Alto Ingredients (ALTO) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 07, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Information [Line Items]
Entity Registrant Name	ALTO INGREDIENTS, INC.
Entity Central Index Key	0000778164
Entity File Number	000-21467
Entity Tax Identification Number	41-2170618
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
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
Entity Phone Fax Numbers [Line Items]
City Area Code	(916)
Local Phone Number	403-2123
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ALTO
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		76,486,169

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	[1]
Current Assets:
Cash and cash equivalents	$ 27,124	$ 30,014
Restricted cash	1,287	15,466
Accounts receivable, net (net of allowance for credit losses of $26 and $85, respectively)	64,081	58,729
Inventories	49,434	52,611
Derivative instruments	5,606	2,412
Other current assets	6,126	9,538
Total current assets	153,658	168,770
Property and equipment, net	244,893	248,748
Other Assets:
Right of use operating lease assets, net	20,404	22,597
Intangible assets, net	8,204	8,498
Other assets	5,339	5,628
Total other assets	33,947	36,723
Total Assets	432,498	454,241
Current Liabilities:
Accounts payable	20,132	20,752
Accrued liabilities	16,504	20,205
Current portion – operating leases	4,481	4,333
Derivative instruments	2,764	13,849
Other current liabilities	5,886	6,149
Total current liabilities	49,767	65,288
Long-term debt, net	90,960	82,097
Operating leases, net of current portion	16,828	19,029
Other liabilities	9,120	8,270
Total Liabilities	166,675	174,684
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, 2024 and December 31, 2023; Series B: 1,581 shares authorized; 927 shares issued and outstanding as of June 30, 2024 and December 31, 2023; liquidation preference of $18,075 as of June 30, 2024	1	1
Common stock, value	77	76
Additional paid-in capital	1,042,639	1,040,912
Accumulated other comprehensive income	2,481	2,481
Accumulated deficit	(779,375)	(763,913)
Total stockholders’ equity	265,823	279,557
Total Liabilities and Stockholders’ Equity	432,498	454,241
Non-voting common stock
Stockholders’ Equity:
Common stock, value
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2023.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	[1]
Accounts receivable, net of allowance (in Dollars)	$ 26	$ 85
Preferred stock value, 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
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	300,000	300,000
Common stock, shares issued	76,645	75,703
Common stock, shares outstanding	76,645	75,703
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, 2023.

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 236,468	$ 317,297	$ 477,097	$ 631,188
Cost of goods sold	228,915	300,116	471,944	617,171
Gross profit	7,553	17,181	5,153	14,017
Selling, general and administrative expenses	8,961	7,911	16,893	15,793
Asset impairments				574
Income (loss) from operations	(1,408)	9,270	(11,740)	(2,350)
Interest expense, net	(1,669)	(1,734)	(3,303)	(3,299)
Other income (expense), net	(29)	59	212	78
Income (loss) before provision for income taxes	(3,106)	7,595	(14,831)	(5,571)
Provision for income taxes
Net income (loss)	(3,106)	7,595	(14,831)	(5,571)
Preferred stock dividends	(316)	(315)	(631)	(627)
Income allocated to participating securities		(96)
Net income (loss) available to common stockholders	$ (3,422)	$ 7,184	$ (15,462)	$ (6,198)
Net income (loss) per share, basic (in Dollars per share)	$ (0.05)	$ 0.1	$ (0.21)	$ (0.08)
Net income (loss) per share, diluted (in Dollars per share)	$ (0.05)	$ 0.1	$ (0.21)	$ (0.08)
Weighted-average shares outstanding, basic (in Shares)	73,486	73,394	73,126	73,603
Weighted-average shares outstanding, diluted (in Shares)	73,486	74,103	73,126	73,603

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities:
Net income (loss)	$ (14,831)	$ (5,571)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	11,802	11,735
Gains on derivative instruments	(11,570)	(5,174)
Asset impairments		574
Stock-based compensation	2,788	1,711
Amortization of deferred financing fees	505	494
Amortization of debt discount	400	397
Credit loss recovery	(47)	(46)
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable	(5,305)	5,334
Inventories	7,014	(4,487)
Other assets	3,701	3,565
Operating leases	(2,901)	(2,566)
Accounts payable and accrued liabilities	(3,855)	(18,870)
Net cash used in operating activities	(12,299)	(12,904)
Investing Activities:
Additions to property and equipment	(9,297)	(17,968)
Deferred purchase price payments for Eagle Alcohol	(2,800)	(3,500)
Net cash used in investing activities	(12,097)	(21,468)
Financing Activities:
Net proceeds from Kinergy’s line of credit	7,958	13,247
Stock repurchases		(2,683)
Preferred stock dividends paid	(631)	(627)
Net cash provided by financing activities	7,327	9,937
Net change in cash, cash equivalents and restricted cash	(17,069)	(24,435)
Cash, cash equivalents and restricted cash at beginning of period	45,480	49,525
Cash, cash equivalents and restricted cash at end of period	28,411	25,090
Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents	27,124	22,739
Restricted cash	1,287	2,351
Total cash, cash equivalents and restricted cash	28,411	25,090
Supplemental Information:
Interest paid	4,080	3,964
Capitalized interest	$ 1,725	$ 1,615

