Alto Ingredients (ALTO) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 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	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		76,646,125

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	[1]
Current Assets:
Cash and cash equivalents	$ 33,591	$ 30,014
Restricted cash	4,903	15,466
Accounts receivable, net (net of allowance for credit losses of $50 and $85, respectively)	52,038	58,729
Inventories	48,014	52,611
Derivative instruments	36	2,412
Other current assets	6,568	9,538
Total current assets	145,150	168,770
Property and equipment, net	238,892	248,748
Other Assets:
Right of use operating lease assets, net	19,283	22,597
Intangible assets, net	8,057	8,498
Other assets	6,029	5,628
Total other assets	33,369	36,723
Total Assets	417,411	454,241
Current Liabilities:
Accounts payable	17,205	20,752
Accrued liabilities	14,255	20,205
Current portion – operating leases	4,440	4,333
Derivative instruments	3,394	13,849
Other current liabilities	5,808	6,149
Total current liabilities	45,102	65,288
Long-term debt, net	83,342	82,097
Operating leases, net of current portion	15,740	19,029
Other liabilities	9,302	8,270
Total Liabilities	153,486	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 September 30, 2024 and December 31, 2023; Series B: 1,581 shares authorized; 927 shares issued and outstanding as of September 30, 2024 and December 31, 2023; liquidation preference of $18,075 as of September 30, 2024	1	1
Common stock, value	77	76
Additional paid-in capital	1,043,501	1,040,912
Accumulated other comprehensive income	2,481	2,481
Accumulated deficit	(782,135)	(763,913)
Total stockholders’ equity	263,925	279,557
Total Liabilities and Stockholders’ Equity	417,411	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	Sep. 30, 2024	Dec. 31, 2023	[1]
Accounts receivable, net of allowance (in Dollars)	$ 50	$ 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	76,625	75,703
Common stock, shares outstanding	76,625	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 251,814	$ 318,127	$ 728,911	$ 949,315
Cost of goods sold	245,854	313,966	717,798	931,137
Gross profit	5,960	4,161	11,113	18,178
Selling, general and administrative expenses	(7,510)	(8,488)	(24,403)	(24,281)
Gain on sale of assets	830		830
Asset impairments				(574)
Loss from operations	(720)	(4,327)	(12,460)	(6,677)
Interest expense, net	(1,867)	(2,000)	(5,170)	(5,299)
Income from cash grant		2,812		2,812
Other income, net	146	26	358	104
Loss before provision for income taxes	(2,441)	(3,489)	(17,272)	(9,060)
Provision for income taxes
Net loss	(2,441)	(3,489)	(17,272)	(9,060)
Preferred stock dividends	(319)	(319)	(950)	(946)
Net loss available to common stockholders	$ (2,760)	$ (3,808)	$ (18,222)	$ (10,006)
Net loss per share, basic (in Dollars per share)	$ (0.04)	$ (0.05)	$ (0.25)	$ (0.14)
Net loss per share, diluted (in Dollars per share)	$ (0.04)	$ (0.05)	$ (0.25)	$ (0.14)
Weighted-average shares outstanding, basic (in Shares)	73,835	73,191	73,364	73,464
Weighted-average shares outstanding, diluted (in Shares)	73,835	73,191	73,364	73,464

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Net loss	$ (17,272)	$ (9,060)
Adjustments to reconcile net loss to Net cash provided by operating activities:
Depreciation and amortization	17,860	17,382
Gains on derivative instruments	(9,002)	(2,463)
Gain on sale of assets	(830)
Asset impairments		574
Stock-based compensation	3,650	2,718
Amortization of deferred financing fees	761	793
Amortization of debt discount	602	599
Credit loss recovery	(23)	(54)
Changes in operating assets and liabilities:
Accounts receivable	6,714	2,644
Inventories	8,434	9,536
Other assets	4,702	3,253
Operating leases	(4,424)	(4,014)
Accounts payable and accrued liabilities	(4,903)	(11,679)
Net cash provided by operating activities	6,269	10,229
Investing Activities:
Additions to property and equipment	(9,788)	(24,611)
Proceeds from sale of assets	400
Deferred purchase price payments for Eagle Alcohol	(2,800)	(3,500)
Net cash used in investing activities	(12,188)	(28,111)
Financing Activities:
Net (payments on) proceeds from Kinergy’s line of credit	(117)	6,847
Stock repurchases		(2,683)
Preferred stock dividends paid	(950)	(946)
Net cash (used in) provided by financing activities	(1,067)	3,218
Net change in cash, cash equivalents and restricted cash	(6,986)	(14,664)
Cash, cash equivalents and restricted cash at beginning of period	45,480	49,525
Cash, cash equivalents and restricted cash at end of period	38,494	34,861
Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents	33,591	26,162
Restricted cash	4,903	8,699
Total cash, cash equivalents and restricted cash	38,494	34,861
Supplemental Information:
Interest paid	6,211	6,063
Proceeds from sale of assets – note receivable	1,012
ROU Assets obtained in exchange for new lease obligations		7,167
Capitalized interest	$ 2,411	$ 2,185

