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
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities:    
Net Income (Loss) $ 15,972 $ (22,676)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 12,819 12,631
Transferable tax credits, net, generated (9,012)
Inventory valuation 1,649
Gains on derivative instruments (10,666) (4,371)
Stock-based compensation 1,518 1,474
Amortization of deferred financing fees 501 502
Amortization of debt discount 397 397
Credit loss recovery (38) (1)
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable (12,782) 480
Inventories 10,067 (5,448)
Other assets 9,326 2,242
Operating leases (3,275) (3,180)
Accounts payable and accrued liabilities 17,861 (2,778)
Net cash provided by (used in) operating activities 32,688 (19,079)
Investing Activities:    
Additions to property and equipment (11,487) (1,016)
Purchase of Kodiak Carbonic, net of cash acquired (7,278)
Deferred purchase price payments for Eagle Alcohol (2,240)
Net cash used in investing activities (11,487) (10,534)
Financing Activities:    
Net proceeds from Kinergy’s line of credit 5,042 24,520
Taxes paid for employee stock vesting in lieu of shares (2,227)
Principal payments on term debt (25,100)
Preferred stock dividends paid (627) (627)
Net cash (used in) provided by financing activities (22,912) 23,893
Net change in cash, cash equivalents and restricted cash (1,711) (5,720)
Cash, cash equivalents and restricted cash at beginning of period 25,673 36,211
Cash, cash equivalents and restricted cash at end of period 23,962 30,491
Reconciliation of total cash, cash equivalents and restricted cash:    
Cash and cash equivalents 23,962 29,768
Restricted cash 723
Total cash, cash equivalents and restricted cash 23,962 30,491
Supplemental Information:    
Interest paid 3,316 4,596
Noncash lease additions 4,998
Shares vested for Eagle Alcohol $ 5,000