Consolidated Statements of Stoc

Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accum. Other Comprehensive Income	Total
Balance at Dec. 31, 2022	$ 1	$ 75	$ 1,040,834	$ (734,643)	$ 1,822	$ 308,089
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
Balance (in Shares) at Dec. 31, 2022	927	75,154
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
Balance at Dec. 31, 2023	$ 1	$ 76	1,040,912	(763,913)	2,481	279,557	[1]
Balance (in Shares) at Dec. 31, 2023	927	75,703
Stock-based compensation			1,142			1,142
Restricted stock issued to employees and directors, net of cancellations and tax		$ 1	(1)
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares)		1,315
Preferred stock dividends				(315)		(315)
Net Income (loss)				(11,725)		(11,725)
Balances at Mar. 31, 2024	$ 1	$ 77	1,042,053	(775,953)	2,481	268,659
Balances (in Shares) at Mar. 31, 2024	927	77,018
Balance at Dec. 31, 2023	$ 1	$ 76	1,040,912	(763,913)	2,481	279,557	[1]
Balance (in Shares) at Dec. 31, 2023	927	75,703
Net Income (loss)						(14,831)
Balances at Jun. 30, 2024	$ 1	$ 77	1,042,639	(779,375)	2,481	265,823
Balances (in Shares) at Jun. 30, 2024	927	76,645
Balance at Mar. 31, 2024	$ 1	$ 77	1,042,053	(775,953)	2,481	268,659
Balance (in Shares) at Mar. 31, 2024	927	77,018
Stock-based compensation			1,646			1,646
Restricted stock issued to employees and directors, net of cancellations and tax			(1,060)			(1,060)
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares)		(373)
Preferred stock dividends				(316)		(316)
Net Income (loss)				(3,106)		(3,106)
Balances at Jun. 30, 2024	$ 1	$ 77	$ 1,042,639	$ (779,375)	$ 2,481	$ 265,823
Balances (in Shares) at Jun. 30, 2024	927	76,645
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2023.

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization and Basis of Presentation [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	1. ORGANIZATION AND BASIS OF PRESENTATION. Organization and Business The Company produces and distributes renewable fuel, essential ingredients and specialty alcohols. The Company also specializes in break bulk distribution of specialty alcohols produced by the Company and third parties. 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 renewable fuel customers. The Company has a combined alcohol production capacity of 350 million gallons per year and produces, on an annualized basis, 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 renewable fuel produced by third parties. The Company focuses on five key markets: Health, Home & Beauty Food & Beverage Industry & Agriculture; Essential Ingredients Renewable Fuels As of June 30, 2024, all of the Company’s production facilities were operating, with the exception of its Magic Valley facility. In January 2024, the Company temporarily hot-idled its Magic Valley facility to minimize losses from negative regional crush margins and to expedite the installation of additional equipment needed to achieve the Company’s intended production rate, quality and consistency from the corn oil and high protein system at the facility. The Company restarted its Magic Valley facility in July 2024. 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 $59,135,000 and $51,315,000 at June 30, 2024 and December 31, 2023, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for credit losses was $26,000 and $85,000 as of June 30, 2024 and December 31, 2023, respectively. The Company recorded a credit loss recovery of $20,000 and credit loss recovery of $7,000 for the three months ended June 30, 2024 and 2023, respectively. The Company recorded a credit loss recovery of $47,000 and a credit loss recovery of $46,000 for the six months ended June 30, 2024 and 2023, respectively. The Company does not have any off-balance sheet credit exposure related to its customers. Financial Instruments Estimates and Assumptions

