Alto Ingredients (ALTO) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 07, 2023
Document Information Line Items
Entity Registrant Name	ALTO INGREDIENTS, INC.
Trading Symbol	ALTO
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		75,911,374
Amendment Flag	false
Entity Central Index Key	0000778164
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-21467
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-2170618
Entity Address, Address Line One	1300 South Second Street
Entity Address, City or Town	Pekin
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61554
City Area Code	(916)
Local Phone Number	403-2123
Title of 12(b) Security	Common Stock, $0.001 par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	[1]
Current Assets:
Cash and cash equivalents	$ 22,739	$ 36,456
Restricted cash	2,351	13,069
Accounts receivable, net (net of allowance for credit losses of $59 and $105, respectively)	63,367	68,655
Inventories	71,115	66,628
Derivative instruments	14,038	4,973
Other current assets	5,919	9,340
Total current assets	179,529	199,121
Property and equipment, net	246,693	239,069
Other Assets:
Right of use operating lease assets, net	24,433	18,937
Intangible assets, net	8,792	9,087
Goodwill	5,970	5,970
Other assets	5,993	6,137
Total other assets	45,188	40,131
Total Assets	471,410	478,321
Current Liabilities:
Accounts payable	25,933	28,115
Accrued liabilities	15,328	26,556
Current portion – operating leases	3,914	3,849
Derivative instruments	8,396	6,732
Other current liabilities	5,115	12,765
Total current liabilities	58,686	78,017
Long-term debt, net	82,082	68,356
Operating leases, net of current portion	21,058	15,062
Other liabilities	8,791	8,797
Total Liabilities	170,617	170,232
Commitments and Contingencies (Note 6)
Stockholders’ Equity:
Preferred stock, $0.001 par value; 10,000 shares authorized; Series A: 1,684 shares authorized; no shares issued and outstanding as of June 30, 2023 and December 31, 2022; Series B: 1,581 shares authorized; 927 shares issued and outstanding as of June 30, 2023 and December 31, 2022; liquidation preference of $18,075 as of June 30, 2023	1	1
Common stock, value	76	75
Additional paid-in capital	1,039,735	1,040,834
Accumulated other comprehensive income	1,822	1,822
Accumulated deficit	(740,841)	(734,643)
Total Stockholders’ Equity	300,793	308,089
Total Liabilities and Stockholders’ Equity	471,410	478,321
Non-voting common stock
Stockholders’ Equity:
Common stock, value
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2022.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	[1]
Accounts receivable, net of allowance (in Dollars)	$ 59	$ 105
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000	10,000
Preferred stock, liquidation preference (in Dollars)	$ 18,075	$ 18,075
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	300,000	300,000
Common stock, shares issued	75,923	75,154
Common stock, shares outstanding	75,923	75,154
Series A Preferred Stock
Preferred stock, shares authorized	1,684	1,684
Preferred stock, shares issued
Preferred stock, shares outstanding
Series B Preferred Stock
Preferred stock, shares authorized	1,581	1,581
Preferred stock, shares issued	927	927
Preferred stock, shares outstanding	927	927
Non-voting common stock
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	3,553	3,553
Common stock, shares issued	1	1
Common stock, shares outstanding	1	1
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2022.

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 317,297	$ 362,189	$ 631,188	$ 670,307
Cost of goods sold	300,116	353,345	617,171	656,690
Gross profit	17,181	8,844	14,017	13,617
Selling, general and administrative expenses	7,911	8,996	15,793	16,625
Asset impairments			574
Income (loss) from operations	9,270	(152)	(2,350)	(3,008)
Interest expense, net	(1,734)	(319)	(3,299)	(519)
Income from cash grant		22,652		22,652
Other income (expense), net	59	(66)	78	388
Income (loss) before provision for income taxes	7,595	22,115	(5,571)	19,513
Provision for income taxes
Net income (loss)	7,595	22,115	(5,571)	19,513
Preferred stock dividends	(315)	(315)	(627)	(627)
Income allocated to participating securities	(96)	(284)		(251)
Net income (loss) available to common stockholders	$ 7,184	$ 21,516	$ (6,198)	$ 18,635
Net income (loss) per share, basic (in Dollars per share)	$ 0.1	$ 0.29	$ (0.08)	$ 0.26
Net income (loss) per share, diluted (in Dollars per share)	$ 0.1	$ 0.29	$ (0.08)	$ 0.26
Weighted-average shares outstanding, basic (in Shares)	73,394	72,936	73,603	71,690
Weighted-average shares outstanding, diluted (in Shares)	74,103	73,123	73,603	71,958

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities:
Net income (loss)	$ (5,571)	$ 19,513
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization of intangibles	11,735	12,862
Gains on derivative instruments	(5,174)	(21,936)
Inventory valuation		3,010
Asset impairments	574
Non-cash compensation	1,711	1,779
Amortization of deferred financing fees	494	37
Amortization of debt discount	397
Bad debt (recovery) expense	(46)	66
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable	5,334	(393)
Inventories	(4,487)	(14,729)
Other assets	3,565	3,210
Operating leases	(2,566)	(2,528)
Accounts payable and accrued expenses	(18,870)	19,804
Net cash (used in) provided by operating activities	(12,904)	20,695
Investing Activities:
Additions to property and equipment	(17,968)	(9,762)
Proceeds from principal payments on notes receivable		14,766
Deferred purchase price payments for Eagle Alcohol	(3,500)
Purchase of Eagle Alcohol, net of cash acquired		(14,655)
Net cash used in investing activities	(21,468)	(9,651)
Net proceeds from Kinergy’s line of credit	13,247	2,195
Stock repurchases	(2,683)
Preferred stock dividends paid	(627)	(627)
Net cash provided by financing activities	9,937	1,568
Net change in cash, cash equivalents and restricted cash	(24,435)	12,612
Cash, cash equivalents and restricted cash at beginning of period	49,525	62,125
Cash, cash equivalents and restricted cash at end of period	25,090	74,737
Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents	22,739	57,376
Restricted cash	2,351	17,361
Total cash, cash equivalents and restricted cash	25,090	74,737
Supplemental Information:
Interest paid	3,964	456
Capitalized interest	$ 1,615	$ 87