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)
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
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)						(9,060)
Balance at Sep. 30, 2023	$ 1	$ 76	1,040,747	(744,649)	1,822	297,997
Balance (in Shares) at Sep. 30, 2023	927	76,115
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
Balance at Jun. 30, 2023	$ 1	$ 76	1,039,735	(740,841)	1,822	300,793
Balance (in Shares) at Jun. 30, 2023	927	75,923
Stock-based compensation			1,007			1,007
Restricted stock issued to employees and directors, net of cancellations and tax			5			5
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares)		192
Preferred stock dividends				(319)		(319)
Net income (loss)				(3,489)		(3,489)
Balance at Sep. 30, 2023	$ 1	$ 76	1,040,747	(744,649)	1,822	297,997
Balance (in Shares) at Sep. 30, 2023	927	76,115
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)
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
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)						(17,272)
Balance at Sep. 30, 2024	$ 1	$ 77	1,043,501	(782,135)	2,481	263,925
Balance (in Shares) at Sep. 30, 2024	927	76,625
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)
Balance at Jun. 30, 2024	$ 1	$ 77	1,042,639	(779,375)	2,481	265,823
Balance (in Shares) at Jun. 30, 2024	927	76,645
Stock-based compensation			862			862
Restricted stock issued to employees and directors, net of cancellations and tax
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares)		(20)
Preferred stock dividends				(319)		(319)
Net income (loss)				(2,441)		(2,441)
Balance at Sep. 30, 2024	$ 1	$ 77	$ 1,043,501	$ (782,135)	$ 2,481	$ 263,925
Balance (in Shares) at Sep. 30, 2024	927	76,625
[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	9 Months Ended
	Sep. 30, 2024
Organization and Basis of Presentation [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	1. ORGANIZATION 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 September 30, 2024, all of the Company’s production facilities were operating. 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 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 $46,887,000 and $51,315,000 at September 30, 2024 and December 31, 2023, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for credit losses was $50,000 and $85,000 as of September 30, 2024 and December 31, 2023, respectively. The Company recorded a credit reserve of $24,000 and credit loss recovery of $8,000 for the three months ended September 30, 2024 and 2023, respectively. The Company recorded a credit loss recovery of $23,000 and a credit loss recovery of $54,000 for the nine months ended September 30, 2024 and 2023, 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	9 Months Ended
	Sep. 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 Nine Months Ended 2024 2023 2024 2023 Net Sales Pekin Campus, recorded as gross: Alcohol sales $ 106,459 $ 128,554 $ 315,494 $ 388,629 Essential ingredient sales 41,217 51,634 127,297 169,220 Intersegment sales 321 363 927 1,120 Total Pekin Campus sales 147,997 180,551 443,718 558,969 Marketing and distribution: Alcohol sales, gross $ 54,531 $ 58,805 $ 179,118 $ 215,741 Alcohol sales, net 71 74 169 292 Intersegment sales 2,862 3,392 8,002 8,734 Total marketing and distribution sales 57,464 62,271 187,289 224,767 Western production, recorded as gross: Alcohol sales $ 36,395 $ 57,159 $ 74,084 $ 122,477 Essential ingredient sales 10,408 17,841 24,184 40,614 Intersegment sales 8 37 (122 ) 99 Total Western production sales 46,811 75,037 98,146 163,190 Corporate and other 2,733 4,060 8,565 12,342 Intersegment eliminations (3,191 ) (3,792 ) (8,807 ) (9,953 ) Net sales as reported $ 251,814 $ 318,127 $ 728,911 $ 949,315 Cost of goods sold: Pekin Campus $ 141,823 $ 179,995 $ 423,135 $ 546,591 Marketing and distribution 53,553 58,051 176,676 212,923 Western production 49,079 73,584 112,762 165,401 Corporate and other 2,952 3,538 8,690 9,322 Intersegment eliminations (1,553 ) (1,202 ) (3,465 ) (3,100 ) Cost of goods sold as reported $ 245,854 $ 313,966 $ 717,798 $ 931,137 Gross profit (loss): Pekin Campus $ 6,174 $ 556 $ 20,583 $ 12,378 Marketing and distribution 3,911 4,220 10,613 11,844 Western production (2,268 ) 1,453 (14,616 ) (2,211 ) Corporate and other (219 ) 522 (125 ) 3,020 Intersegment eliminations (1,638 ) (2,590 ) (5,342 ) (6,853 ) Gross profit as reported $ 5,960 $ 4,161 $ 11,113 $ 18,178 Loss before provision for income taxes: Pekin Campus $ 1,997 $ (1,956 ) $ 8,083 $ 3,716 Marketing and distribution 1,626 2,403 3,733 6,019 Western production (4,119 ) (20 ) (21,075 ) (6,497 ) Corporate and other (1,945 ) (3,916 ) (8,013 ) (12,298 ) $ (2,441 ) $ (3,489 ) $ (17,272 ) $ (9,060 ) Depreciation and amortization: Pekin Campus $ 5,328 $ 4,961 $ 15,733 $ 14,778 Western production 502 458 1,445 1,921 Corporate and other 228 228 682 683 $ 6,058 $ 5,647 $ 17,860 $ 17,382 Interest expense, net of capitalized interest: Pekin Campus $ 496 $ 108 $ 1,083 $ (527 ) Marketing and distribution 98 111 291 713 Western production 619 678 1,848 173 Corporate and other 654 1,103 1,948 4,940 $ 1,867 $ 2,000 $ 5,170 $ 5,299 The following table sets forth the Company’s total assets by operating segment (in thousands): September 30, December 31, Total assets: Pekin Campus $ 227,491 $ 251,048 Marketing and distribution 90,215 101,196 Western production 63,920 57,533 Corporate and other 35,785 44,464 $ 417,411 $ 454,241