Segments

Segments	6 Months Ended
	Jun. 30, 2024
Segments [Abstract]
SEGMENTS	2. SEGMENTS. The Company reports its financial and operating performance in three segments: (1) Pekin Campus production, which includes the production and sale of alcohols and essential ingredients produced at the Company’s Pekin, Illinois campus (2) 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, and (3) Western production, which includes the production and sale of fuel-grade ethanol and essential ingredients produced at the Company’s two western production facilities on an aggregated basis, neither of which are individually so significant 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 2024 2023 2024 2023 Net Sales Pekin Campus, recorded as gross: Alcohol sales $ 100,687 $ 127,694 $ 209,035 $ 260,075 Essential ingredient sales 39,371 53,954 86,080 117,585 Intersegment sales 286 444 606 757 Total Pekin Campus sales 140,344 182,092 295,721 378,417 Marketing and distribution: Alcohol sales, gross $ 70,157 $ 72,589 $ 124,587 $ 156,936 Alcohol sales, net 64 104 98 218 Intersegment sales 2,388 2,499 5,140 5,342 Total marketing and distribution sales 72,609 75,192 129,825 162,496 Western production, recorded as gross: Alcohol sales $ 17,456 $ 44,384 $ 37,690 $ 65,316 Essential ingredient sales 5,950 14,421 13,776 22,773 Intersegment sales — 62 (130 ) 62 Total Western production sales 23,406 58,867 51,336 88,151 Corporate and other 2,783 4,151 5,831 8,285 Intersegment eliminations (2,674 ) (3,005 ) (5,616 ) (6,161 ) Net sales as reported $ 236,468 $ 317,297 $ 477,097 $ 631,188 Cost of goods sold: Pekin Campus $ 130,200 $ 168,419 $ 281,311 $ 366,596 Marketing and distribution 69,437 71,746 123,123 154,871 Western production 27,167 57,834 63,683 91,815 Corporate and other 2,943 3,414 5,738 5,786 Intersegment eliminations (832 ) (1,297 ) (1,911 ) (1,897 ) Cost of goods sold as reported $ 228,915 $ 300,116 $ 471,944 $ 617,171 Gross profit (loss): Pekin Campus $ 10,144 $ 13,673 $ 14,410 $ 11,821 Marketing and distribution 3,172 3,446 6,702 7,625 Western production (3,761 ) 1,033 (12,347 ) (3,664 ) Corporate and other (160 ) 737 93 2,499 Intersegment eliminations (1,842 ) (1,708 ) (3,705 ) (4,264 ) Gross profit as reported $ 7,553 $ 17,181 $ 5,153 $ 14,017 Income (loss) before provision for income taxes: Pekin Campus $ 5,971 $ 10,790 $ 6,087 $ 5,672 Marketing and distribution 806 1,607 2,108 3,618 Western production (5,977 ) (783 ) (16,954 ) (6,484 ) Corporate and other (3,906 ) (4,019 ) (6,072 ) (8,377 ) $ (3,106 ) $ 7,595 $ (14,831 ) $ (5,571 ) Depreciation and amortization: Pekin Campus $ 5,369 $ 4,998 $ 10,404 $ 9,816 Western production 478 455 943 1,464 Corporate and other 228 228 455 455 $ 6,075 $ 5,681 $ 11,802 $ 11,735 Interest expense, net of capitalized interest: Pekin Campus $ 326 $ (151 ) $ 587 $ (635 ) Marketing and distribution 98 109 193 604 Western production 598 (151 ) 1,229 (508 ) Corporate and other 647 1,927 1,294 3,838 $ 1,669 $ 1,734 $ 3,303 $ 3,299 The following table sets forth the Company’s total assets by operating segment (in thousands): June 30, December 31, Total assets: Pekin Campus $ 236,722 $ 251,048 Marketing and distribution 103,982 101,196 Western production 57,677 57,533 Corporate and other 34,117 44,464 $ 432,498 $ 454,241

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventories [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 $2,201,000 as of June 30, 2024 and December 31, 2023, respectively. Inventory balances consisted of the following (in thousands): June 30, December 31, Finished goods $ 29,201 $ 35,765 Work in progress 4,480 5,063 Raw materials 10,079 10,313 Other 5,674 1,470 Total $ 49,434 $ 52,611

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2024
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, 2024 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 1,287 Commodity contracts Derivative instruments $ 5,606 Derivative instruments $ 2,764 As of December 31, 2023 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 15,466 Commodity contracts Derivative instruments $ 2,412 Derivative instruments $ 13,849 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 realized and unrealized gains and losses for its derivatives not designated as hedging instruments are as follows (in thousands): Realized Gains (Losses) For the Three Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ (2,858 ) $ 5,477 $ (2,858 ) $ 5,477 Realized Losses For the Six Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ (2,709 ) $ (2,226 ) $ (2,709 ) $ (2,226 ) Unrealized Gains For the Three Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ 11,089 $ 1,474 $ 11,089 $ 1,474 Unrealized Gains For the Six Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ 14,279 $ 7,400 $ 14,279 $ 7,400

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt [Abstract]
DEBT	5. DEBT. Long-term borrowings are summarized as follows (in thousands): June 30, December 31, Kinergy line of credit $ 38,648 $ 30,690 Orion term loan 60,000 60,000 98,648 90,690 Less unamortized debt discount (3,493 ) (3,893 ) Less unamortized debt financing costs (4,195 ) (4,700 ) Less current portion — — Long-term debt $ 90,960 $ 82,097 Excess Availability