Consolidated Statements of Stoc

Consolidated Statements of Stockholder's Equity (Unaudited) - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accum. Other Comprehensive Income	Total
Balance at Dec. 31, 2021	$ 1	$ 73	$ 1,037,205	$ (691,781)	$ (284)	$ 345,214
Balance (in Shares) at Dec. 31, 2021	927	72,778
Stock-based compensation			673			673
Restricted stock issued to employees and directors, net of cancellations and tax			(9)			(9)
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares)		684
Shares issued for Eagle Alcohol acquisition		$ 1				1
Shares issued for Eagle Alcohol acquisition (in Shares)		949
Preferred stock dividends				(312)		(312)
Net income (loss)				(2,602)		(2,602)
Balances at Mar. 31, 2022	$ 1	$ 74	1,037,869	(694,695)	(284)	342,965
Balances (in Shares) at Mar. 31, 2022	927	74,411
Balance at Dec. 31, 2021	$ 1	$ 73	1,037,205	(691,781)	(284)	345,214
Balance (in Shares) at Dec. 31, 2021	927	72,778
Stock-based compensation						1,779
Net income (loss)						19,513
Balances at Jun. 30, 2022	$ 1	$ 74	1,036,692	(672,895)	(284)	363,588
Balances (in Shares) at Jun. 30, 2022	927	74,188
Balance at Mar. 31, 2022	$ 1	$ 74	1,037,869	(694,695)	(284)	342,965
Balance (in Shares) at Mar. 31, 2022	927	74,411
Stock-based compensation			1,106			1,106
Restricted stock issued to employees and directors, net of cancellations and tax			(2,283)			(2,283)
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares)		(223)
Preferred stock dividends				(315)		(315)
Net income (loss)				22,115		22,115
Balances at Jun. 30, 2022	$ 1	$ 74	1,036,692	(672,895)	(284)	363,588
Balances (in Shares) at Jun. 30, 2022	927	74,188
Balance at Dec. 31, 2022	$ 1	$ 75	1,040,834	(734,643)	1,822	308,089	[1]
Balance (in Shares) at Dec. 31, 2022	927	75,154
Stock-based compensation			752			752
Restricted stock issued to employees and directors, net of cancellations and tax		$ 2	(8)			(6)
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares)		1,893
Stock repurchases		$ (1)	(1,681)			(1,682)
Stock repurchases (in Shares)		(860)
Preferred stock dividends				(312)		(312)
Net income (loss)				(13,166)		(13,166)
Balances at Mar. 31, 2023	$ 1	$ 76	1,039,897	(748,121)	1,822	293,675
Balances (in Shares) at Mar. 31, 2023	927	76,187
Balance at Dec. 31, 2022	$ 1	$ 75	1,040,834	(734,643)	1,822	308,089	[1]
Balance (in Shares) at Dec. 31, 2022	927	75,154
Stock-based compensation						1,711
Net income (loss)						(5,571)
Balances at Jun. 30, 2023	$ 1	$ 76	1,039,735	(740,841)	1,822	300,793
Balances (in Shares) at Jun. 30, 2023	927	75,923
Balance at Mar. 31, 2023	$ 1	$ 76	1,039,897	(748,121)	1,822	293,675
Balance (in Shares) at Mar. 31, 2023	927	76,187
Stock-based compensation			959			959
Restricted stock issued to employees and directors, net of cancellations and tax			(120)			(120)
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares)		125
Stock repurchases			(1,001)			(1,001)
Stock repurchases (in Shares)		(389)
Preferred stock dividends				(315)		(315)
Net income (loss)				7,595		7,595
Balances at Jun. 30, 2023	$ 1	$ 76	$ 1,039,735	$ (740,841)	$ 1,822	$ 300,793
Balances (in Shares) at Jun. 30, 2023	927	75,923
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2022.

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization and Basis of Presentation [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	1. ORGANIZATION Organization and Business The Company is a leading producer and distributor of specialty alcohols and essential ingredients. The Company also produces and markets fuel-grade ethanol. The Company’s production facilities in Pekin, Illinois are located in the heart of the Corn Belt. The Company’s two production facilities in Oregon and Idaho are located in close proximity to both feed and fuel-grade ethanol customers. The Company has a combined alcohol production capacity of 350 million gallons per year and produced in 2022 over 1.6 million tons of essential ingredients, such as dried yeast, corn protein meal, corn protein feed, corn germ, and distillers grains and liquid feed used in commercial animal feed and pet foods. In addition, the Company markets and distributes fuel-grade ethanol produced by third parties. The Company focuses on four key markets: Health, Home & Beauty Food & Beverage Essential Ingredients Renewable Fuels As of June 30, 2023, all of the Company’s production facilities were operating, however, from January 2023 to April 2023, its Magic Valley plant in Idaho was temporarily hot-idled due to extreme natural gas prices, other unfavorable market conditions and to facilitate the installation of its new high protein systems at the plant. The Company restarted the facility in April 2023. As market conditions change, the Company may increase, decrease or idle production at one or more operating facilities or resume operations at any idled facility. Basis of Presentation – Interim Financial Statements Accounts Receivable and Allowance for Credit Losses The carrying amount of accounts receivable is reduced by a valuation allowance that reflects the Company’s best estimate of the amounts that will not be collected. The Company regularly reviews accounts receivable and based on assessments of current customer creditworthiness, estimates the portion, if any, of the customer balance that will not be collected. Of the accounts receivable balance, approximately $52,732,000 and $55,667,000 at June 30, 2023 and December 31, 2022, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for credit losses was $59,000 and $105,000 as of June 30, 2023 and December 31, 2022, respectively. The Company recorded a bad debt recovery of $7,000 and bad debt expense of $35,000 for the three months ended June 30, 2023 and 2022, respectively. The Company recorded a bad debt recovery of $46,000 and bad debt expense $66,000 for the six months ended June 30, 2023 and 2022, respectively. The Company does not have any off-balance sheet credit exposure related to its customers. Share Repurchase Program Financial Instruments Income from Cash Grant Accounting for Government Grants and Disclosure of Government Assistance Estimates and Assumptions

