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v3.25.3

Segments | 9 Months Ended
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Sep. 30, 2025
Segments [Abstract] |
SEGMENTS | 3. SEGMENTS. A segment is a component of an enterprise whose operating results are regularly reviewed by the enterprise’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company’s CODM is the Company’s Executive Committee, which is led by the Company’s Chief Executive Officer (“CEO”) and includes its Chief Financial Officer, Chief Operating Officer, Chief Commercial Officer and Chief Legal Officer (“Executive Committee”). The Company manages and assesses the performance of its reportable segments by its gross profit (loss). As part of the Executive Committee’s review of segment-level performance, each member of the Executive Committee reviews the gross profit of the Company’s reportable segments and provides expertise and analysis from their respective areas which drive the evaluation of the performance of the Company’s reportable segments and allocation of resources to those segments. Even though the CEO has the authority to override the other members for strategic or other reasons, key decisions are made jointly by the Executive Committee. The Company reports financial and operating performance in three reportable segments (1) Pekin production, which includes the entire campus in Pekin, Illinois (“Pekin Campus”), (2) marketing and distribution, which includes marketing and merchant trading for Company-produced specialty alcohols, fuel-grade ethanol and essential ingredients, and sales of fuel-grade ethanol sourced from third parties, and (3) Western production, which includes the Company’s two western production facilities in Boardman, Oregon and Burley, Idaho and, beginning for the three and nine months ended September 30, 2025, its liquid CO2 plant on an aggregated basis (“Western production”). For the three and nine months ended September 30, 2025, capital expenditures incurred by the Pekin Campus segment were approximately $1.6 million and $2.6 million, respectively, and none for the Western production segment. For the three and nine months ended September 30, 2024, capital expenditures incurred by the Pekin Campus segment were approximately $0.2 million and $7.1 million, respectively, and $0.3 million and $2.7 million for the Western production segment, respectively. For all periods presented, there were no capital expenditures for the marketing and distribution segment. 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, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus production, recorded as gross: |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales |  | $ | 109,276 |  |  | $ | 106,459 |  |  | $ | 310,666 |  |  | $ | 315,494 |
Essential ingredient sales |  |  | 45,307 |  |  |  | 41,217 |  |  |  | 129,490 |  |  |  | 127,297 |
Intersegment sales |  |  | 283 |  |  |  | 321 |  |  |  | 764 |  |  |  | 927 |
Total Pekin Campus sales |  |  | 154,866 |  |  |  | 147,997 |  |  |  | 440,920 |  |  |  | 443,718 |
Marketing and distribution: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales, gross |  | $ | 58,595 |  |  | $ | 54,531 |  |  | $ | 165,695 |  |  | $ | 179,118 |
Alcohol sales, net |  |  | 74 |  |  |  | 71 |  |  |  | 215 |  |  |  | 169 |
Intersegment sales |  |  | 2,497 |  |  |  | 2,862 |  |  |  | 7,338 |  |  |  | 8,002 |
Total marketing and distribution sales |  |  | 61,166 |  |  |  | 57,464 |  |  |  | 173,248 |  |  |  | 187,289 |
Western production, recorded as gross: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales |  | $ | 17,419 |  |  | $ | 36,395 |  |  | $ | 50,218 |  |  | $ | 74,084 |
Essential ingredient sales |  |  | 8,017 |  |  |  | 10,408 |  |  |  | 24,076 |  |  |  | 24,184 |