Inventories

Inventories	9 Months Ended
	Sep. 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 $203,000 and $2,201,000 as of September 30, 2024 and December 31, 2023, respectively. Inventory balances consisted of the following (in thousands): September 30, December 31, Finished goods $ 27,766 $ 35,765 Work in progress 4,788 5,063 Raw materials 9,858 10,313 Other 5,602 1,470 Total $ 48,014 $ 52,611

Derivatives

Derivatives	9 Months Ended
	Sep. 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 September 30, 2024 Assets Liabilities Type of Instrument Balance Sheet Fair Balance Sheet Fair Cash collateral balance Restricted cash $ 4,903 Commodity contracts Derivative instruments $ 36 Derivative instruments $ 3,394 As of December 31, 2023 Assets Liabilities Type of Instrument Balance Sheet Fair Balance Sheet Fair 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 For the Three Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ 3,633 $ 6,206 $ 3,633 $ 6,206 Realized Gains For the Nine Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ 923 $ 3,980 $ 923 $ 3,980 Unrealized Losses For the Three Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ (6,199 ) $ (8,917 ) $ (6,199 ) $ (8,917 ) Unrealized Gains (Losses) For the Nine Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ 8,079 $ (1,517 ) $ 8,079 $ (1,517 )

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt [Abstract]
DEBT	5. DEBT. Long-term borrowings are summarized as follows (in thousands): September 30, December 31, Kinergy line of credit $ 30,572 $ 30,690 Orion term loan 60,000 60,000 90,572 90,690 Less unamortized debt discount (3,291 ) (3,893 ) Less unamortized debt financing costs (3,939 ) (4,700 ) Less current portion — — Long-term debt $ 83,342 $ 82,097 Excess Availability

