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Note 4 - Property, Plant and Equipment
 9 Months Ended
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.