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Segments (Tables) | 6 Months Ended
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Jun. 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 June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus, recorded as gross: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales |  | $ | 100,687 |  |  | $ | 127,694 |  |  | $ | 209,035 |  |  | $ | 260,075 |
Essential ingredient sales |  |  | 39,371 |  |  |  | 53,954 |  |  |  | 86,080 |  |  |  | 117,585 |
Intersegment sales |  |  | 286 |  |  |  | 444 |  |  |  | 606 |  |  |  | 757 |
Total Pekin Campus sales |  |  | 140,344 |  |  |  | 182,092 |  |  |  | 295,721 |  |  |  | 378,417 |
Marketing and distribution: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales, gross |  | $ | 70,157 |  |  | $ | 72,589 |  |  | $ | 124,587 |  |  | $ | 156,936 |
Alcohol sales, net |  |  | 64 |  |  |  | 104 |  |  |  | 98 |  |  |  | 218 |
Intersegment sales |  |  | 2,388 |  |  |  | 2,499 |  |  |  | 5,140 |  |  |  | 5,342 |
Total marketing and distribution sales |  |  | 72,609 |  |  |  | 75,192 |  |  |  | 129,825 |  |  |  | 162,496 |
Western production, recorded as gross: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales |  | $ | 17,456 |  |  | $ | 44,384 |  |  | $ | 37,690 |  |  | $ | 65,316 |
Essential ingredient sales |  |  | 5,950 |  |  |  | 14,421 |  |  |  | 13,776 |  |  |  | 22,773 |
Intersegment sales |  |  | — |  |  |  | 62 |  |  |  | (130 | ) |  |  | 62 |
Total Western production sales |  |  | 23,406 |  |  |  | 58,867 |  |  |  | 51,336 |  |  |  | 88,151 |
Corporate and other |  |  | 2,783 |  |  |  | 4,151 |  |  |  | 5,831 |  |  |  | 8,285 |
Intersegment eliminations |  |  | (2,674 | ) |  |  | (3,005 | ) |  |  | (5,616 | ) |  |  | (6,161 | )
Net sales as reported |  | $ | 236,468 |  |  | $ | 317,297 |  |  | $ | 477,097 |  |  | $ | 631,188 |
Cost of goods sold: |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 130,200 |  |  | $ | 168,419 |  |  | $ | 281,311 |  |  | $ | 366,596 |
Marketing and distribution |  |  | 69,437 |  |  |  | 71,746 |  |  |  | 123,123 |  |  |  | 154,871 |
Western production |  |  | 27,167 |  |  |  | 57,834 |  |  |  | 63,683 |  |  |  | 91,815 |
Corporate and other |  |  | 2,943 |  |  |  | 3,414 |  |  |  | 5,738 |  |  |  | 5,786 |
Intersegment eliminations |  |  | (832 | ) |  |  | (1,297 | ) |  |  | (1,911 | ) |  |  | (1,897 | )
Cost of goods sold as reported |  | $ | 228,915 |  |  | $ | 300,116 |  |  | $ | 471,944 |  |  | $ | 617,171 |
Gross profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 10,144 |  |  | $ | 13,673 |  |  | $ | 14,410 |  |  | $ | 11,821 |
Marketing and distribution |  |  | 3,172 |  |  |  | 3,446 |  |  |  | 6,702 |  |  |  | 7,625 |
Western production |  |  | (3,761 | ) |  |  | 1,033 |  |  |  | (12,347 | ) |  |  | (3,664 | )
Corporate and other |  |  | (160 | ) |  |  | 737 |  |  |  | 93 |  |  |  | 2,499 |
Intersegment eliminations |  |  | (1,842 | ) |  |  | (1,708 | ) |  |  | (3,705 | ) |  |  | (4,264 | )
Gross profit as reported |  | $ | 7,553 |  |  | $ | 17,181 |  |  | $ | 5,153 |  |  | $ | 14,017 |
Income (loss) before provision for income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 5,971 |  |  | $ | 10,790 |  |  | $ | 6,087 |  |  | $ | 5,672 |
Marketing and distribution |  |  | 806 |  |  |  | 1,607 |  |  |  | 2,108 |  |  |  | 3,618 |
Western production |  |  | (5,977 | ) |  |  | (783 | ) |  |  | (16,954 | ) |  |  | (6,484 | )
Corporate and other |  |  | (3,906 | ) |  |  | (4,019 | ) |  |  | (6,072 | ) |  |  | (8,377 | )
|  | $ | (3,106 | ) |  | $ | 7,595 |  |  | $ | (14,831 | ) |  | $ | (5,571 | )
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 5,369 |  |  | $ | 4,998 |  |  | $ | 10,404 |  |  | $ | 9,816 |
Western production |  |  | 478 |  |  |  | 455 |  |  |  | 943 |  |  |  | 1,464 |
Corporate and other |  |  | 228 |  |  |  | 228 |  |  |  | 455 |  |  |  | 455 |
|  | $ | 6,075 |  |  | $ | 5,681 |  |  | $ | 11,802 |  |  | $ | 11,735 |
Interest expense, net of capitalized interest: |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 326 |  |  | $ | (151 | ) |  | $ | 587 |  |  | $ | (635 | )
Marketing and distribution |  |  | 98 |  |  |  | 109 |  |  |  | 193 |  |  |  | 604 |
Western production |  |  | 598 |  |  |  | (151 | ) |  |  | 1,229 |  |  |  | (508 | )
Corporate and other |  |  | 647 |  |  |  | 1,927 |  |  |  | 1,294 |  |  |  | 3,838 |
|  | $ | 1,669 |  |  | $ | 1,734 |  |  | $ | 3,303 |  |  | $ | 3,299 |
Schedule of Total Assets by Operating Segment | The following table sets forth the Company’s total assets by operating segment (in thousands):
|  | June 30, 2024 |  |  | December 31, 2023 |
Total assets: |  |  |  |  |  |
Pekin Campus |  | $ | 236,722 |  |  | $ | 251,048 |
Marketing and distribution |  |  | 103,982 |  |  |  | 101,196 |
Western production |  |  | 57,677 |  |  |  | 57,533 |
Corporate and other |  |  | 34,117 |  |  |  | 44,464 |
|  | $ | 432,498 |  |  | $ | 454,241 |

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