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Note 4 - Property, Plant and Equipment | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property, Plant and Equipment Property, plant and equipment consist of the following:
|  | As of |
|  | September 30, 2025 |  |  | December 31, 2024 |
Land |  | $ | 8,623 |  |  | $ | 8,642 |
Plant and buildings |  |  | 200,536 |  |  |  | 182,724 |
Furniture and fixtures |  |  | 3,030 |  |  |  | 2,686 |
Machinery and equipment |  |  | 5,908 |  |  |  | 5,721 |
Construction in progress |  |  | 45,185 |  |  |  | 46,201 |
Property held for development |  |  | 15,431 |  |  |  | 15,431 |
Finance lease right of use assets |  |  | 2,889 |  |  |  | 2,889 |
Total gross property, plant & equipment |  |  | 281,602 |  |  |  | 264,294 |
Less accumulated depreciation |  |  | (71,637 | ) |  |  | (64,902 | )
Total net property, plant & equipment |  | $ | 209,965 |  |  | $ | 199,392 |
For the three months ended September 30, 2025 and 2024, interest capitalized in property, plant and equipment was $1.1 million and $1.0 million, respectively. For the nine months ended September 30, 2025 and 2024, interest capitalized in property, plant and equipment was $3.2 million and $4.0 million, respectively. Construction in progress includes biogas dairy digesters, mechanical vapor recompression at the Keyes Plant, the Riverbank sustainable aviation fuel and renewable diesel plant, and CCUS facilities. Property held for development is the partially completed Goodland Plant. Depreciation begins for each project when construction is complete and the project is placed into service, and is calculated using the straight-line method to allocate the depreciable amount over the estimated useful life of the applicable asset as follows:
|  | Years |
Plant and buildings |  |  | 20 - 30 |
Machinery and equipment |  |  | 5 - 15 |
Furniture and fixtures |  |  | 3 - 5 |
For the three months ended September 30, 2025 and 2024, we recorded depreciation expense of $2.3 million and $2.3 million, respectively. For the nine months ended September 30, 2025 and 2024, we recorded depreciation expense of $7.0 million and $6.1 million, respectively.

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