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies [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, 2024
Pension And Retirement Benefit 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, 2023, the Retirement Plan’s accumulated projected benefit obligation was $18.6 million, with a fair value of plan assets of $18.5 million. The underfunded amount of $0.1 million is recorded on the Company’s consolidated balance sheet in other liabilities. For the three months ended June 30, 2024, the Retirement Plan’s net periodic expense was $13,000, comprised of $222,000 in interest cost and $67,000 in service cost, partially offset by $276,000 of expected return on plan assets. For the six months ended June 30, 2024, the Retirement Plan’s net periodic expense was $26,000, comprised of $444,000 in interest cost and $134,000 in service cost, partially offset by $552,000 of expected return on plan assets. 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 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. The Postretirement Plan provides postretirement medical benefits and life insurance to certain “grandfathered” unionized employees at the Company’s Pekin, Illinois facility. 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 reduces at age 65 from a defined benefit to a defined dollar cap based upon years of service. As of December 31, 2023, the Postretirement Plan’s accumulated projected benefit obligation was $4.3 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, 2024, the Postretirement Plan’s net periodic expense was $54,000, comprised of $49,000 in interest cost and $5,000 in service cost. For the six months ended June 30, 2024, the Postretirement Plan’s net periodic expense was $108,000, comprised of $98,000 in interest cost and $10,000 in service cost. For the three months ended June 30, 2023, the Postretirement Plan’s net periodic expense was $36,000, comprised of $46,000 in interest cost and $3,000 in service cost, partially offset by $13,000 of expected return on plan assets. For the six months ended June 30, 2023, the Postretirement Plan’s net periodic expense was $72,000, comprised of $92,000 in interest cost and $6,000 in service cost, partially offset by $26,000 of expected return on plan assets.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
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, 2024 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets: Derivative instruments $ 5,606 $ 5,606 $ — $ — Liabilities: Derivative instruments $ (2,764 ) $ (2,764 ) $ — $ — The following table summarizes recurring and nonrecurring fair value measurements by level at December 31, 2023 (in thousands): Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 2,412 $ 2,412 $ — $ — Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 5,608 — 5,608 — 30 % Small/Mid U.S. Equity(3) 3,350 — 3,350 — 18 % International Equity(4) 2,682 — 2,682 — 15 % Fixed Income(5) 6,845 — 6,845 — 37 % $ 20,897 $ 2,412 $ 18,485 $ — Liabilities: Derivative financial instruments $ 13,849 $ 13,849 $ — $ — (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, 2024
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 Loss Shares Denominator Per-Share Amount Net loss $ (3,106 ) Less: Preferred stock dividends (316 ) Basic and diluted loss per share: Loss available to common stockholders $ (3,422 ) 73,486 $ (0.05 ) Three Months Ended Income Numerator Shares Denominator Per-Share Amount 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 Six Months Ended Loss Shares Denominator Per-Share Amount Net loss $ (14,831 ) Less: Preferred stock dividends (631 ) Basic and diluted loss per share: Loss available to common stockholders $ (15,462 ) 73,126 $ (0.21 ) Six Months Ended Loss Shares Denominator Per-Share Amount 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 ) 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, 2024 and June 30, 2023. These securities were not considered in calculating diluted net income (loss) per share for the three and six months ended June 30, 2024 and the six months ended June 30, 2023, as their effect would have been anti-dilutive.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,106)	$ (11,725)	$ 7,595	$ (13,166)	$ (14,831)	$ (5,571)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2024
Organization and Basis of Presentation [Abstract]
Organization and Business	Organization and Business The Company produces and distributes renewable fuel, essential ingredients and specialty alcohols. The Company also specializes in break bulk distribution of specialty alcohols produced by the Company and third parties. 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 renewable fuel customers. The Company has a combined alcohol production capacity of 350 million gallons per year and produces, on an annualized basis, 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 renewable fuel produced by third parties. The Company focuses on five key markets: Health, Home & Beauty Food & Beverage Industry & Agriculture; Essential Ingredients Renewable Fuels As of June 30, 2024, all of the Company’s production facilities were operating, with the exception of its Magic Valley facility. In January 2024, the Company temporarily hot-idled its Magic Valley facility to minimize losses from negative regional crush margins and to expedite the installation of additional equipment needed to achieve the Company’s intended production rate, quality and consistency from the corn oil and high protein system at the facility. The Company restarted its Magic Valley facility in July 2024. 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 $59,135,000 and $51,315,000 at June 30, 2024 and December 31, 2023, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for credit losses was $26,000 and $85,000 as of June 30, 2024 and December 31, 2023, respectively. The Company recorded a credit loss recovery of $20,000 and credit loss recovery of $7,000 for the three months ended June 30, 2024 and 2023, respectively. The Company recorded a credit loss recovery of $47,000 and a credit loss recovery of $46,000 for the six months ended June 30, 2024 and 2023, respectively. The Company does not have any off-balance sheet credit exposure related to its customers.
Financial Instruments	Financial Instruments
Estimates and Assumptions	Estimates and Assumptions