Segments

Segments	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENTS	2. SEGMENTS. The Company reports its financial and operating performance in three segments: (1) marketing and distribution, which includes marketing and merchant trading for Company-produced alcohols and essential ingredients on an aggregated basis, and sales of fuel-grade ethanol sourced from third parties (2) Pekin production, which includes the production and sale of alcohols and essential ingredients produced at the Company’s Pekin, Illinois campus (“Pekin Campus”), and (3) Other production, which includes the production and sale of fuel-grade ethanol and essential ingredients produced at all of the Company’s other production facilities on an aggregated basis (“Other production”), none of which are individually so significant as to be considered a separately reportable segment. The following tables set forth certain financial data for the Company’s operating segments (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Net Sales Pekin Campus, recorded as gross: Alcohol sales $ 127,694 $ 143,768 $ 260,075 $ 259,818 Essential ingredient sales 53,954 59,853 117,585 115,133 Intersegment sales 444 269 757 525 Total Pekin Campus sales 182,092 203,890 378,417 375,476 Marketing and distribution: Alcohol sales, gross $ 72,589 $ 63,558 $ 156,936 $ 117,484 Alcohol sales, net 104 317 218 668 Intersegment sales 2,499 3,242 5,342 6,239 Total marketing and distribution sales 75,192 67,117 162,496 124,391 Other production, recorded as gross: Alcohol sales $ 44,384 $ 67,184 $ 65,316 $ 126,991 Essential ingredient sales 14,421 23,372 22,773 42,309 Intersegment sales 62 — 62 12 Total Other production sales 58,867 90,556 88,151 169,312 Corporate and other 4,151 4,137 8,285 7,904 Intersegment eliminations (3,005 ) (3,511 ) (6,161 ) (6,776 ) Net sales as reported $ 317,297 $ 362,189 $ 631,188 $ 670,307 Cost of goods sold: Pekin Campus $ 168,419 $ 195,691 $ 366,596 $ 364,573 Marketing and distribution 71,746 63,796 154,871 118,510 Other production 57,834 91,606 91,815 169,851 Corporate and other 3,414 3,197 5,786 6,070 Intersegment eliminations (1,297 ) (945 ) (1,897 ) (2,314 ) Cost of goods sold as reported $ 300,116 $ 353,345 $ 617,171 $ 656,690 Gross profit: Pekin Campus $ 13,673 $ 8,199 $ 11,821 $ 10,903 Marketing and distribution 3,446 3,321 7,625 5,881 Other production 1,033 (1,050 ) (3,664 ) (539 ) Corporate and other 737 940 2,499 1,834 Intersegment eliminations (1,708 ) (2,566 ) (4,264 ) (4,462 ) Gross profit as reported $ 17,181 $ 8,844 $ 14,017 $ 13,617 Income (loss) before provision for income taxes: Pekin Campus $ 10,790 $ 16,331 $ 5,672 $ 16,413 Marketing and distribution 1,607 1,036 3,618 1,824 Other production (783 ) 7,570 (6,484 ) 6,361 Corporate and other (4,019 ) (2,822 ) (8,377 ) (5,085 ) $ 7,595 $ 22,115 $ (5,571 ) $ 19,513 Depreciation and amortization of intangibles: Pekin Campus $ 4,998 $ 5,084 $ 9,816 $ 9,621 Other production 455 1,458 1,464 2,822 Corporate and other 228 186 455 419 $ 5,681 $ 6,728 $ 11,735 $ 12,862 Interest expense, net of capitalized interest: Pekin Campus $ (151 ) $ (3 ) $ (635 ) $ (33 ) Marketing and distribution 109 336 604 573 Other production (151 ) (39 ) (508 ) (54 ) Corporate and other 1,927 25 3,838 33 $ 1,734 $ 319 $ 3,299 $ 519 The following table sets forth the Company’s total assets by operating segment (in thousands): June 30, December 31, Total assets: Pekin Campus $ 253,220 $ 257,089 Marketing and distribution 122,368 114,755 Other production 54,326 51,886 Corporate and other 41,496 54,591 $ 471,410 $ 478,321

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES. Inventories consisted primarily of bulk ethanol, specialty alcohols, corn, essential ingredients and unleaded fuel, and are valued at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. Inventory is net of a valuation adjustment of $0 and $4,612,000 as of June 30, 2023 and December 31, 2022, respectively. Inventory balances consisted of the following (in thousands): June 30, December 31, Finished goods $ 45,089 $ 47,736 Work in progress 7,185 6,396 Raw materials 17,415 11,197 Other 1,426 1,299 Total $ 71,115 $ 66,628

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2023
Derivatives [Abstract]
DERIVATIVES	4. DERIVATIVES. The business and activities of the Company expose it to a variety of market risks, including risks related to changes in commodity prices. The Company monitors and manages these financial exposures as an integral part of its risk management program. This program recognizes the unpredictability of financial markets and seeks to reduce the potentially adverse effects that market volatility could have on operating results. Commodity Risk – Cash Flow Hedges Commodity Risk – Non-Designated Hedges Non Designated Derivative Instruments As of June 30, 2023 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 2,351 Commodity contracts Derivative instruments $ 14,038 Derivative instruments $ 8,396 As of December 31, 2022 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 13,069 Commodity contracts Derivative instruments $ 4,973 Derivative instruments $ 6,732 The above amounts represent the gross balances of the contracts; however, the Company does have a right of offset with each of its derivative brokers, but the Company’s intent is to close out positions individually, therefore, the positions are reported at gross. The classification and amounts of the Company’s recognized gains for its derivatives not designated as hedging instruments are as follows (in thousands): Realized Gains For the Three Months Ended June 30, Type of Instrument Statements of Operations Location 2023 2022 Commodity contracts Cost of goods sold $ 5,477 $ 13,913 $ 5,477 $ 13,913 Realized (Losses) Gains For the Six Months Ended Type of Instrument Statements of Operations Location 2023 2022 Commodity contracts Cost of goods sold $ (2,226 ) $ 29,476 $ (2,226 ) $ 29,476 Unrealized Gains For the Three Months Ended June 30, Type of Instrument Statements of Operations Location 2023 2022 Commodity contracts Cost of goods sold $ 1,474 $ 2,706 $ 1,474 $ 2,706 Unrealized Gains (Losses) For the Six Months Ended Type of Instrument Statements of Operations Location 2023 2022 Commodity contracts Cost of goods sold $ 7,400 $ (7,540 ) $ 7,400 $ (7,540 )

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt [Abstract]
DEBT	5. DEBT. Long-term borrowings are summarized as follows (in thousands): June 30, December 31, Kinergy line of credit $ 31,323 $ 18,076 Orion term loan 60,000 60,000 91,323 78,076 Less unamortized debt discount (4,297 ) (4,686 ) Less unamortized debt financing costs (4,944 ) (5,034 ) Less current portion — — Long-term debt $ 82,082 $ 68,356 Excess Availability

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	6. COMMITMENTS AND CONTINGENCIES. Sales Commitments Purchase Commitments Litigation – General