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 September 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 nine months ended September 30, 2024, the Retirement Plan’s net periodic expense was $39,000, comprised of $666,000 in interest cost and $201,000 in service cost, partially offset by $828,000 of expected return on plan assets. For the three months ended September 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 nine months ended September 30, 2023, the Retirement Plan’s net periodic expense was $117,000, comprised of $675,000 in interest cost and $186,000 in service cost, partially offset by $744,000 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 September 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 nine months ended September 30, 2024, the Postretirement Plan’s net periodic expense was $162,000, comprised of $147,000 in interest cost and $15,000 in service cost. For the three months ended September 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 nine months ended September 30, 2023, the Postretirement Plan’s net periodic expense was $108,000, comprised of $138,000 of interest cost and $9,000 of service cost, partially offset by $39,000 in amortization of gains.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 September 30, 2024 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets: Derivative instruments $ 36 $ 36 $ — $ — Liabilities: Derivative instruments $ (3,394 ) $ (3,394 ) $ — $ — 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 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 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	9 Months Ended
	Sep. 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 September 30, 2024 Loss Shares Denominator Per-Share Amount Net loss $ (2,441 ) Less: Preferred stock dividends (319 ) Basic and diluted loss per share: Loss available to common stockholders $ (2,760 ) 73,835 $ (0.04 ) Three Months Ended September 30, 2023 Loss Shares Denominator Per-Share Amount Net loss $ (3,489 ) Less: Preferred stock dividends (319 ) Basic and diluted loss per share: Loss available to common stockholders $ (3,808 ) 73,191 $ (0.05 ) Nine Months Ended September 30, 2024 Loss Shares Denominator Per-Share Amount Net loss $ (17,272 ) Less: Preferred stock dividends (950 ) Basic and diluted loss per share: Loss available to common stockholders $ (18,222 ) 73,364 $ (0.25 ) Nine Months Ended September 30, 2023 Loss Shares Denominator Per-Share Amount Net loss $ (9,060 ) Less: Preferred stock dividends (946 ) Basic and diluted loss per share: Loss available to common stockholders $ (10,006 ) 73,464 $ (0.14 ) There were an additional aggregate potentially dilutive weighted-average shares of 981,000 from convertible securities outstanding for the three and nine months ended September 30, 2024 and September 30, 2023. These securities were not considered in calculating diluted net income (loss) per share for the three and nine months ended September 30, 2024 and the three and nine months ended September 30, 2023, as their effect would have been anti-dilutive.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2024
Subsequent Event [Abstract]
SUBSEQUENT EVENT	10. SUBSEQUENT EVENT. On November 5, 2024, the Company entered into a CO 2 2

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,441)	$ (3,106)	$ (11,725)	$ (3,489)	$ 7,595	$ (13,166)	$ (17,272)	$ (9,060)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 September 30, 2024, all of the Company’s production facilities were operating. 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 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 $46,887,000 and $51,315,000 at September 30, 2024 and December 31, 2023, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for credit losses was $50,000 and $85,000 as of September 30, 2024 and December 31, 2023, respectively. The Company recorded a credit reserve of $24,000 and credit loss recovery of $8,000 for the three months ended September 30, 2024 and 2023, respectively. The Company recorded a credit loss recovery of $23,000 and a credit loss recovery of $54,000 for the nine months ended September 30, 2024 and 2023, 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)	9 Months Ended
	Sep. 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 Nine Months Ended 2024 2023 2024 2023 Net Sales Pekin Campus, recorded as gross: Alcohol sales $ 106,459 $ 128,554 $ 315,494 $ 388,629 Essential ingredient sales 41,217 51,634 127,297 169,220 Intersegment sales 321 363 927 1,120 Total Pekin Campus sales 147,997 180,551 443,718 558,969 Marketing and distribution: Alcohol sales, gross $ 54,531 $ 58,805 $ 179,118 $ 215,741 Alcohol sales, net 71 74 169 292 Intersegment sales 2,862 3,392 8,002 8,734 Total marketing and distribution sales 57,464 62,271 187,289 224,767 Western production, recorded as gross: Alcohol sales $ 36,395 $ 57,159 $ 74,084 $ 122,477 Essential ingredient sales 10,408 17,841 24,184 40,614 Intersegment sales 8 37 (122 ) 99 Total Western production sales 46,811 75,037 98,146 163,190 Corporate and other 2,733 4,060 8,565 12,342 Intersegment eliminations (3,191 ) (3,792 ) (8,807 ) (9,953 ) Net sales as reported $ 251,814 $ 318,127 $ 728,911 $ 949,315 Cost of goods sold: Pekin Campus $ 141,823 $ 179,995 $ 423,135 $ 546,591 Marketing and distribution 53,553 58,051 176,676 212,923 Western production 49,079 73,584 112,762 165,401 Corporate and other 2,952 3,538 8,690 9,322 Intersegment eliminations (1,553 ) (1,202 ) (3,465 ) (3,100 ) Cost of goods sold as reported $ 245,854 $ 313,966 $ 717,798 $ 931,137 Gross profit (loss): Pekin Campus $ 6,174 $ 556 $ 20,583 $ 12,378 Marketing and distribution 3,911 4,220 10,613 11,844 Western production (2,268 ) 1,453 (14,616 ) (2,211 ) Corporate and other (219 ) 522 (125 ) 3,020 Intersegment eliminations (1,638 ) (2,590 ) (5,342 ) (6,853 ) Gross profit as reported $ 5,960 $ 4,161 $ 11,113 $ 18,178 Loss before provision for income taxes: Pekin Campus $ 1,997 $ (1,956 ) $ 8,083 $ 3,716 Marketing and distribution 1,626 2,403 3,733 6,019 Western production (4,119 ) (20 ) (21,075 ) (6,497 ) Corporate and other (1,945 ) (3,916 ) (8,013 ) (12,298 ) $ (2,441 ) $ (3,489 ) $ (17,272 ) $ (9,060 ) Depreciation and amortization: Pekin Campus $ 5,328 $ 4,961 $ 15,733 $ 14,778 Western production 502 458 1,445 1,921 Corporate and other 228 228 682 683 $ 6,058 $ 5,647 $ 17,860 $ 17,382 Interest expense, net of capitalized interest: Pekin Campus $ 496 $ 108 $ 1,083 $ (527 ) Marketing and distribution 98 111 291 713 Western production 619 678 1,848 173 Corporate and other 654 1,103 1,948 4,940 $ 1,867 $ 2,000 $ 5,170 $ 5,299
Schedule of Total Assets by Operating Segment	The following table sets forth the Company’s total assets by operating segment (in thousands): September 30, December 31, Total assets: Pekin Campus $ 227,491 $ 251,048 Marketing and distribution 90,215 101,196 Western production 63,920 57,533 Corporate and other 35,785 44,464 $ 417,411 $ 454,241