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2024
Segments [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 2024 2023 2024 2023 Net Sales Pekin Campus, recorded as gross: Alcohol sales $ 100,687 $ 127,694 $ 209,035 $ 260,075 Essential ingredient sales 39,371 53,954 86,080 117,585 Intersegment sales 286 444 606 757 Total Pekin Campus sales 140,344 182,092 295,721 378,417 Marketing and distribution: Alcohol sales, gross $ 70,157 $ 72,589 $ 124,587 $ 156,936 Alcohol sales, net 64 104 98 218 Intersegment sales 2,388 2,499 5,140 5,342 Total marketing and distribution sales 72,609 75,192 129,825 162,496 Western production, recorded as gross: Alcohol sales $ 17,456 $ 44,384 $ 37,690 $ 65,316 Essential ingredient sales 5,950 14,421 13,776 22,773 Intersegment sales — 62 (130 ) 62 Total Western production sales 23,406 58,867 51,336 88,151 Corporate and other 2,783 4,151 5,831 8,285 Intersegment eliminations (2,674 ) (3,005 ) (5,616 ) (6,161 ) Net sales as reported $ 236,468 $ 317,297 $ 477,097 $ 631,188 Cost of goods sold: Pekin Campus $ 130,200 $ 168,419 $ 281,311 $ 366,596 Marketing and distribution 69,437 71,746 123,123 154,871 Western production 27,167 57,834 63,683 91,815 Corporate and other 2,943 3,414 5,738 5,786 Intersegment eliminations (832 ) (1,297 ) (1,911 ) (1,897 ) Cost of goods sold as reported $ 228,915 $ 300,116 $ 471,944 $ 617,171 Gross profit (loss): Pekin Campus $ 10,144 $ 13,673 $ 14,410 $ 11,821 Marketing and distribution 3,172 3,446 6,702 7,625 Western production (3,761 ) 1,033 (12,347 ) (3,664 ) Corporate and other (160 ) 737 93 2,499 Intersegment eliminations (1,842 ) (1,708 ) (3,705 ) (4,264 ) Gross profit as reported $ 7,553 $ 17,181 $ 5,153 $ 14,017 Income (loss) before provision for income taxes: Pekin Campus $ 5,971 $ 10,790 $ 6,087 $ 5,672 Marketing and distribution 806 1,607 2,108 3,618 Western production (5,977 ) (783 ) (16,954 ) (6,484 ) Corporate and other (3,906 ) (4,019 ) (6,072 ) (8,377 ) $ (3,106 ) $ 7,595 $ (14,831 ) $ (5,571 ) Depreciation and amortization: Pekin Campus $ 5,369 $ 4,998 $ 10,404 $ 9,816 Western production 478 455 943 1,464 Corporate and other 228 228 455 455 $ 6,075 $ 5,681 $ 11,802 $ 11,735 Interest expense, net of capitalized interest: Pekin Campus $ 326 $ (151 ) $ 587 $ (635 ) Marketing and distribution 98 109 193 604 Western production 598 (151 ) 1,229 (508 ) Corporate and other 647 1,927 1,294 3,838 $ 1,669 $ 1,734 $ 3,303 $ 3,299
Schedule of Total Assets by Operating Segment	The following table sets forth the Company’s total assets by operating segment (in thousands): June 30, December 31, Total assets: Pekin Campus $ 236,722 $ 251,048 Marketing and distribution 103,982 101,196 Western production 57,677 57,533 Corporate and other 34,117 44,464 $ 432,498 $ 454,241

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventories [Abstract]
Schedule of Inventory	Inventory balances consisted of the following (in thousands): June 30, December 31, Finished goods $ 29,201 $ 35,765 Work in progress 4,480 5,063 Raw materials 10,079 10,313 Other 5,674 1,470 Total $ 49,434 $ 52,611

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 1,287 Commodity contracts Derivative instruments $ 5,606 Derivative instruments $ 2,764 As of December 31, 2023 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 15,466 Commodity contracts Derivative instruments $ 2,412 Derivative instruments $ 13,849
Schedule of Realized And Unrealized Gains and Losses for its Derivatives Not Designated as Hedging Instruments	The classification and amounts of the Company’s realized and unrealized gains and losses for its derivatives not designated as hedging instruments are as follows (in thousands): Realized Gains (Losses) For the Three Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ (2,858 ) $ 5,477 $ (2,858 ) $ 5,477 Realized Losses For the Six Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ (2,709 ) $ (2,226 ) $ (2,709 ) $ (2,226 ) Unrealized Gains For the Three Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ 11,089 $ 1,474 $ 11,089 $ 1,474 Unrealized Gains For the Six Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ 14,279 $ 7,400 $ 14,279 $ 7,400

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt [Abstract]
Schedule of Long-Term Borrowings	Long-term borrowings are summarized as follows (in thousands): June 30, December 31, Kinergy line of credit $ 38,648 $ 30,690 Orion term loan 60,000 60,000 98,648 90,690 Less unamortized debt discount (3,493 ) (3,893 ) Less unamortized debt financing costs (4,195 ) (4,700 ) Less current portion — — Long-term debt $ 90,960 $ 82,097

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets: Derivative instruments $ 5,606 $ 5,606 $ — $ — Liabilities: Derivative instruments $ (2,764 ) $ (2,764 ) $ — $ — The following table summarizes recurring and nonrecurring fair value measurements by level at December 31, 2023 (in thousands): Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 2,412 $ 2,412 $ — $ — Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 5,608 — 5,608 — 30 % Small/Mid U.S. Equity(3) 3,350 — 3,350 — 18 % International Equity(4) 2,682 — 2,682 — 15 % Fixed Income(5) 6,845 — 6,845 — 37 % $ 20,897 $ 2,412 $ 18,485 $ — Liabilities: Derivative financial instruments $ 13,849 $ 13,849 $ — $ — (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, 2024
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 Loss Shares Denominator Per-Share Amount Net loss $ (3,106 ) Less: Preferred stock dividends (316 ) Basic and diluted loss per share: Loss available to common stockholders $ (3,422 ) 73,486 $ (0.05 ) Three Months Ended Income Numerator Shares Denominator Per-Share Amount 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 Six Months Ended Loss Shares Denominator Per-Share Amount Net loss $ (14,831 ) Less: Preferred stock dividends (631 ) Basic and diluted loss per share: Loss available to common stockholders $ (15,462 ) 73,126 $ (0.21 ) Six Months Ended Loss Shares Denominator Per-Share Amount 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 )