Pension and Retirement Benefit

Pension and Retirement Benefit Plans.	6 Months Ended
	Jun. 30, 2023
Pension Plans [Abstract]
Pension and Retirement Benefit Plans.	7. PENSION AND RETIREMENT BENEFIT PLANS. The Company sponsors a defined benefit pension plan (the “Retirement Plan”) and a healthcare and life insurance plan (the “Postretirement Plan”). The Retirement Plan is noncontributory, and covers only “grandfathered” unionized employees at the Company’s Pekin, Illinois facility who fulfill minimum age and service requirements. Benefits are based on a prescribed formula based upon the employee’s years of service. The Retirement Plan, which is part of a collective bargaining agreement, covers only union employees hired prior to November 1, 2010. The Company uses a December 31 measurement date for its Retirement Plan. The Company’s funding policy is to make the minimum annual contribution required by applicable regulations. As of December 31, 2022, the Retirement Plan’s accumulated projected benefit obligation was $18.0 million, with a fair value of plan assets of $16.7 million. The underfunded amount of $1.3 million is recorded on the Company’s consolidated balance sheet in other liabilities. For the three months ended June 30, 2023, the Retirement Plan’s net periodic expense was $39,000, comprised of $225,000 in interest cost and $62,000 in service cost, partially offset by $248,000 of expected return on plan assets. For the three months ended June 30, 2022, the Retirement Plan’s net periodic benefit was $8,000, comprised of $273,000 of expected return on plan assets, partially offset by $164,000 in interest cost and $101,000 in service cost. For the six months ended June 30, 2023, the Retirement Plan’s net periodic expense was $78,000, comprised of $450,000 in interest cost and $124,000 in service cost, partially offset by $496,000 of expected return on plan assets. For the six months ended June 30, 2022, the Retirement Plan’s net periodic benefit was $16,000, comprised of $546,000 of expected return on plan assets, partially offset by $328,000 in interest cost and $202,000 in service cost. The Postretirement Plan provides postretirement medical benefits and life insurance to certain “grandfathered” unionized employees. Employees hired after December 31, 2000 are not eligible to participate in the Postretirement Plan. The Postretirement Plan is contributory, with contributions required at the same rate as active employees. Benefit eligibility under the plan declines at age 65 from a defined benefit to a defined dollar cap based upon years of service. As of December 31, 2022, the Postretirement Plan’s accumulated projected benefit obligation was $3.9 million and is recorded on the Company’s consolidated balance sheet in other liabilities. The Company’s funding policy is to make the minimum annual contribution required by applicable regulations. For the three months ended June 30, 2023, the Postretirement Plan’s net periodic expense was $36,000, comprised of $46,000 of interest cost and $3,000 of service cost, partially offset by $13,000 in amortization of gains. For the three months ended June 30, 2022, the Postretirement Plan’s net periodic expense was $32,000, comprised of $6,000 of interest cost and $26,000 of service cost. For the six months ended June 30, 2023, the Postretirement Plan’s net periodic expense was $72,000, comprised of $92,000 of interest cost and $6,000 of service cost, partially offset by $26,000 in amortization of gains. For the six months ended June 30, 2022, the Postretirement Plan’s net periodic expense was $64,000, comprised of $12,000 of interest cost and $52,000 of service cost.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Measurements [Abstract]
FAIR VALUE MEASUREMENTS	8. FAIR VALUE MEASUREMENTS. The fair value hierarchy prioritizes the inputs used in valuation techniques into three levels, as follows: ● Level 1 – Observable inputs – unadjusted quoted prices in active markets for identical assets and liabilities; ● Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data; and ● Level 3 – Unobservable inputs – includes amounts derived from valuation models where one or more significant inputs are unobservable. For fair value measurements using significant unobservable inputs, a description of the inputs and the information used to develop the inputs is required along with a reconciliation of Level 3 values from the prior reporting period. Pooled separate accounts Other Derivative Instruments The following table summarizes recurring and nonrecurring fair value measurements by level at June 30, 2023 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 14,038 $ 14,038 $ — $ — Liabilities: Derivative financial instruments $ (8,396 ) $ (8,396 ) $ — $ — The following table summarizes recurring and nonrecurring fair value measurements by level at December 31, 2022 (in thousands): Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 4,973 $ 4,973 $ — $ — Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 4,586 — 4,586 — 28 % Small/Mid U.S. Equity(3) 2,986 — 2,986 — 18 % International Equity(4) 2,406 — 2,406 — 14 % Fixed Income(5) 6,710 — 6,710 — 40 % $ 21,661 $ 4,973 $ 16,688 $ — Liabilities: Derivative financial instruments $ 6,732 $ 6,732 $ — $ — (1) Included in other assets in the consolidated balance sheets. (2) This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (3) This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (4) This category includes investments in funds comprised of equity securities of foreign companies including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (5) This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	9. EARNINGS PER SHARE. The following tables compute basic and diluted earnings per share (in thousands, except per share data): Three Months Ended June 30, 2023 Income Shares Per-Share Net income $ 7,595 Less: Preferred stock dividends (315 ) Less: Income allocated to participating securities (96 ) Basic income per share: Income available to common stockholders $ 7,184 73,394 $ 0.10 Add: Dilutive instruments — 709 Diluted income per share: Income available to common stockholders $ 7,184 74,103 $ 0.10 Three Months Ended June 30, 2022 Income Shares Per-Share Net income $ 22,115 Less: Preferred stock dividends (315 ) Less: Income allocated to participating securities (284 ) Basic income per share: Income available to common stockholders $ 21,516 72,936 $ 0.29 Add: Dilutive instruments — 187 Diluted income per share: Income available to common stockholders $ 21,516 73,123 $ 0.29 Six Months Ended June 30, 2023 Loss Shares Per-Share Net loss $ (5,571 ) Less: Preferred stock dividends (627 ) Basic and diluted loss per share: Loss available to common stockholders $ (6,198 ) 73,603 $ (0.08 ) Six Months Ended June 30, 2022 Income Shares Per-Share Net income $ 19,513 Less: Preferred stock dividends (627 ) Less: Income allocated to participating securities (251 ) Basic income per share: Income available to common stockholders $ 18,635 71,690 $ 0.26 Add: Dilutive instruments — 268 Diluted income per share: Income available to common stockholders $ 18,635 71,958 $ 0.26 There were an additional aggregate potentially dilutive weighted-average shares of 981,000 from convertible securities outstanding for the three and six months ended June 30, 2023. There were an additional aggregate potentially dilutive weighted-average shares of 964,000 from convertible securities outstanding for the three and six months ended June 30, 2022. These securities were not considered in calculating diluted net income (loss) per share for the three and six months ended June 30, 2023 and 2022, as their effect would have been anti-dilutive.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Organization and Business	Organization and Business The Company is a leading producer and distributor of specialty alcohols and essential ingredients. The Company also produces and markets fuel-grade ethanol. The Company’s production facilities in Pekin, Illinois are located in the heart of the Corn Belt. The Company’s two production facilities in Oregon and Idaho are located in close proximity to both feed and fuel-grade ethanol customers. The Company has a combined alcohol production capacity of 350 million gallons per year and produced in 2022 over 1.6 million tons of essential ingredients, such as dried yeast, corn protein meal, corn protein feed, corn germ, and distillers grains and liquid feed used in commercial animal feed and pet foods. In addition, the Company markets and distributes fuel-grade ethanol produced by third parties. The Company focuses on four key markets: Health, Home & Beauty Food & Beverage Essential Ingredients Renewable Fuels As of June 30, 2023, all of the Company’s production facilities were operating, however, from January 2023 to April 2023, its Magic Valley plant in Idaho was temporarily hot-idled due to extreme natural gas prices, other unfavorable market conditions and to facilitate the installation of its new high protein systems at the plant. The Company restarted the facility in April 2023. As market conditions change, the Company may increase, decrease or idle production at one or more operating facilities or resume operations at any idled facility.
Basis of Presentation–Interim Financial Statements	Basis of Presentation – Interim Financial Statements
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses The carrying amount of accounts receivable is reduced by a valuation allowance that reflects the Company’s best estimate of the amounts that will not be collected. The Company regularly reviews accounts receivable and based on assessments of current customer creditworthiness, estimates the portion, if any, of the customer balance that will not be collected. Of the accounts receivable balance, approximately $52,732,000 and $55,667,000 at June 30, 2023 and December 31, 2022, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for credit losses was $59,000 and $105,000 as of June 30, 2023 and December 31, 2022, respectively. The Company recorded a bad debt recovery of $7,000 and bad debt expense of $35,000 for the three months ended June 30, 2023 and 2022, respectively. The Company recorded a bad debt recovery of $46,000 and bad debt expense $66,000 for the six months ended June 30, 2023 and 2022, respectively. The Company does not have any off-balance sheet credit exposure related to its customers.
Share Repurchase Program	Share Repurchase Program
Financial Instruments	Financial Instruments
Income from Cash Grant	Income from Cash Grant Accounting for Government Grants and Disclosure of Government Assistance
Estimates and Assumptions	Estimates and Assumptions