Intersegment sales |  |  | 513 |  |  |  | 8 |  |  |  | 1,281 |  |  |  | (122 | )
Total Western production sales |  |  | 25,949 |  |  |  | 46,811 |  |  |  | 75,575 |  |  |  | 98,146 |
Corporate and other |  |  | 2,298 |  |  |  | 2,733 |  |  |  | 5,602 |  |  |  | 8,565 |
Intersegment eliminations |  |  | (3,293 | ) |  |  | (3,191 | ) |  |  | (9,383 | ) |  |  | (8,807 | )
Net sales as reported |  | $ | 240,986 |  |  | $ | 251,814 |  |  | $ | 685,962 |  |  | $ | 728,911 |
Cost of goods sold: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus production |  | $ | 135,942 |  |  | $ | 141,823 |  |  | $ | 431,669 |  |  | $ | 423,135 |
Marketing and distribution |  |  | 56,738 |  |  |  | 53,553 |  |  |  | 160,904 |  |  |  | 176,676 |
Western production |  |  | 24,447 |  |  |  | 49,079 |  |  |  | 72,719 |  |  |  | 112,762 |
Corporate and other |  |  | 2,063 |  |  |  | 2,952 |  |  |  | 5,449 |  |  |  | 8,690 |
Intersegment eliminations |  |  | (1,698 | ) |  |  | (1,553 | ) |  |  | (4,529 | ) |  |  | (3,465 | )
Cost of goods sold as reported |  | $ | 217,492 |  |  | $ | 245,854 |  |  | $ | 666,212 |  |  | $ | 717,798 |
Gross profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus production |  | $ | 18,924 |  |  | $ | 6,174 |  |  | $ | 9,251 |  |  | $ | 20,583 |
Marketing and distribution |  |  | 4,428 |  |  |  | 3,911 |  |  |  | 12,344 |  |  |  | 10,613 |
Western production |  |  | 1,502 |  |  |  | (2,268 | ) |  |  | 2,856 |  |  |  | (14,616 | )
Corporate and other |  |  | 235 |  |  |  | (219 | ) |  |  | 153 |  |  |  | (125 | )
Intersegment eliminations |  |  | (1,595 | ) |  |  | (1,638 | ) |  |  | (4,854 | ) |  |  | (5,342 | )
Gross profit as reported |  | $ | 23,494 |  |  | $ | 5,960 |  |  | $ | 19,750 |  |  | $ | 11,113 |
Income (loss) before provision for income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus production |  | $ | 14,694 |  |  | $ | 1,997 |  |  | $ | (3,349 | ) |  | $ | 8,083 |
Marketing and distribution |  |  | 2,105 |  |  |  | 1,626 |  |  |  | 5,468 |  |  |  | 3,733 |
Western production |  |  | (1,151 | ) |  |  | (4,119 | ) |  |  | (5,754 | ) |  |  | (21,075 | )
Corporate and other |  |  | (1,440 | ) |  |  | (1,945 | ) |  |  | (4,833 | ) |  |  | (8,013 | )
|  | $ | 14,208 |  |  | $ | (2,441 | ) |  | $ | (8,468 | ) |  | $ | (17,272 | )
Depreciation and amortization expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus production |  | $ | 5,348 |  |  | $ | 5,328 |  |  | $ | 16,153 |  |  | $ | 15,733 |
Western production |  |  | 738 |  |  |  | 502 |  |  |  | 2,221 |  |  |  | 1,445 |
Corporate and other |  |  | 171 |  |  |  | 228 |  |  |  | 514 |  |  |  | 682 |
|  | $ | 6,257 |  |  | $ | 6,058 |  |  | $ | 18,888 |  |  | $ | 17,860 |
Interest expense, net of capitalized interest: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus production |  | $ | 623 |  |  | $ | 496 |  |  | $ | 1,849 |  |  | $ | 1,083 |
Marketing and distribution |  |  | 86 |  |  |  | 98 |  |  |  | 249 |  |  |  | 291 |
Western production |  |  | 1,399 |  |  |  | 619 |  |  |  | 4,188 |  |  |  | 1,848 |
Corporate and other |  |  | 692 |  |  |  | 654 |  |  |  | 2,054 |  |  |  | 1,948 |
|  | $ | 2,800 |  |  | $ | 1,867 |  |  | $ | 8,340 |  |  | $ | 5,170 |
The following table sets forth the Company’s total assets by operating segment (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Total assets: |  |  |  |  |  |
Pekin Campus production |  | $ | 228,979 |  |  | $ | 223,934 |
Marketing and distribution |  |  | 97,855 |  |  |  | 102,895 |
Western production |  |  | 42,975 |  |  |  | 44,992 |
Corporate and other |  |  | 18,665 |  |  |  | 29,617 |
|  | $ | 388,474 |  |  | $ | 401,438 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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