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) gal in Millions, T in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) gal	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) T gal	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Organization and Basis of Presentation [Abstract]
Production capacity (in US Gallons) | gal	350		350
Production capacity (in US Tons) | T			1.6
Collateral under line of credit	$ 59,135,000		$ 59,135,000		$ 51,315,000
Allowance for credit losses	26,000		26,000		$ 85,000
Credit loss recovery	$ 20,000	$ 7,000	$ 47,000	$ 46,000

Segments (Details)

Segments (Details)	6 Months Ended
	Jun. 30, 2024
Segments [Abstract]
Operating segments	3

Segments (Details) - Schedule o

Segments (Details) - Schedule of Financial Data for Operating Segments - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales	$ 236,468	$ 317,297	$ 477,097	$ 631,188
Cost of goods sold:
Cost of goods sold	228,915	300,116	471,944	617,171
Gross profit (loss):
Gross profit (loss)	7,553	17,181	5,153	14,017
Income (loss) before provision for income taxes:
Income (loss) before provision for income taxes	(3,106)	7,595	(14,831)	(5,571)
Depreciation and amortization:
Depreciation and amortization	6,075	5,681	11,802	11,735
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	1,669	1,734	3,303	3,299
Pekin Campus [Member]
Cost of goods sold:
Cost of goods sold	130,200	168,419	281,311	366,596
Gross profit (loss):
Gross profit (loss)	10,144	13,673	14,410	11,821
Income (loss) before provision for income taxes:
Income (loss) before provision for income taxes	5,971	10,790	6,087	5,672
Depreciation and amortization:
Depreciation and amortization	5,369	4,998	10,404	9,816
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	326	(151)	587	(635)
Pekin Campus [Member] | Alcohol Sales [Member]
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales	100,687	127,694	209,035	260,075
Pekin Campus [Member] | Essential ingredient sales [Member]
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales	39,371	53,954	86,080	117,585
Pekin Campus [Member] | Intersegment sales [Member]
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales	286	444	606	757
Total Pekin Campus Sales [Member]
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales	140,344	182,092	295,721	378,417
Marketing and distribution [Member]
Cost of goods sold:
Cost of goods sold	69,437	71,746	123,123	154,871
Gross profit (loss):
Gross profit (loss)	3,172	3,446	6,702	7,625
Income (loss) before provision for income taxes:
Income (loss) before provision for income taxes	806	1,607	2,108	3,618
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	98	109	193	604
Marketing and distribution [Member] | Intersegment sales [Member]
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales	2,388	2,499	5,140	5,342
Marketing and distribution [Member] | Alcohol sales, gross [Member]
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales	70,157	72,589	124,587	156,936
Marketing and distribution [Member] | Alcohol sales, net [Member]
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales	64	104	98	218
Total Marketing and Distribution Sales [Member]
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales	72,609	75,192	129,825	162,496
Western production [Member]
Cost of goods sold:
Cost of goods sold	27,167	57,834	63,683	91,815
Income (loss) before provision for income taxes:
Income (loss) before provision for income taxes	(5,977)	(783)	(16,954)	(6,484)
Depreciation and amortization:
Depreciation and amortization	478	455	943	1,464
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	598	(151)	1,229	(508)
Western production [Member] | Total Western production sales [Member]
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales	23,406	58,867	51,336	88,151
Western production [Member] | Essential ingredient sales [Member]
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales	5,950	14,421	13,776	22,773
Western production [Member] | Intersegment sales [Member]
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales		62	(130)	62
Western production [Member] | Alcohol sales [Member]
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales	17,456	44,384	37,690	65,316
Corporate and other [Member]
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales	2,783	4,151	5,831	8,285
Cost of goods sold:
Cost of goods sold	2,943	3,414	5,738	5,786
Gross profit (loss):
Gross profit (loss)	(160)	737	93	2,499
Income (loss) before provision for income taxes:
Income (loss) before provision for income taxes	(3,906)	(4,019)	(6,072)	(8,377)
Depreciation and amortization:
Depreciation and amortization	228	228	455	455
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	647	1,927	1,294	3,838
Intersegment eliminations [Member]
Schedule of Financial Data for Operating Segments [Line Items]
Net Sales	(2,674)	(3,005)	(5,616)	(6,161)
Cost of goods sold:
Cost of goods sold	(832)	(1,297)	(1,911)	(1,897)
Gross profit (loss):
Gross profit (loss)	(1,842)	(1,708)	(3,705)	(4,264)
Western production [Member]
Gross profit (loss):
Gross profit (loss)	$ (3,761)	$ 1,033	$ (12,347)	$ (3,664)

Segments (Details) - Schedule_2

Segments (Details) - Schedule of Total Assets by Operating Segment - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Total assets:
Total assets by operating segment	$ 432,498	$ 454,241	[1]
Pekin Campus [Member]
Total assets:
Total assets by operating segment	236,722	251,048
Marketing and distribution [Member]
Total assets:
Total assets by operating segment	103,982	101,196
Western production [Member]
Total assets:
Total assets by operating segment	57,677	57,533
Corporate and Other [Member]
Total assets:
Total assets by operating segment	$ 34,117	$ 44,464
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2023.