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Financial Data for Operating Segments	The following tables set forth certain financial data for the Company’s operating segments (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Net Sales Pekin Campus, recorded as gross: Alcohol sales $ 127,694 $ 143,768 $ 260,075 $ 259,818 Essential ingredient sales 53,954 59,853 117,585 115,133 Intersegment sales 444 269 757 525 Total Pekin Campus sales 182,092 203,890 378,417 375,476 Marketing and distribution: Alcohol sales, gross $ 72,589 $ 63,558 $ 156,936 $ 117,484 Alcohol sales, net 104 317 218 668 Intersegment sales 2,499 3,242 5,342 6,239 Total marketing and distribution sales 75,192 67,117 162,496 124,391 Other production, recorded as gross: Alcohol sales $ 44,384 $ 67,184 $ 65,316 $ 126,991 Essential ingredient sales 14,421 23,372 22,773 42,309 Intersegment sales 62 — 62 12 Total Other production sales 58,867 90,556 88,151 169,312 Corporate and other 4,151 4,137 8,285 7,904 Intersegment eliminations (3,005 ) (3,511 ) (6,161 ) (6,776 ) Net sales as reported $ 317,297 $ 362,189 $ 631,188 $ 670,307 Cost of goods sold: Pekin Campus $ 168,419 $ 195,691 $ 366,596 $ 364,573 Marketing and distribution 71,746 63,796 154,871 118,510 Other production 57,834 91,606 91,815 169,851 Corporate and other 3,414 3,197 5,786 6,070 Intersegment eliminations (1,297 ) (945 ) (1,897 ) (2,314 ) Cost of goods sold as reported $ 300,116 $ 353,345 $ 617,171 $ 656,690 Gross profit: Pekin Campus $ 13,673 $ 8,199 $ 11,821 $ 10,903 Marketing and distribution 3,446 3,321 7,625 5,881 Other production 1,033 (1,050 ) (3,664 ) (539 ) Corporate and other 737 940 2,499 1,834 Intersegment eliminations (1,708 ) (2,566 ) (4,264 ) (4,462 ) Gross profit as reported $ 17,181 $ 8,844 $ 14,017 $ 13,617 Income (loss) before provision for income taxes: Pekin Campus $ 10,790 $ 16,331 $ 5,672 $ 16,413 Marketing and distribution 1,607 1,036 3,618 1,824 Other production (783 ) 7,570 (6,484 ) 6,361 Corporate and other (4,019 ) (2,822 ) (8,377 ) (5,085 ) $ 7,595 $ 22,115 $ (5,571 ) $ 19,513 Depreciation and amortization of intangibles: Pekin Campus $ 4,998 $ 5,084 $ 9,816 $ 9,621 Other production 455 1,458 1,464 2,822 Corporate and other 228 186 455 419 $ 5,681 $ 6,728 $ 11,735 $ 12,862 Interest expense, net of capitalized interest: Pekin Campus $ (151 ) $ (3 ) $ (635 ) $ (33 ) Marketing and distribution 109 336 604 573 Other production (151 ) (39 ) (508 ) (54 ) Corporate and other 1,927 25 3,838 33 $ 1,734 $ 319 $ 3,299 $ 519
Schedule of Assets by Operating Segments	The following table sets forth the Company’s total assets by operating segment (in thousands): June 30, December 31, Total assets: Pekin Campus $ 253,220 $ 257,089 Marketing and distribution 122,368 114,755 Other production 54,326 51,886 Corporate and other 41,496 54,591 $ 471,410 $ 478,321

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventory is net of a valuation adjustment of $0 and $4,612,000 as of June 30, 2023 and December 31, 2022, respectively. Inventory balances consisted of the following (in thousands): June 30, December 31, Finished goods $ 45,089 $ 47,736 Work in progress 7,185 6,396 Raw materials 17,415 11,197 Other 1,426 1,299 Total $ 71,115 $ 66,628

