATED PARTY TRANSACTIONS FutureFuel enters into transactions with companies affiliated with or controlled by a director and significant shareholder. Revenues, expenses, prepaid amounts, and unpaid amounts related to these transactions are captured in the accompanying consolidated financial statements as related party line items. Related party revenues are the result of sales of biodiesel, petrodiesel, blends, other petroleum products, and other similar or related products to these related parties. Related party cost of goods sold and distribution are the result of sales and purchases of biodiesel, petrodiesel, blends, and other petroleum products with these related parties along with the associated expense from storage and terminalling services provided by these related parties.

Note 12 - Segment Information

Note 12 - Segment Information	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12 ) SEGMENT INFORMATION FutureFuel has two Chemicals FutureFuel’s chemical segment manufactures diversified chemical products that are sold externally to third two Biofuels 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 not not may As of September 30, 2024 September 30, 2023 December 31, 2023 1 Summary of business by segment Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue Custom chemicals $ 15,323 $ 14,454 $ 46,333 $ 46,650 Performance chemicals 2,605 3,393 8,890 11,834 Chemical revenue 17,928 17,847 55,223 58,484 Biofuel revenue 33,212 98,905 126,607 217,757 Total Revenue $ 51,140 $ 116,752 $ 181,830 $ 276,241 Segment gross profit (loss) Chemical $ 3,407 $ 6,878 $ 12,105 $ 21,917 Biofuel (3,024 ) (3,008 ) 1,942 (5,016 ) Total gross profit $ 383 $ 3,870 $ 14,047 $ 16,901 Operating expenses $ 3,271 $ 3,573 $ 9,286 $ 9,936 (Loss) income from operations (2,888 ) 297 4,761 6,965 Other income, net 1,690 2,491 8,580 7,067 (Loss) income before taxes $ (1,198 ) $ 2,788 $ 13,341 $ 14,032 Depreciation is allocated to segment cost of goods sold based on plant usage. The total assets and capital expenditures of FutureFuel have not

Note 13 - Legal Matters

Note 13 - Legal Matters	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	13 ) LEGAL MATTERS From time to time, FutureFuel and its subsidiaries are parties to, or targets of, lawsuits, claims, investigations, regulatory matters, and proceedings, which are being handled and defended in the ordinary course of business. While FutureFuel is unable to predict the outcomes of these matters, it does not During the three June 30, 2024, nine September 30, 2024.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Insider Trading Arr Line Items
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by FutureFuel Corp. (“FutureFuel” or “the Company”) in accordance and consistent with the accounting policies stated in the Company's 2023 10 In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10 not three
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards The Company had no Accounting Standards Issued Not September 30, 2024 ASU No. 2023 07 280 November 2023 December 31, 2024, not ASU No. 2023 09 740 December 2023 December 15, 2024, December 31, 2025, not ASU No. 2024 03 220 40 November 2024 December 15, 2026, December 15, 2027. not

Note 3 - Revenue Recognition (T

Note 3 - Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	Contract Assets and Liability Balances September 30, 2024 December 31, 2023 Trade receivables, included in accounts receivable* $ 11,753 $ 15,897 Contract assets, included in accounts receivable 250 1,128 Contract liabilities, included in deferred revenue - short-term 3,928 3,656 Contract liabilities, included in deferred revenue - long-term 6,506 9,318
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Contract revenue from customers with > one-year arrangements $ 8,966 $ 8,291 $ 26,941 $ 28,318 Contract revenue from customers with < one-year arrangements 42,119 108,406 154,723 247,757 Revenue from non-contractual arrangements 55 55 166 166 Total revenue $ 51,140 $ 116,752 $ 181,830 $ 276,241 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Bill-and-hold revenue $ 10,211 $ 10,149 $ 32,875 $ 31,504 Non-bill-and-hold revenue 40,929 106,603 148,955 244,737 Total revenue $ 51,140 $ 116,752 $ 181,830 $ 276,241

Note 4 - Inventory (Tables)

Note 4 - Inventory (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, 2024 December 31, 2023 At average cost (approximates current cost) Finished goods $ 7,914 $ 16,235 Work in process 748 611 Raw materials and supplies 22,732 25,532 31,394 42,378 LIFO reserve (6,516 ) (9,400 ) Total inventory $ 24,878 $ 32,978

