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v3.24.3

Segments (Tables) | 9 Months Ended
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Sep. 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus, recorded as gross: |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales |  | $ | 106,459 |  |  | $ | 128,554 |  |  | $ | 315,494 |  |  | $ | 388,629 |
Essential ingredient sales |  |  | 41,217 |  |  |  | 51,634 |  |  |  | 127,297 |  |  |  | 169,220 |
Intersegment sales |  |  | 321 |  |  |  | 363 |  |  |  | 927 |  |  |  | 1,120 |
Total Pekin Campus sales |  |  | 147,997 |  |  |  | 180,551 |  |  |  | 443,718 |  |  |  | 558,969 |
Marketing and distribution: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales, gross |  | $ | 54,531 |  |  | $ | 58,805 |  |  | $ | 179,118 |  |  | $ | 215,741 |
Alcohol sales, net |  |  | 71 |  |  |  | 74 |  |  |  | 169 |  |  |  | 292 |
Intersegment sales |  |  | 2,862 |  |  |  | 3,392 |  |  |  | 8,002 |  |  |  | 8,734 |
Total marketing and distribution sales |  |  | 57,464 |  |  |  | 62,271 |  |  |  | 187,289 |  |  |  | 224,767 |
Western production, recorded as gross: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales |  | $ | 36,395 |  |  | $ | 57,159 |  |  | $ | 74,084 |  |  | $ | 122,477 |
Essential ingredient sales |  |  | 10,408 |  |  |  | 17,841 |  |  |  | 24,184 |  |  |  | 40,614 |
Intersegment sales |  |  | 8 |  |  |  | 37 |  |  |  | (122 | ) |  |  | 99 |
Total Western production sales |  |  | 46,811 |  |  |  | 75,037 |  |  |  | 98,146 |  |  |  | 163,190 |
Corporate and other |  |  | 2,733 |  |  |  | 4,060 |  |  |  | 8,565 |  |  |  | 12,342 |
Intersegment eliminations |  |  | (3,191 | ) |  |  | (3,792 | ) |  |  | (8,807 | ) |  |  | (9,953 | )
Net sales as reported |  | $ | 251,814 |  |  | $ | 318,127 |  |  | $ | 728,911 |  |  | $ | 949,315 |
Cost of goods sold: |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 141,823 |  |  | $ | 179,995 |  |  | $ | 423,135 |  |  | $ | 546,591 |
Marketing and distribution |  |  | 53,553 |  |  |  | 58,051 |  |  |  | 176,676 |  |  |  | 212,923 |
Western production |  |  | 49,079 |  |  |  | 73,584 |  |  |  | 112,762 |  |  |  | 165,401 |
Corporate and other |  |  | 2,952 |  |  |  | 3,538 |  |  |  | 8,690 |  |  |  | 9,322 |
Intersegment eliminations |  |  | (1,553 | ) |  |  | (1,202 | ) |  |  | (3,465 | ) |  |  | (3,100 | )
Cost of goods sold as reported |  | $ | 245,854 |  |  | $ | 313,966 |  |  | $ | 717,798 |  |  | $ | 931,137 |
Gross profit (loss): |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 6,174 |  |  | $ | 556 |  |  | $ | 20,583 |  |  | $ | 12,378 |
Marketing and distribution |  |  | 3,911 |  |  |  | 4,220 |  |  |  | 10,613 |  |  |  | 11,844 |
Western production |  |  | (2,268 | ) |  |  | 1,453 |  |  |  | (14,616 | ) |  |  | (2,211 | )
Corporate and other |  |  | (219 | ) |  |  | 522 |  |  |  | (125 | ) |  |  | 3,020 |
Intersegment eliminations |  |  | (1,638 | ) |  |  | (2,590 | ) |  |  | (5,342 | ) |  |  | (6,853 | )
Gross profit as reported |  | $ | 5,960 |  |  | $ | 4,161 |  |  | $ | 11,113 |  |  | $ | 18,178 |
Loss before provision for income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 1,997 |  |  | $ | (1,956 | ) |  | $ | 8,083 |  |  | $ | 3,716 |
Marketing and distribution |  |  | 1,626 |  |  |  | 2,403 |  |  |  | 3,733 |  |  |  | 6,019 |
Western production |  |  | (4,119 | ) |  |  | (20 | ) |  |  | (21,075 | ) |  |  | (6,497 | )
Corporate and other |  |  | (1,945 | ) |  |  | (3,916 | ) |  |  | (8,013 | ) |  |  | (12,298 | )
|  | $ | (2,441 | ) |  | $ | (3,489 | ) |  | $ | (17,272 | ) |  | $ | (9,060 | )
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 5,328 |  |  | $ | 4,961 |  |  | $ | 15,733 |  |  | $ | 14,778 |
Western production |  |  | 502 |  |  |  | 458 |  |  |  | 1,445 |  |  |  | 1,921 |
Corporate and other |  |  | 228 |  |  |  | 228 |  |  |  | 682 |  |  |  | 683 |
|  | $ | 6,058 |  |  | $ | 5,647 |  |  | $ | 17,860 |  |  | $ | 17,382 |
Interest expense, net of capitalized interest: |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 496 |  |  | $ | 108 |  |  | $ | 1,083 |  |  | $ | (527 | )
Marketing and distribution |  |  | 98 |  |  |  | 111 |  |  |  | 291 |  |  |  | 713 |
Western production |  |  | 619 |  |  |  | 678 |  |  |  | 1,848 |  |  |  | 173 |
Corporate and other |  |  | 654 |  |  |  | 1,103 |  |  |  | 1,948 |  |  |  | 4,940 |
|  | $ | 1,867 |  |  | $ | 2,000 |  |  | $ | 5,170 |  |  | $ | 5,299 |
Schedule of Total Assets by Operating Segment | The following table sets forth the Company’s total assets by operating segment (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Total assets: |  |  |  |  |  |
Pekin Campus |  | $ | 227,491 |  |  | $ | 251,048 |
Marketing and distribution |  |  | 90,215 |  |  |  | 101,196 |
Western production |  |  | 63,920 |  |  |  | 57,533 |
Corporate and other |  |  | 35,785 |  |  |  | 44,464 |
|  | $ | 417,411 |  |  | $ | 454,241 |

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