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2023
Derivatives [Abstract]
Schedule of Derivatives not Designated as Hedging Instruments	The classification and amounts of the Company’s derivatives not designated as hedging instruments, and related cash collateral balances, are as follows (in thousands): As of June 30, 2023 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 2,351 Commodity contracts Derivative instruments $ 14,038 Derivative instruments $ 8,396 As of December 31, 2022 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 13,069 Commodity contracts Derivative instruments $ 4,973 Derivative instruments $ 6,732
Schedule of Recognized Gains (Losses) for its Derivatives	The classification and amounts of the Company’s recognized gains for its derivatives not designated as hedging instruments are as follows (in thousands): Realized Gains For the Three Months Ended June 30, Type of Instrument Statements of Operations Location 2023 2022 Commodity contracts Cost of goods sold $ 5,477 $ 13,913 $ 5,477 $ 13,913 Realized (Losses) Gains For the Six Months Ended Type of Instrument Statements of Operations Location 2023 2022 Commodity contracts Cost of goods sold $ (2,226 ) $ 29,476 $ (2,226 ) $ 29,476 Unrealized Gains For the Three Months Ended June 30, Type of Instrument Statements of Operations Location 2023 2022 Commodity contracts Cost of goods sold $ 1,474 $ 2,706 $ 1,474 $ 2,706 Unrealized Gains (Losses) For the Six Months Ended Type of Instrument Statements of Operations Location 2023 2022 Commodity contracts Cost of goods sold $ 7,400 $ (7,540 ) $ 7,400 $ (7,540 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt [Abstract]
Schedule of Long-Term Borrowings	Long-term borrowings are summarized as follows (in thousands): June 30, December 31, Kinergy line of credit $ 31,323 $ 18,076 Orion term loan 60,000 60,000 91,323 78,076 Less unamortized debt discount (4,297 ) (4,686 ) Less unamortized debt financing costs (4,944 ) (5,034 ) Less current portion — — Long-term debt $ 82,082 $ 68,356

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Measurements [Abstract]
Schedule of Recurring and Nonrecurring Fair Value Measurements	The following table summarizes recurring and nonrecurring fair value measurements by level at June 30, 2023 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 14,038 $ 14,038 $ — $ — Liabilities: Derivative financial instruments $ (8,396 ) $ (8,396 ) $ — $ — Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 4,973 $ 4,973 $ — $ — Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 4,586 — 4,586 — 28 % Small/Mid U.S. Equity(3) 2,986 — 2,986 — 18 % International Equity(4) 2,406 — 2,406 — 14 % Fixed Income(5) 6,710 — 6,710 — 40 % $ 21,661 $ 4,973 $ 16,688 $ — Liabilities: Derivative financial instruments $ 6,732 $ 6,732 $ — $ — (1) Included in other assets in the consolidated balance sheets. (2) This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (3) This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (4) This category includes investments in funds comprised of equity securities of foreign companies including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (5) This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following tables compute basic and diluted earnings per share (in thousands, except per share data): Three Months Ended June 30, 2023 Income Shares Per-Share Net income $ 7,595 Less: Preferred stock dividends (315 ) Less: Income allocated to participating securities (96 ) Basic income per share: Income available to common stockholders $ 7,184 73,394 $ 0.10 Add: Dilutive instruments — 709 Diluted income per share: Income available to common stockholders $ 7,184 74,103 $ 0.10 Three Months Ended June 30, 2022 Income Shares Per-Share Net income $ 22,115 Less: Preferred stock dividends (315 ) Less: Income allocated to participating securities (284 ) Basic income per share: Income available to common stockholders $ 21,516 72,936 $ 0.29 Add: Dilutive instruments — 187 Diluted income per share: Income available to common stockholders $ 21,516 73,123 $ 0.29 Six Months Ended June 30, 2023 Loss Shares Per-Share Net loss $ (5,571 ) Less: Preferred stock dividends (627 ) Basic and diluted loss per share: Loss available to common stockholders $ (6,198 ) 73,603 $ (0.08 ) Six Months Ended June 30, 2022 Income Shares Per-Share Net income $ 19,513 Less: Preferred stock dividends (627 ) Less: Income allocated to participating securities (251 ) Basic income per share: Income available to common stockholders $ 18,635 71,690 $ 0.26 Add: Dilutive instruments — 268 Diluted income per share: Income available to common stockholders $ 18,635 71,958 $ 0.26

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 12, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Mar. 31, 2023
Organization and Basis of Presentation [Abstract]
Production capacity per year				$ 350,000,000
Annual payments of essential ingredients		$ 1,600,000		1,600,000
Accounts receivable				52,732,000		$ 55,667,000
Allowance for credit losses		59,000		59,000		105,000
Bad debt recovery		7,000		46,000
Bad debt expenses			$ 35,000		$ 66,000
Repurchase of common stock	$ 50,000,000
Excess amount of initial purchase	$ 10,000,000
Authorized value		$ 5,000,000		5,000,000
Additional lender value				5,000,000
Purchase additional amount				$ 10,000,000
Repurchased aggregate shares (in Shares)		389,000		1,249,000
Repurchased an aggregate shares in cash		$ 1,001,000		$ 2,683,000
Repurchase shares (in Shares)							1,600,000
Total repurchase amount		$ 4,008,000		$ 4,008,000
Cash						22,652,000
Loan						$ 700,000,000