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventories [Abstract]
Schedule of Inventory	Inventory balances consisted of the following (in thousands): September 30, December 31, Finished goods $ 27,766 $ 35,765 Work in progress 4,788 5,063 Raw materials 9,858 10,313 Other 5,602 1,470 Total $ 48,014 $ 52,611

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 Assets Liabilities Type of Instrument Balance Sheet Fair Balance Sheet Fair Cash collateral balance Restricted cash $ 4,903 Commodity contracts Derivative instruments $ 36 Derivative instruments $ 3,394 As of December 31, 2023 Assets Liabilities Type of Instrument Balance Sheet Fair Balance Sheet Fair 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 For the Three Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ 3,633 $ 6,206 $ 3,633 $ 6,206 Realized Gains For the Nine Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ 923 $ 3,980 $ 923 $ 3,980 Unrealized Losses For the Three Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ (6,199 ) $ (8,917 ) $ (6,199 ) $ (8,917 ) Unrealized Gains (Losses) For the Nine Months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ 8,079 $ (1,517 ) $ 8,079 $ (1,517 )

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt [Abstract]
Schedule of Long-Term Borrowings	Long-term borrowings are summarized as follows (in thousands): September 30, December 31, Kinergy line of credit $ 30,572 $ 30,690 Orion term loan 60,000 60,000 90,572 90,690 Less unamortized debt discount (3,291 ) (3,893 ) Less unamortized debt financing costs (3,939 ) (4,700 ) Less current portion — — Long-term debt $ 83,342 $ 82,097

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets: Derivative instruments $ 36 $ 36 $ — $ — Liabilities: Derivative instruments $ (3,394 ) $ (3,394 ) $ — $ — Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative 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 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)	9 Months Ended
	Sep. 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 September 30, 2024 Loss Shares Denominator Per-Share Amount Net loss $ (2,441 ) Less: Preferred stock dividends (319 ) Basic and diluted loss per share: Loss available to common stockholders $ (2,760 ) 73,835 $ (0.04 ) Three Months Ended September 30, 2023 Loss Shares Denominator Per-Share Amount Net loss $ (3,489 ) Less: Preferred stock dividends (319 ) Basic and diluted loss per share: Loss available to common stockholders $ (3,808 ) 73,191 $ (0.05 ) Nine Months Ended September 30, 2024 Loss Shares Denominator Per-Share Amount Net loss $ (17,272 ) Less: Preferred stock dividends (950 ) Basic and diluted loss per share: Loss available to common stockholders $ (18,222 ) 73,364 $ (0.25 ) Nine Months Ended September 30, 2023 Loss Shares Denominator Per-Share Amount Net loss $ (9,060 ) Less: Preferred stock dividends (946 ) Basic and diluted loss per share: Loss available to common stockholders $ (10,006 ) 73,464 $ (0.14 )

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) gal in Millions, T in Millions		3 Months Ended		9 Months Ended
	Sep. 12, 2022 USD ($)	Sep. 30, 2024 USD ($) shares gal	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) T shares gal	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
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		$ 46,887,000		$ 46,887,000		$ 51,315,000
Allowance for credit losses		50,000		50,000		$ 85,000
Credit reserve		24,000
Credit loss recovery			$ 8,000	23,000	$ 54,000
Share Repurchase Program, Authorized, Amount	$ 50,000,000	$ 5,000,000	$ 2,683,000	$ 5,000,000	$ 2,683,000
Initial purchase authorization	10,000,000
Purchase authorization	5,000,000
Excess of purchase authorization	5,000,000
Excess of initial purchase authorization	$ 10,000,000
Share Repurchase Program, Authorized, Number of Shares (in Shares) | shares		2,036,000	1,249,000	2,036,000	1,249,000
Market losses				$ 700,000,000
Cash received			$ 2,812,000		$ 2,812,000

