Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating Activities:    
Net income (loss) $ 28,994 $ (8,468)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 19,507 18,888
Transferable tax credits generated, net (16,577)
Gains on derivative instruments (12,119) (10,179)
Stock-based compensation 2,426 2,180
Inventory valuation 331
Amortization of deferred financing fees 758 759
Amortization of debt discount 600 599
Credit loss recovery (32) (4)
Changes in operating assets and liabilities:    
Accounts receivable (9,224) 3,180
Inventories 7,036 (3,322)
Other assets 11,206 2,723
Operating leases (5,026) (4,883)
Accounts payable and accrued liabilities 17,674 2,232
Net cash provided by operating activities 45,554 3,705
Investing Activities:    
Additions to property and equipment (15,887) (2,649)
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 (15,887) (12,167)
Financing Activities:    
Net proceeds from (payments on) Kinergy’s line of credit (1,417) 6,336
Taxes paid for employee stock vesting in lieu of shares (2,227)
Principal payments on term debt (25,100)
Preferred stock dividends paid (946) (946)
Net cash provided by (used in) financing activities (29,690) 5,390
Net change in cash, cash equivalents and restricted cash (23) (3,072)
Cash, cash equivalents and restricted cash at beginning of period 25,673 36,211
Cash, cash equivalents and restricted cash at end of period 25,650 33,139
Reconciliation of total cash, cash equivalents and restricted cash:    
Cash and cash equivalents 23,595 32,516
Restricted cash 2,055 623
Total cash, cash equivalents and restricted cash 25,650 33,139
Supplemental Information:    
Interest paid 4,600 6,970
Shares vested for Eagle Alcohol $ 5,000