Note 5 - Derivative Instrumen_2

Note 5 - Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Derivative Instruments [Table Text Block]	Asset (Liability) September 30, 2024 December 31, 2023 Contract Quantity Fair Value Contract Quantity Fair Value Regulated fixed price future commitments, included in other current assets (in thousand barrels) 105 $ 297 354 $ 1,736

Note 7 - Accrued Expenses and_2

Note 7 - Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, 2024 December 31, 2023 Refundable deposit $ 6,500 $ - Accrued employee liabilities 2,724 2,179 Accrued property, franchise, motor fuel and other taxes 1,378 1,346 Lease liability, current 93 389 Other 125 844 Total $ 10,820 $ 4,758

Note 8 - Borrowings (Tables)

Note 8 - Borrowings (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	Adjusted SOFR Rate Loans and Consolidated Leverage Ratio Letter of Credit Fee Base Rate Loans Commitment Fee < 1.00:1.0 1.00 % 0.00 % 0.15 % ≥ 1.00:1.0 And < 1.50:1.0 1.25 % 0.25 % 0.15 % ≥ 1.50:1.0 And < 2.00:1.0 1.50 % 0.50 % 0.20 % ≥ 2.00:1.0 And < 2.50:1.0 1.75 % 0.75 % 0.20 % ≥ 2.50:1.0 2.00 % 1.00 % 0.25 %

Note 9 - Income Tax Provision (

Note 9 - Income Tax Provision (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Income tax (benefit) provision $ (3 ) $ 12 $ 635 $ 34 Effective tax rate 0.3 % 0.4 % 4.8 % 0.2 %

Note 10 - Earnings Per Share (T

Note 10 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net (loss) income $ (1,195) $ 2,776 $ 12,706 $ 13,998 Denominator: Weighted average shares outstanding – basic 43,763,243 43,763,243 43,763,243 43,763,243 Effect of dilutive securities: Stock options and other awards - 2,466 - 1,920 Weighted average shares outstanding – diluted 43,763,243 43,765,709 43,763,243 43,765,163 Basic (loss) earnings per share $ (0.03) $ 0.06 $ 0.29 $ 0.32 Diluted (loss) earnings per share $ (0.03) $ 0.06 $ 0.29 $ 0.32

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue Custom chemicals $ 15,323 $ 14,454 $ 46,333 $ 46,650 Performance chemicals 2,605 3,393 8,890 11,834 Chemical revenue 17,928 17,847 55,223 58,484 Biofuel revenue 33,212 98,905 126,607 217,757 Total Revenue $ 51,140 $ 116,752 $ 181,830 $ 276,241 Segment gross profit (loss) Chemical $ 3,407 $ 6,878 $ 12,105 $ 21,917 Biofuel (3,024 ) (3,008 ) 1,942 (5,016 ) Total gross profit $ 383 $ 3,870 $ 14,047 $ 16,901 Operating expenses $ 3,271 $ 3,573 $ 9,286 $ 9,936 (Loss) income from operations (2,888 ) 297 4,761 6,965 Other income, net 1,690 2,491 8,580 7,067 (Loss) income before taxes $ (1,198 ) $ 2,788 $ 13,341 $ 14,032

Note 3 - Revenue Recognition 1

Note 3 - Revenue Recognition 1 (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Increase (Decrease) in Contract with Customer, Liability			$ (2,705)	$ (2,030)
Contract with Customer, Liability, Revenue Recognized	$ 936	$ 444	2,539	2,402
Accounts Receivable, Blenders' Tax Credit	3,964		3,964		$ 11,381
Accounts Receivable, Allowance for Credit Loss	136		136		55
Bill and Hold Arrangements [Member] | Four Customers [Member]
Contract with Customer, Liability	4,482		4,482		$ 4,317
Chemicals [Member]
Increase (Decrease) in Contract with Customer, Liability	$ 0	$ 506	$ 0	$ 538

Note 3 - Revenue Recognition 2

Note 3 - Revenue Recognition 2 (Details Textual) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Amount	$ 10,434
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	12 months
Revenue, Remaining Performance Obligation, Percentage	38%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	6 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	63 months
Revenue, Remaining Performance Obligation, Percentage	62%

Note 3 - Revenue Recognition -

Note 3 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Trade receivables, included in accounts receivable*	[1]	$ 11,753	$ 15,897
Contract assets, included in accounts receivable		250	1,128
Contract liabilities, included in deferred revenue - short-term		3,928	3,656
Contract liabilities, included in deferred revenue - long-term		$ 6,506	$ 9,318
[1]Exclusive of the BTC of $3,964 and $11,381, respectively, and net of allowances for expected credit losses of $136 and $55, respectively, as of the dates noted.