Segments (Details)

Segments (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pekin Campus, recorded as gross:
Net Sales	$ 251,814	$ 318,127	$ 728,911	$ 949,315
Cost of goods sold:
Cost of goods sold	245,854	313,966	717,798	931,137
Gross profit (loss):
Gross profit (loss)	5,960	4,161	11,113	18,178
Loss before provision for income taxes:
Loss before provision for income taxes	(2,441)	(3,489)	(17,272)	(9,060)
Depreciation and amortization:
Depreciation and amortization	6,058	5,647	17,860	17,382
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	1,867	2,000	5,170	5,299
Pekin Campus [Member]
Cost of goods sold:
Cost of goods sold	141,823	179,995	423,135	546,591
Gross profit (loss):
Gross profit (loss)	6,174	556	20,583	12,378
Loss before provision for income taxes:
Loss before provision for income taxes	1,997	(1,956)	8,083	3,716
Depreciation and amortization:
Depreciation and amortization	5,328	4,961	15,733	14,778
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	496	108	1,083	(527)
Pekin Campus [Member] | Alcohol Sales [Member]
Pekin Campus, recorded as gross:
Net Sales	106,459	128,554	315,494	388,629
Pekin Campus [Member] | Essential ingredient sales [Member]
Pekin Campus, recorded as gross:
Net Sales	41,217	51,634	127,297	169,220
Pekin Campus [Member] | Intersegment sales [Member]
Pekin Campus, recorded as gross:
Net Sales	321	363	927	1,120
Total Pekin Campus Sales [Member] | Intersegment sales [Member]
Pekin Campus, recorded as gross:
Net Sales	147,997	180,551	443,718	558,969
Marketing and distribution [Member]
Cost of goods sold:
Cost of goods sold	53,553	58,051	176,676	212,923
Gross profit (loss):
Gross profit (loss)	3,911	4,220	10,613	11,844
Loss before provision for income taxes:
Loss before provision for income taxes	1,626	2,403	3,733	6,019
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	98	111	291	713
Marketing and distribution [Member] | Intersegment sales [Member]
Pekin Campus, recorded as gross:
Net Sales	2,862	3,392	8,002	8,734
Marketing and distribution [Member] | Alcohol sales, gross [Member]
Pekin Campus, recorded as gross:
Net Sales	54,531	58,805	179,118	215,741
Marketing and distribution [Member] | Alcohol sales, net [Member]
Pekin Campus, recorded as gross:
Net Sales	71	74	169	292
Total Marketing and Distribution Sales [Member] | Intersegment sales [Member]
Pekin Campus, recorded as gross:
Net Sales	57,464	62,271	187,289	224,767
Western production [Member]
Cost of goods sold:
Cost of goods sold	49,079	73,584	112,762	165,401
Loss before provision for income taxes:
Loss before provision for income taxes	(4,119)	(20)	(21,075)	(6,497)
Depreciation and amortization:
Depreciation and amortization	502	458	1,445	1,921
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	619	678	1,848	173
Western production [Member] | Essential ingredient sales [Member]
Pekin Campus, recorded as gross:
Net Sales	10,408	17,841	24,184	40,614
Western production [Member] | Intersegment sales [Member]
Pekin Campus, recorded as gross:
Net Sales	8	37	(122)	99
Western production [Member] | Intersegment sales [Member] | Total Western production sales [Member]
Pekin Campus, recorded as gross:
Net Sales	46,811	75,037	98,146	163,190
Western production [Member] | Alcohol sales [Member]
Pekin Campus, recorded as gross:
Net Sales	36,395	57,159	74,084	122,477
Corporate and other [Member]
Pekin Campus, recorded as gross:
Net Sales	2,733	4,060	8,565	12,342
Cost of goods sold:
Cost of goods sold	2,952	3,538	8,690	9,322
Gross profit (loss):
Gross profit (loss)	(219)	522	(125)	3,020
Loss before provision for income taxes:
Loss before provision for income taxes	(1,945)	(3,916)	(8,013)	(12,298)
Depreciation and amortization:
Depreciation and amortization	228	228	682	683
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	654	1,103	1,948	4,940
Intersegment eliminations [Member]
Pekin Campus, recorded as gross:
Net Sales	(3,191)	(3,792)	(8,807)	(9,953)
Cost of goods sold:
Cost of goods sold	(1,553)	(1,202)	(3,465)	(3,100)
Gross profit (loss):
Gross profit (loss)	(1,638)	(2,590)	(5,342)	(6,853)
Western production [Member]
Gross profit (loss):
Gross profit (loss)	$ (2,268)	$ 1,453	$ (14,616)	$ (2,211)

