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Significant Customers
 6 Months Ended
Jun. 30, 2025
Risks and Uncertainties [Abstract]  
Significant Customers

(9) Significant Customers

 

We had three significant customers for the three and six months ended June 30, 2025, and 2024.

 

Revenues from these three customers, as a percentage of total Company revenue, was approximately:

 

      Three months ended
June 30,		   Six months ended
June 30,		 
Customer #  Product Category  2025   2024   2025   2024 
1  Consumer Products   33%   33%   23%   34%
2  Consumer Products   27%   0%   19%   0%
3  Personal Care Ingredients   13%   13%   12%   14%
   Total   73%   46%   54%   48%

 

Accounts receivable balances for these three customers were approximately:

 

      As of June 30, 
Customer #  Product Category  2025   2024 
1  Consumer Products  $2,968   $3,062 
2  Consumer Products   3,588    — 
3  Personal Care Ingredients   1,136    702 
   Total  $7,692   $3,764 

 

We currently have exclusive supply agreements with BASF Corporation (“BASF”), our largest personal care ingredient customer, that have contingencies outlined which could potentially result in the sale of production equipment from the Company to the customer intended to provide capacity sufficient to meet the customer’s production needs. This outcome may occur if we fail to meet certain performance requirements. In the event of an equipment sale, upon incurring a triggering event, the equipment would be sold to the customer at either 115% of the equipment’s net book value or the greater of 30% of the original book value of such equipment, and any associated upgrades to it, or 115% of the equipment’s net book value, depending on the equipment and related products.

 

If a triggering event were to occur and BASF elected to proceed with the equipment sale mentioned above, we would lose a significant source of revenue.