Inventories (Details)

Inventories (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Inventories [Abstract]
Valuation allowance	$ 0	$ 2,201,000

Inventories (Details) - Schedul

Inventories (Details) - Schedule of Inventory - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Inventory [Abstract]
Finished goods	$ 29,201	$ 35,765
Work in progress	4,480	5,063
Raw materials	10,079	10,313
Other	5,674	1,470
Total	$ 49,434	$ 52,611	[1]
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2023.

Derivatives (Details)

Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivatives [Abstract]
Recognized net gains loss	$ (8,231)	$ (6,951)	$ 11,570	$ 5,174

Derivatives (Details) - Schedul

Derivatives (Details) - Schedule of Derivatives not Designated as Hedging Instruments - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash collateral balance [Member]
Schedule of Derivatives not Designated as Hedging Instruments [Line Items]
Restricted cash	$ 1,287	$ 15,466
Commodity contracts [Member]
Schedule of Derivatives not Designated as Hedging Instruments [Line Items]
Derivative instruments Assets	5,606	2,412
Derivative instruments Liabilities	$ 2,764	$ 13,849

Derivatives (Details) - Sched_2

Derivatives (Details) - Schedule of Realized And Unrealized Gains and Losses for its Derivatives Not Designated as Hedging Instruments - Cost of goods sold [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Realized Gains (Losses) [Member]
Schedule of Realized and Unrealized Gains and Losses for its Derivatives not Designated as Hedging Instruments [Line Items]
Realized gain loss on derivatives	$ (2,858)	$ 5,477
Realized Gains (Losses) [Member] | Commodity contracts [Member]
Schedule of Realized and Unrealized Gains and Losses for its Derivatives not Designated as Hedging Instruments [Line Items]
Realized gain loss on derivatives	(2,858)	5,477
Realized Losses [Member]
Schedule of Realized and Unrealized Gains and Losses for its Derivatives not Designated as Hedging Instruments [Line Items]
Realized gain loss on derivatives			$ (2,709)	$ (2,226)
Realized Losses [Member] | Commodity contracts [Member]
Schedule of Realized and Unrealized Gains and Losses for its Derivatives not Designated as Hedging Instruments [Line Items]
Realized gain loss on derivatives			(2,709)	(2,226)
Unrealized Gains [Member]
Schedule of Realized and Unrealized Gains and Losses for its Derivatives not Designated as Hedging Instruments [Line Items]
Unrealized gain loss on derivatives	11,089	1,474	14,279	7,400
Unrealized Gains [Member] | Commodity contracts [Member]
Schedule of Realized and Unrealized Gains and Losses for its Derivatives not Designated as Hedging Instruments [Line Items]
Unrealized gain loss on derivatives	$ 11,089	$ 1,474	$ 14,279	$ 7,400

Debt (Details)

Debt (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Debt [Line Items]
Unused borrowing availability under line of credit	$ 30.3
Available for capital improvement	$ 65
Kinergy line of credit [Member]
Debt [Line Items]
Interest rates	6.94%
Orion term loan [Member]
Debt [Line Items]
Interest rates	10%

Debt (Details) - Schedule of Lo

Debt (Details) - Schedule of Long-Term Borrowings - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Long-Term Borrowings [Line Items]
Term debt	$ 98,648	$ 90,690
Less unamortized debt discount	(3,493)	(3,893)
Less unamortized debt financing costs	(4,195)	(4,700)
Less current portion
Long-term debt	90,960	82,097	[1]
Kinergy line of credit [Member]
Schedule of Long-Term Borrowings [Line Items]
Term debt	38,648	30,690
Orion term loan [Member]
Schedule of Long-Term Borrowings [Line Items]
Term debt	$ 60,000	$ 60,000
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2023.

Commitments and Contingencies (

Commitments and Contingencies (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) dth gal T
Commitments and Contingencies [Line Items]
Sales contracts valued	$ 4,795,000
Indexed price sales contracts (in US Tons) | T	59,000
Future commitments for capital projects	$ 7,783,000
Alcohol Sales Contracts [Member]
Commitments and Contingencies [Line Items]
Sales contracts valued	$ 192,942,000
Sales Commitments [Member]
Commitments and Contingencies [Line Items]
Indexed-price sales (in US Gallons) | gal	90,560,000
Purchase Commitments [Member] | Alcohol From Suppliers [Member]
Commitments and Contingencies [Line Items]
Indexed-price sales (in US Gallons) | gal	18,171,000
Fixed-price purchase contracts value	$ 1,625,000
Purchase Commitments [Member] | Corn From Suppliers [Member]
Commitments and Contingencies [Line Items]
Fixed-price purchase contracts value	$ 30,098,000
Purchase Commitments [Member] | Natural Gas [Member]
Commitments and Contingencies [Line Items]
Indexed-price purchase contracts (in Dekatherms) | dth	3,799,000