Note 3 - Revenue Recognition _2

Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer	$ 51,140	$ 116,752	$ 181,830	$ 276,241
Revenue from non-contractual arrangements	55	55	166	166
Revenue	51,140	116,752	181,830	276,241
Bill and Hold Revenue [Member]
Revenue from Contract with Customer	10,211	10,149	32,875	31,504
Revenue	10,211	10,149	32,875	31,504
Non-bill and Hold Revenue [Member]
Revenue from Contract with Customer	40,929	106,603	148,955	244,737
Revenue	40,929	106,603	148,955	244,737
Short-Term Contract with Customer [Member]
Revenue from Contract with Customer	8,966	8,291	26,941	28,318
Revenue	8,966	8,291	26,941	28,318
Long-Term Contract with Customer [Member]
Revenue from Contract with Customer	42,119	108,406	154,723	247,757
Revenue	$ 42,119	$ 108,406	$ 154,723	$ 247,757

Note 4 - Inventory (Details Tex

Note 4 - Inventory (Details Textual) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Effect of LIFO Inventory Liquidation on Income	$ 935	$ 0

Note 4 - Inventory - Carrying V

Note 4 - Inventory - Carrying Values of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finished goods	$ 7,914	$ 16,235
Work in process	748	611
Raw materials and supplies	22,732	25,532
Inventory, Gross	31,394	42,378
LIFO reserve	(6,516)	(9,400)
Total inventory	$ 24,878	$ 32,978

Note 5 - Derivative Instrumen_3

Note 5 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 1,947	$ (14,068)	$ (102)	$ (1,373)
Derivative, Gain (Loss) on Derivative, Net	1,691	$ 7,286	1,337	$ 2,150
Restricted Cash and Cash Equivalents	$ 322		$ 322		$ 745

Note 5 - Derivative Instrumen_4

Note 5 - Derivative Instruments - Carrying Value of Derivative Instruments (Details) - Future [Member] Pure in Thousands, $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Regulated fixed price future commitments, included in other current assets (in thousand barrels)	105	354
Regulated fixed price future commitments, included in other current assets, fair value	$ 297	$ 1,736

Note 6 - Marketable Securities

Note 6 - Marketable Securities (Details Textual) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Marketable Securities, Gain (Loss)	$ 575

Note 7 - Accrued Expenses and_3

Note 7 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Refundable deposit	$ 6,500	$ 0
Accrued employee liabilities	2,724	2,179
Accrued property, franchise, motor fuel and other taxes	1,378	1,346
Lease liability, current	93	389
Other	125	844
Total	$ 10,820	$ 4,758

Note 8 - Borrowings (Details Te

Note 8 - Borrowings (Details Textual) - Regions Bank and PNC Bank N.A. [Member] - Revolving Credit Facility [Member] - USD ($) $ in Thousands	Mar. 30, 2020	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility, Expiration Period (Year)	5 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000
Line of Credit Facility Sublimit for Letters of Credit	30,000
Line of Credit Facility Swingline Loans	$ 15,000
Long-Term Line of Credit		$ 0	$ 0