Segments (Details) - Schedule_2

Segments (Details) - Schedule of Total Assets by Operating Segment - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Total assets:
Total assets by operating segment	$ 417,411	$ 454,241	[1]
Pekin Campus [Member]
Total assets:
Total assets by operating segment	227,491	251,048
Marketing and distribution [Member]
Total assets:
Total assets by operating segment	90,215	101,196
Western production [Member]
Total assets:
Total assets by operating segment	63,920	57,533
Corporate and Other [Member]
Total assets:
Total assets by operating segment	$ 35,785	$ 44,464
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2023.

Inventories (Details)

Inventories (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Inventories [Abstract]
Valuation allowance	$ 203,000,000	$ 2,201,000

Inventories (Details) - Schedul

Inventories (Details) - Schedule of Inventory - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Inventory [Abstract]
Finished goods	$ 27,766	$ 35,765
Work in progress	4,788	5,063
Raw materials	9,858	10,313
Other	5,602	1,470
Total	$ 48,014	$ 52,611	[1]
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2023.

Derivatives (Details)

Derivatives (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivatives [Abstract]
Recognized net gains and losses	$ 2,566,000	$ 2,711,000	$ 9,002,000	$ 2,463,000

Derivatives (Details) - Schedul

Derivatives (Details) - Schedule of Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash collateral balance [Member]
Schedule of Derivatives Not Designated as Hedging Instruments [Line Items]
Restricted cash	$ 4,903	$ 15,466
Commodity contracts [Member]
Schedule of Derivatives Not Designated as Hedging Instruments [Line Items]
Derivative instruments, Assets	36	2,412
Derivative instruments, Liabilities	$ 3,394	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Realized Gains [Member]
Schedule of Realized and Unrealized Gains and Losses for its Derivatives not Designated as Hedging Instruments [Line Items]
Realized gain (loss) on derivatives	$ 3,633	$ 6,206	$ 923	$ 3,980
Realized Gains [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	3,633	6,206	923	3,980
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	(6,199)	(8,917)
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	$ (6,199)	$ (8,917)
Unrealized Gains (Losses) [Member]
Schedule of Realized and Unrealized Gains and Losses for its Derivatives not Designated as Hedging Instruments [Line Items]
Unrealized gain (loss) on derivatives			8,079	(1,517)
Unrealized Gains (Losses) [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			$ 8,079	$ (1,517)

Debt (Details)

Debt (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Debt [Line Items]
Unused borrowing availability under line of credit	$ 27.2
Available for capital improvement	$ 65
Kinergy line of credit [Member]
Debt [Line Items]
Interest rates	6.43%
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	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Term debt	$ 90,572	$ 90,690
Less unamortized debt discount	(3,291)	(3,893)
Less unamortized debt financing costs	(3,939)	(4,700)
Less current portion
Long-term debt	83,342	82,097	[1]
Kinergy line of credit [Member]
Debt Instrument [Line Items]
Term debt	30,572	30,690
Orion term loan [Member]
Debt Instrument [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)	9 Months Ended
	Sep. 30, 2024 USD ($) dth gal T
Commitments and Contingencies [Line Items]
Sales contracts valued	$ 6,797,000
Indexed price sales contracts (in US Tons) | T	44,000
Future commitments for capital projects	$ 8,616,000
Alcohol Sales Contracts [Member]
Commitments and Contingencies [Line Items]
Sales contracts valued	$ 112,966,000
Sales Commitments [Member]
Commitments and Contingencies [Line Items]
Indexed-price sales (in US Gallons) | gal	70,128,000
Purchase Commitments [Member] | Alcohol From Suppliers [Member]
Commitments and Contingencies [Line Items]
Indexed-price sales (in US Gallons) | gal	14,468,000
Fixed-price purchase contracts value	$ 1,517,000
Purchase Commitments [Member] | Corn From Suppliers [Member]
Commitments and Contingencies [Line Items]
Fixed-price purchase contracts value	$ 23,996,000
Purchase Commitments [Member] | Natural Gas [Member]
Commitments and Contingencies [Line Items]
Indexed-price purchase contracts (in Dekatherms) | dth	5,592,000