Segments (Details) - Schedule o

Segments (Details) - Schedule of Financial Data for Operating Segments - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cost of goods sold:
Cost of goods sold	$ 300,116	$ 353,345	$ 617,171	$ 656,690
Gross profit (loss)	17,181	8,844	14,017	13,617
Income (loss) before provision for income taxes:
Loss before provision for income taxes	7,595	22,115	(5,571)	19,513
Depreciation and amortization of intangibles:
Depreciation and amortization expense	5,681	6,728	11,735	12,862
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	1,734	319	3,299	519
Pekin Campus [Member]
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	(151)	(3)	(635)	(33)
Marketing and distribution [Member]
Cost of goods sold:
Cost of goods sold	71,746	63,796	154,871	118,510
Gross profit (loss)	3,446	3,321	7,625	5,881
Income (loss) before provision for income taxes:
Loss before provision for income taxes	1,607	1,036	3,618	1,824
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	109	336	604	573
Other production [Member]
Cost of goods sold:
Cost of goods sold	57,834	91,606	91,815	169,851
Gross profit (loss)	1,033	(1,050)	(3,664)	(539)
Income (loss) before provision for income taxes:
Loss before provision for income taxes	(783)	7,570	(6,484)	6,361
Depreciation and amortization of intangibles:
Depreciation and amortization expense	455	1,458	1,464	2,822
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	(151)	(39)	(508)	(54)
Corporate and other [Member]
Net Sales
Net Sales	4,151	4,137	8,285	7,904
Income (loss) before provision for income taxes:
Loss before provision for income taxes	(4,019)	(2,822)	(8,377)	(5,085)
Depreciation and amortization of intangibles:
Depreciation and amortization expense	228	186	455	419
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	1,927	25	3,838	33
Intersegment eliminations
Net Sales
Net Sales	(3,005)	(3,511)	(6,161)	(6,776)
Cost of goods sold:
Cost of goods sold	(1,297)	(945)	(1,897)	(2,314)
Gross profit (loss)	(1,708)	(2,566)	(4,264)	(4,462)
Pekin Campus [Member]
Cost of goods sold:
Cost of goods sold	168,419	195,691	366,596	364,573
Gross profit (loss)	13,673	8,199	11,821	10,903
Income (loss) before provision for income taxes:
Loss before provision for income taxes	10,790	16,331	5,672	16,413
Depreciation and amortization of intangibles:
Depreciation and amortization expense	4,998	5,084	9,816	9,621
Corporate and other [Member]
Cost of goods sold:
Cost of goods sold	3,414	3,197	5,786	6,070
Gross profit (loss)	737	940	2,499	1,834
Net sales as reported [Member]
Net Sales
Net Sales	317,297	362,189	631,188	670,307
Cost of goods sold as reported [Member]
Cost of goods sold:
Cost of goods sold	300,116	353,345	617,171	656,690
Alcohol sales [Member] | Pekin Campus [Member]
Net Sales
Net Sales	127,694	143,768	260,075	259,818
Alcohol sales [Member] | Other production [Member]
Net Sales
Net Sales	44,384	67,184	65,316	126,991
Essential ingredient sales [Member] | Pekin Campus [Member]
Net Sales
Net Sales	53,954	59,853	117,585	115,133
Essential ingredient sales [Member] | Other production [Member]
Net Sales
Net Sales	14,421	23,372	22,773	42,309
Intersegment sales [Member] | Pekin Campus [Member]
Net Sales
Net Sales	444	269	757	525
Intersegment sales [Member] | Marketing and distribution [Member]
Net Sales
Net Sales	2,499	3,242	5,342	6,239
Intersegment sales [Member] | Other production [Member]
Net Sales
Net Sales	62		62	12
Total Pekin Campus sales [Member] | Pekin Campus [Member]
Net Sales
Net Sales	182,092	203,890	378,417	375,476
Alcohol sales, gross [Member] | Marketing and distribution [Member]
Net Sales
Net Sales	72,589	63,558	156,936	117,484
Alcohol sales, net [Member] | Marketing and distribution [Member]
Net Sales
Net Sales	104	317	218	668
Total marketing and distribution sales [Member] | Marketing and distribution [Member]
Net Sales
Net Sales	75,192	67,117	162,496	124,391
Total Other production sales [Member] | Other production [Member]
Net Sales
Net Sales	$ 58,867	$ 90,556	$ 88,151	$ 169,312

Segments (Details) - Schedule_2

Segments (Details) - Schedule of Assets by Operating Segments - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Total assets:
Total assets	$ 471,410	$ 478,321	[1]
Pekin Campus [Member]
Total assets:
Total assets	253,220	257,089
Marketing and distribution [Member]
Total assets:
Total assets	122,368	114,755
Other production [Member]
Total assets:
Total assets	54,326	51,886
Corporate and other [Member]
Total assets:
Total assets	$ 41,496	$ 54,591
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2022.

Inventories (Details)

Inventories (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Inventory Net [Abstract]
Inventory net	$ 0	$ 4,612,000

Inventories (Details) - Schedul

Inventories (Details) - Schedule of Inventories - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Inventories [Abstract]
Finished goods	$ 45,089	$ 47,736
Work in progress	7,185	6,396
Raw materials	17,415	11,197
Other	1,426	1,299
Total	$ 71,115	$ 66,628

Derivatives (Details)

Derivatives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivatives [Abstract]
Recognized net gains	$ 6,951,000	$ 16,619,000	$ 5,174,000	$ 21,936,000

Derivatives (Details) - Schedul

Derivatives (Details) - Schedule of Derivatives not Designated as Hedging Instruments - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Derivatives Not Designated As Hedging Instruments Abstract
Type of Instrument Cash collateral balance	Cash collateral balance	Cash collateral balance
Assets, Balance Sheet Location Cash collateral balance	Restricted cash	Restricted cash
Assets, Fair Value Cash collateral balance	$ 2,351	$ 13,069
Liabilities, Balance Sheet Location Cash collateral balance
Liabilities, Fair Value Cash collateral balance
Type of Instrument Commodity contracts	Commodity contracts	Commodity contracts
Assets, Balance Sheet Location Commodity contracts	Derivative instruments	Derivative instruments
Assets, Fair Value Commodity contracts	$ 14,038	$ 4,973
Liabilities, Balance Sheet Location Commodity contracts	Derivative instruments	Derivative instruments
Liabilities, Fair Value Commodity contracts	$ 8,396	$ 6,732

Derivatives (Details) - Sched_2

Derivatives (Details) - Schedule of Recognized Gains (Losses) for its Derivatives - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Realized Gains (Losses) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Type of Instrument	Commodity contracts		Commodity contracts
Statements of Operations Location	Cost of goods sold		Cost of goods sold
Realized Gains	$ 5,477	$ 13,913	$ (2,226)	$ 29,476
Total Realized Gains (Losses)	$ 5,477	13,913	$ (2,226)	29,476
Unrealized Gains (Losses) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Type of Instrument	Commodity contracts		Commodity contracts
Statements of Operations Location	Cost of goods sold		Cost of goods sold
Realized Gains	$ 1,474	2,706	$ 7,400	(7,540)
Total Unrealized Gains (Losses)	$ 1,474	$ 2,706	$ 7,400	$ (7,540)

Debt (Details)

Debt (Details) $ in Millions	Jun. 30, 2023 USD ($)
Debt (Details) [Line Items]
Unused borrowing	$ 49.4
Long term loan	40
Excess Availability [Member]
Debt (Details) [Line Items]
Long term loan	$ 25

Debt (Details) - Schedule of Lo

Debt (Details) - Schedule of Long-Term Borrowings - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Long-Term Borrowings [Abstract]
Term debt	$ 91,323	$ 78,076
Less unamortized debt discount	(4,297)	(4,686)
Less unamortized debt financing costs	(4,944)	(5,034)
Less current portion
Long-term debt	82,082	68,356
Kinergy line of credit [Member]
Schedule of Long-Term Borrowings [Abstract]
Term debt	31,323	18,076
Orion term loan [Member]
Schedule of Long-Term Borrowings [Abstract]
Term debt	$ 60,000	$ 60,000