Pension And Retirement Benefi_2

Pension And Retirement Benefit Plans (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Pension Plan [Member]
Pension Plans [Line Items]
Projected benefit obligation, amount					$ 18,600,000
Fair value of plan assets					18,500,000
Underfunded amount					100,000
Net periodic expense	$ 13,000	$ 39,000	$ 26,000	$ 78,000
Interest cost	222,000	62,000	444,000	124,000
Service cost	67,000	248,000	134,000	496,000
Expected return on plan assets	276,000	225,000	552,000	450,000
Postretirement Life Insurance [Member]
Pension Plans [Line Items]
Projected benefit obligation, amount					$ 4,300,000
Net periodic expense	54,000	36,000		72,000
Interest cost	49,000	3,000	98,000	6,000
Service cost	$ 5,000	13,000	10,000	26,000
Expected return on plan assets		$ 46,000	$ 108,000	$ 92,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Schedule of Recurring and Nonrecurring Fair Value Measurements - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Assets:
Derivative financial instruments , Assets		$ 5,606	$ 2,412	[1]
(pooled separate accounts):
Defined benefit plan assets			20,897
Liabilities:
Derivative financial instruments , Liabilities		2,764	13,849	[1]
Fair Value, Inputs, Level 1 [Member]
(pooled separate accounts):
Defined benefit plan assets			2,412
Fair Value, Inputs, Level 2 [Member]
(pooled separate accounts):
Defined benefit plan assets			18,485
Fair Value, Inputs, Level 3 [Member]
(pooled separate accounts):
Defined benefit plan assets
Large U.S. Equity [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[3]		$ 5,608
Benefit plan percentage allocation	[2],[3]		30%
Large U.S. Equity [Member] | Fair Value, Inputs, Level 1 [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[3]
Large U.S. Equity [Member] | Fair Value, Inputs, Level 2 [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[3]		5,608
Large U.S. Equity [Member] | Fair Value, Inputs, Level 3 [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[3]
Small/Mid U.S. Equity [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[4]		$ 3,350
Benefit plan percentage allocation	[2],[4]		18%
Small/Mid U.S. Equity [Member] | Fair Value, Inputs, Level 1 [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[4]
Small/Mid U.S. Equity [Member] | Fair Value, Inputs, Level 2 [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[4]		3,350
Small/Mid U.S. Equity [Member] | Fair Value, Inputs, Level 3 [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[4]
International Equity [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[5]		$ 2,682
Benefit plan percentage allocation	[2],[5]		15%
International Equity [Member] | Fair Value, Inputs, Level 1 [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[5]
International Equity [Member] | Fair Value, Inputs, Level 2 [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[5]		2,682
International Equity [Member] | Fair Value, Inputs, Level 3 [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[5]
Fixed Income [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[6]		$ 6,845
Benefit plan percentage allocation	[2],[6]		37%
Fixed Income [Member] | Fair Value, Inputs, Level 1 [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[6]
Fixed Income [Member] | Fair Value, Inputs, Level 2 [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[6]		6,845
Fixed Income [Member] | Fair Value, Inputs, Level 3 [Member]
(pooled separate accounts):
Defined benefit plan assets	[2],[6]
Derivative Financial Instruments, Liabilities [Member]
Liabilities:
Derivative financial instruments , Liabilities		(2,764)	13,849
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Derivative financial instruments , Liabilities		(2,764)	13,849
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Derivative financial instruments , Liabilities
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Derivative financial instruments , Liabilities
Derivative Financial Instruments, Assets [Member]
Assets:
Derivative financial instruments , Assets		5,606	2,412
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Derivative financial instruments , Assets		5,606	2,412
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Derivative financial instruments , Assets
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Derivative financial instruments , Assets
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2023. Included in other assets in the consolidated balance sheets. 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. 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. 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. 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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Convertible Securities [Member]
Earnings Per Share [Line Items]
Dilutive weighted average	981,000	981,000

Earnings Per Share (Details) -

Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Basic and Diluted Earnings Per Share [Abstract]
Net income (loss)	$ (3,106)	$ (11,725)	$ 7,595	$ (13,166)	$ (14,831)	$ (5,571)
Less: Preferred stock dividends, Income Loss Numerator	(316)		(315)		(631)	(627)
Less: Income allocated to participating securities, Income Loss Numerator			(96)
Basic and diluted loss per share:
Income (loss) available to common stockholders, Income Loss Numerator	$ (3,422)		$ 7,184		$ (15,462)	$ (6,198)
Income (loss) available to common stockholders, Shares Denominator (in Shares)	73,486		73,394		73,126	73,603
Income (loss) available to common stockholders, Per-Share Amount (in Dollars per share)	$ (0.05)		$ 0.1		$ (0.21)	$ (0.08)
Add: Dilutive instruments, Income Loss Numerator
Add: Dilutive instruments, Shares Denominator (in Shares)			709
Diluted income per share:
Income (loss) available to common stockholders, Income Loss Numerator	$ (3,422)		$ 7,184		$ (15,462)	$ (6,198)
Income (loss) available to common stockholders, Shares Denominator (in Shares)	73,486		74,103		73,126	73,603
Income (loss) available to common stockholders, Per-Share Amount (in Dollars per share)	$ (0.05)		$ 0.1		$ (0.21)	$ (0.08)

Earnings Per Share (Details) _2

Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share (Parentheticals) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Basic and Diluted Earnings Per Share [Abstract]
Loss available to common stockholders, diluted	73,486	74,103	73,126	73,603
Loss available to common stockholders, diluted	$ (0.05)	$ 0.1	$ (0.21)	$ (0.08)
Loss available to common stockholders, diluted	$ (3,422)	$ 7,184	$ (15,462)	$ (6,198)