Pension And Retirement Benefi_2

Pension And Retirement Benefit Plans (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Pension Plans [Line Items]
Net periodic expense	$ 36,000			$ 108,000
Interest cost	3,000			9,000
Service cost	13,000
Expected return on plan assets	46,000			138,000
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	$ 39,000	117,000
Interest cost	222,000	62,000	666,000	186,000
Service cost	67,000	248,000	201,000	744,000
Expected return on plan assets	276,000	$ 225,000	828,000	675,000
Postretirement Life Insurance [Member]
Pension Plans [Line Items]
Projected benefit obligation, amount					$ 4,300,000
Net periodic expense	54,000
Interest cost	49,000		147,000	$ 39,000
Service cost	$ 5,000		15,000
Expected return on plan assets			$ 162,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Schedule of Recurring and Nonrecurring Fair Value Measurements - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Assets:
Derivative financial instruments , Assets		$ 36	$ 2,412	[1]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets			20,897
Liabilities:
Derivative financial instruments , Liabilities		3,394	13,849	[1]
Level 1 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets			2,412
Level 2 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets			18,485
Level 3 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets
Large U.S. Equity [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[3]		$ 5,608
Benefit plan percentage allocation	[2],[3]		30%
Large U.S. Equity [Member] | Level 1 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[3]
Large U.S. Equity [Member] | Level 2 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[3]		5,608
Large U.S. Equity [Member] | Level 3 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[3]
Small/Mid U.S. Equity [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[4]		$ 3,350
Benefit plan percentage allocation	[2],[4]		18%
Small/Mid U.S. Equity [Member] | Level 1 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[4]
Small/Mid U.S. Equity [Member] | Level 2 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[4]		3,350
Small/Mid U.S. Equity [Member] | Level 3 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[4]
International Equity [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[5]		$ 2,682
Benefit plan percentage allocation	[2],[5]		15%
International Equity [Member] | Level 1 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[5]
International Equity [Member] | Level 2 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[5]		2,682
International Equity [Member] | Level 3 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[5]
Fixed Income [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[6]		$ 6,845
Benefit plan percentage allocation	[2],[6]		37%
Fixed Income [Member] | Level 1 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[6]
Fixed Income [Member] | Level 2 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[6]		6,845
Fixed Income [Member] | Level 3 [Member]
Defined benefit plan assets(1) (pooled separate accounts):
Defined benefit plan assets	[2],[6]
Derivative Financial Instruments, Liabilities [Member]
Liabilities:
Derivative financial instruments , Liabilities		(3,394)	13,849
Derivative Financial Instruments, Liabilities [Member] | Level 1 [Member]
Liabilities:
Derivative financial instruments , Liabilities		(3,394)	13,849
Derivative Financial Instruments, Liabilities [Member] | Level 2 [Member]
Liabilities:
Derivative financial instruments , Liabilities
Derivative Financial Instruments, Liabilities [Member] | Level 3 [Member]
Liabilities:
Derivative financial instruments , Liabilities
Derivative Financial Instruments, Assets [Member]
Assets:
Derivative financial instruments , Assets		36	2,412
Derivative Financial Instruments, Assets [Member] | Level 1 [Member]
Assets:
Derivative financial instruments , Assets		36	2,412
Derivative Financial Instruments, Assets [Member] | Level 2 [Member]
Assets:
Derivative financial instruments , Assets
Derivative Financial Instruments, Assets [Member] | Level 3 [Member]
Assets:
Derivative financial instruments , Assets
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2023.

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (2,441)	$ (3,106)	$ (11,725)	$ (3,489)	$ 7,595	$ (13,166)	$ (17,272)	$ (9,060)
Less: Preferred stock dividends, Income Loss Numerator	(319)			(319)			(950)	(946)
Basic and diluted loss per share:
Loss available to common stockholders, Loss Numerator	$ (2,760)			$ (3,808)			$ (18,222)	$ (10,006)
Loss available to common stockholders, Shares Denominator (in Shares)	73,835			73,191			73,364	73,464
Loss available to common stockholders, Per-Share Amount (in Dollars per share)	$ (0.04)			$ (0.05)			$ (0.25)	$ (0.14)
Loss available to common stockholders, diluted, Loss Numerator	$ (2,760)			$ (3,808)			$ (18,222)	$ (10,006)
Loss available to common stockholders, diluted, Shares Denominator (in Shares)	73,835			73,191			73,364	73,464
Loss available to common stockholders, diluted, Per-Share Amount (in Dollars per share)	$ (0.04)			$ (0.05)			$ (0.25)	$ (0.14)