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Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

18. Segment Reporting — The Company operates as a single operating segment, which is the business of developing, manufacturing and distributing chemical, biological and biorational products for agricultural, commercial and consumer uses. The Company synthesizes and formulates chemicals and ferments and extracts microbial products for crops, turf, ornamental plants, and human and animal health protection.

The Company’s Chief Operating Decision Maker ("CODM") is the Chief Executive Officer, who manages the Company’s operations based on consolidated financial information for purposes of evaluating financial performance and allocating resources. The financial information reviewed by the CODM includes revenue by product line and region, and key expense categories that are regularly provided for the consolidated company. The accounting policies of the Company’s single operating segment are the same as those described in the summary of significant accounting policies. Although there are other measures of operating performance used by the CODM, the Company concluded that consolidated operating income (loss) is the measure required to be disclosed as the segment measure of profit or loss. Operating income (loss) is utilized to evaluate budget versus actual results in order to gain more depth and understanding of the factors driving the business. When evaluating the Company’s financial performance, the following table sets forth significant expense categories regularly provided to the CODM.

 

 

 

For the three months
ended June 30

 

 

For the six months
ended June 30

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net sales

 

$

129,313

 

 

$

128,209

 

 

$

245,113

 

 

$

263,352

 

Cost of sales

 

 

 

 

 

 

 

 

 

 

 

 

Material and other costs

 

 

(79,243

)

 

 

(80,763

)

 

 

(155,267

)

 

 

(164,084

)

Warehousing, handling, and outbound freight

 

 

(9,523

)

 

 

(9,683

)

 

 

(19,108

)

 

 

(19,087

)

Total cost of sales

 

 

(88,766

)

 

 

(90,446

)

 

 

(174,375

)

 

 

(183,171

)

Gross profit

 

 

40,547

 

 

 

37,763

 

 

 

70,738

 

 

 

80,181

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

(28,757

)

 

 

(31,051

)

 

 

(55,385

)

 

 

(60,520

)

Research, product development and regulatory

 

 

(5,803

)

 

 

(8,599

)

 

 

(11,485

)

 

 

(14,305

)

Transformation

 

 

(1,621

)

 

 

(7,345

)

 

 

(3,812

)

 

 

(8,497

)

Operating income (loss)

 

 

4,366

 

 

 

(9,232

)

 

 

56

 

 

 

(3,141

)

Change in fair value of an equity investment

 

 

—

 

 

 

(125

)

 

 

—

 

 

 

513

 

Interest expense, net

 

 

(4,450

)

 

 

(3,917

)

 

 

(8,215

)

 

 

(7,610

)

Loss before provision for income taxes

 

 

(84

)

 

 

(13,274

)

 

 

(8,159

)

 

 

(10,238

)

Income tax (expense) benefit

 

 

(765

)

 

 

1,553

 

 

 

(1,152

)

 

 

69

 

Net loss

 

$

(849

)

 

$

(11,721

)

 

$

(9,311

)

 

$

(10,169

)

Asset categories provided to the CODM are consistent with those reported on the consolidated balance sheets.