Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities:    
Net income (loss) $ 4,271 $ (11,679)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 6,366 6,266
Transferable tax credits, net, generated (3,900)
Gains on derivative instruments (8,416) (1,773)
Non-cash compensation 705 848
Inventory valuation 1,170
Amortization of deferred financing fees 249 250
Amortization of debt discount 198 197
Credit loss (recovery) (15) 15
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable (4,616) (7,040)
Inventories 8,845 (1,711)
Other assets 1,918 417
Operating leases (1,675) (1,575)
Accounts payable and accrued liabilities 279 (3,616)
Net cash provided by (used in) operating activities 4,209 (18,231)
Investing Activities:    
Additions to property and equipment (909) (532)
Purchase of Kodiak Carbonic, net of cash acquired (7,278)
Net cash used in investing activities (909) (7,810)
Financing Activities:    
Net proceeds from Kinergy’s line of credit 9,582 17,313
Principal payments on term debt (16,600)
Preferred stock dividends paid (312) (312)
Net cash (used in) provided by financing activities (7,330) 17,001
Net decrease in cash, cash equivalents and restricted cash (4,030) (9,040)
Cash, cash equivalents and restricted cash at beginning of period 25,673 36,211
Cash, cash equivalents and restricted cash at end of period 21,643 27,171
Reconciliation of total cash, cash equivalents and restricted cash:    
Cash and cash equivalents 20,309 26,778
Restricted cash 1,334 393
Total cash, cash equivalents and restricted cash 21,643 27,171
Supplemental Information:    
Interest paid $ 1,764 $ 2,230