Commitments and Contingencies (

Commitments and Contingencies (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Commitments and Contingencies (Details) [Line Items]
Indexed-price sales	113,000
Open fixed-price sales contracts valued	$ 12,075,000
Future commitments for capital projects	$ 17,419,000
Sales Commitments [Member]
Commitments and Contingencies (Details) [Line Items]
Indexed-price sales	78,432,000
Alcohol From Suppliers [Member] | Purchase Commitments [Member]
Commitments and Contingencies (Details) [Line Items]
Indexed-price sales	18,593,000
Fixed-price purchase contracts value	$ 2,461,000
Corn From Suppliers [Member] | Purchase Commitments [Member]
Commitments and Contingencies (Details) [Line Items]
Fixed-price purchase contracts value	$ 43,984,000
Natural Gas [Member] | Purchase Commitments [Member]
Commitments and Contingencies (Details) [Line Items]
Indexed-price sales	448,500
Alcohol Sales Contracts [Member]
Commitments and Contingencies (Details) [Line Items]
Open fixed-price sales contracts valued	$ 73,909,000

Pension and Retirement Benefi_2

Pension and Retirement Benefit Plans. (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Pension Plan [Member]
Pension and Retirement Benefit Plans. (Details) [Line Items]
Projected benefit obligation, amount					$ 18,000,000
Fair value of plan assets					16,700,000
Underfunded amount					1,300,000
Net periodic expense	$ 39,000	$ 8,000	$ 78,000	$ 16,000
Interest cost	225,000	164,000	450,000	546,000
Service cost	62,000	101,000	124,000	202,000
Expected return on plan assets	248,000	273,000	496,000	328,000
Postretirement Life Insurance [Member]
Pension and Retirement Benefit Plans. (Details) [Line Items]
Projected benefit obligation, amount					$ 3,900,000
Net periodic expense	36,000	32,000	72,000	64,000
Interest cost	46,000	6,000	92,000	12,000
Service cost	3,000	$ 26,000	6,000	$ 52,000
Amortization of gains	$ 13,000		$ 26,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Schedule of Recurring and Nonrecurring Fair Value Measurements - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Assets:
Asset			$ 21,661
Derivative Financial Instruments, Assets [Member]
Assets:
Asset		$ 14,038	4,973
Derivative Financial Instruments, Liabilities [Member]
Liabilities:
Liabilities		(8,396)	6,732
Large U.S. Equity [Member]
Assets:
Asset	[1],[2]		$ 4,586
Benefit Plan Percentage Allocation	[1],[2]		28%
Small/Mid U.S. Equity [Member]
Assets:
Asset	[1],[3]		$ 2,986
Benefit Plan Percentage Allocation	[1],[3]		18%
International Equity [Member]
Assets:
Asset	[1],[4]		$ 2,406
Benefit Plan Percentage Allocation	[1],[4]		14%
Fixed Income [Member]
Assets:
Asset	[1],[5]		$ 6,710
Benefit Plan Percentage Allocation	[1],[5]		40%
Level 1 [Member]
Assets:
Asset			$ 4,973
Level 1 [Member] | Derivative Financial Instruments, Assets [Member]
Assets:
Asset		14,038	4,973
Level 1 [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities:
Liabilities		(8,396)	6,732
Level 1 [Member] | Large U.S. Equity [Member]
Assets:
Asset	[1],[2]
Level 1 [Member] | Small/Mid U.S. Equity [Member]
Assets:
Asset	[1],[3]
Level 1 [Member] | International Equity [Member]
Assets:
Asset	[1],[4]
Level 1 [Member] | Fixed Income [Member]
Assets:
Asset	[1],[5]
Level 2 [Member]
Assets:
Asset			16,688
Level 2 [Member] | Derivative Financial Instruments, Assets [Member]
Assets:
Asset
Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities:
Liabilities
Level 2 [Member] | Large U.S. Equity [Member]
Assets:
Asset	[1],[2]		4,586
Level 2 [Member] | Small/Mid U.S. Equity [Member]
Assets:
Asset	[1],[3]		2,986
Level 2 [Member] | International Equity [Member]
Assets:
Asset	[1],[4]		2,406
Level 2 [Member] | Fixed Income [Member]
Assets:
Asset	[1],[5]		6,710
Level 3 [Member]
Assets:
Asset
Level 3 [Member] | Derivative Financial Instruments, Assets [Member]
Assets:
Asset
Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member]
Liabilities:
Liabilities
Level 3 [Member] | Large U.S. Equity [Member]
Assets:
Asset	[1],[2]
Level 3 [Member] | Small/Mid U.S. Equity [Member]
Assets:
Asset	[1],[3]
Level 3 [Member] | International Equity [Member]
Assets:
Asset	[1],[4]
Level 3 [Member] | Fixed Income [Member]
Assets:
Asset	[1],[5]
[1]Included in other assets in the consolidated balance sheets.[2]This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.[3]This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.[4]This category includes investments in funds comprised of equity securities of foreign companies including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.[5]This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Weighted-average shares	981,000	964,000	981,000	964,000

Earnings Per Share (Details) -

Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Basic and Diluted Earnings Per Share [Abstract]
Net income loss, Income Numerator	$ 7,595	$ (13,166)	$ 22,115	$ (2,602)	$ (5,571)	$ 19,513
Less: Preferred stock dividends, Income Loss Numerator	(315)		(315)		(627)	(627)
Less: Income allocated to participating securities, Income Loss Numerator	(96)		(284)			(251)
Basic income per share:
Income available to common stockholders, Income Loss Numerator	$ 7,184		$ 21,516		$ (6,198)	$ 18,635
Income available to common stockholders, Shares Denominator (in Shares)	73,394		72,936		73,603	71,690
Income available to common stockholders, Per-Share Amount (in Dollars per share)	$ 0.1		$ 0.29		$ (0.08)	$ 0.26
Add: Dilutive instruments, Income Loss Numerator
Add: Dilutive instruments, Shares Denominator (in Shares)	709		187			268
Diluted income per share:
Income available to common stockholders, Income Loss Numerator	$ 7,184		$ 21,516		$ (6,198)	$ 18,635
Income available to common stockholders, Shares Denominator (in Shares)	74,103		73,123			71,958
Income available to common stockholders, Per-Share Amount (in Dollars per share)	$ 0.1		$ 0.29			$ 0.26