Note 8 - Borrowings - Leverage

Note 8 - Borrowings - Leverage Ratio (Details)	9 Months Ended
	Sep. 30, 2024
Leverage Ratio1 [Member]
Commitment Fee	0.15%
Leverage Ratio1 [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Spread on variable rate	1%
Leverage Ratio1 [Member] | Base Rate [Member]
Spread on variable rate	0%
Leverage Ratio1 [Member] | Maximum [Member]
Leverage ratio	1
Leverage Ratio 2 [Member]
Commitment Fee	0.15%
Leverage Ratio 2 [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Spread on variable rate	1.25%
Leverage Ratio 2 [Member] | Base Rate [Member]
Spread on variable rate	0.25%
Leverage Ratio 2 [Member] | Maximum [Member]
Leverage ratio	1.5
Leverage Ratio 2 [Member] | Minimum [Member]
Leverage ratio	1
Leverage Ratio 3 [Member]
Commitment Fee	0.20%
Leverage Ratio 3 [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Spread on variable rate	1.50%
Leverage Ratio 3 [Member] | Base Rate [Member]
Spread on variable rate	0.50%
Leverage Ratio 3 [Member] | Maximum [Member]
Leverage ratio	2
Leverage Ratio 3 [Member] | Minimum [Member]
Leverage ratio	1.5
Leverage Ratio 4 [Member]
Commitment Fee	0.20%
Leverage Ratio 4 [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Spread on variable rate	1.75%
Leverage Ratio 4 [Member] | Base Rate [Member]
Spread on variable rate	0.75%
Leverage Ratio 4 [Member] | Maximum [Member]
Leverage ratio	2.5
Leverage Ratio 4 [Member] | Minimum [Member]
Leverage ratio	2
Leverage Ratio 5 [Member]
Commitment Fee	0.25%
Leverage Ratio 5 [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Spread on variable rate	2%
Leverage Ratio 5 [Member] | Base Rate [Member]
Spread on variable rate	1%
Leverage Ratio 5 [Member] | Minimum [Member]
Leverage ratio	2.5

Note 9 - Income Tax Provision -

Note 9 - Income Tax Provision - Summary of Provisions for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income tax (benefit) provision	$ (3)	$ 12	$ 635	$ 34
Effective tax rate	0.30%	0.40%	4.80%	0.20%

Note 10 - Earnings Per Share (D

Note 10 - Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	44,000	41,534	44,000	42,080

Note 10 - Earnings Per Share -

Note 10 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Net (loss) income	$ (1,195)	$ 9,571	$ 4,330	$ 2,776	$ (9,859)	$ 21,081	$ 12,706	$ 13,998
Weighted average shares outstanding – basic (in shares)	43,763,243			43,763,243			43,763,243	43,763,243
Stock options and other awards (in shares)				2,466				1,920
Weighted average shares outstanding – diluted (in shares)	43,763,243			43,765,709			43,763,243	43,765,163
Basic (in dollars per share)	$ (0.03)			$ 0.06			$ 0.29	$ 0.32
Diluted (in dollars per share)	$ (0.03)			$ 0.06			$ 0.29	$ 0.32

Note 12 - Segment Information_2

Note 12 - Segment Information (Details Textual) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Number of Reportable Segments	2
Number of RINs in Inventory	5,000,000	4,300,000	4,200,000
RIN, Fair Market Value	$ 2,556	$ 6,567	$ 6,971
RIN, Cost	$ 0	$ 0	$ 0
Chemicals [Member]
Number of Reportable Segments	2

Note 12 - Segment Information -

Note 12 - Segment Information - Summary of Business by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer	$ 51,140	$ 116,752	$ 181,830	$ 276,241
Gross profit	383	3,870	14,047	16,901
Operating expenses	3,271	3,573	9,286	9,936
(Loss) income from operations	(2,888)	297	4,761	6,965
Other income, net	1,690	2,491	8,580	7,067
(Loss) income before taxes	(1,198)	2,788	13,341	14,032
Operating Segments [Member] | Chemicals [Member]
Revenue from Contract with Customer	17,928	17,847	55,223	58,484
Gross profit	3,407	6,878	12,105	21,917
Operating Segments [Member] | Chemicals [Member] | Custom Chemicals [Member]
Revenue from Contract with Customer	15,323	14,454	46,333	46,650
Operating Segments [Member] | Chemicals [Member] | Performance Chemicals [Member]
Revenue from Contract with Customer	2,605	3,393	8,890	11,834
Operating Segments [Member] | Biofuels [Member]
Revenue from Contract with Customer	33,212	98,905	126,607	217,757
Gross profit	$ (3,024)	$ (3,008)	$ 1,942	$ (5,016)

Note 13 - Legal Matters (Detail

Note 13 - Legal Matters (Details Textual) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Gain (Loss) from Litigation Settlement	$ 2,750