Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities:      
Consolidated net income (loss) $ 13,338 $ (58,984) $ (28,005)
Adjustments to reconcile consolidated net income (loss) to cash provided by (used in) operating activities:      
Depreciation and amortization of intangibles 25,216 24,408 23,080
Asset impairments 803 24,790 6,544
Transferable tax credits, net, generated (7,500)
(Gain) loss on sale of assets (830) 293
Inventory valuation 1,007 2,050 2,201
Losses (gains) on derivative instruments (8,068) (11,045) 8,031
Amortization of deferred financing costs 1,013 1,016 1,048
Amortization of debt discounts 801 804 801
Stock-based compensation 3,022 4,357 3,896
Credit loss expense (recovery) 53 (50) 427
Changes in operating assets and liabilities, net of business acquisition:      
Accounts receivable 3,314 562 9,499
Inventories (12,615) 4,484 11,816
Other current assets 2,279 931 310
Operating leases (6,589) (5,965) (5,362)
Accounts payable and accrued expenses (2,829) 9,951 (12,554)
Net cash provided by (used in) operating activities 13,245 (3,521) 22,025
Investing Activities:      
Additions to property and equipment (4,597) (11,066) (29,531)
Deferred purchase price payments for Eagle Alcohol (2,240) (2,800) (3,500)
Proceeds from sale of assets 400
Purchase of Kodiak Carbonic, net of cash acquired (7,278)
Excess insurance proceeds 6,688
Net cash used in investing activities (7,427) (13,466) (33,031)
Financing Activities:      
Net (payments on) proceeds from Kinergy’s line of credit (10,091) 8,987 12,614
Principal payments on term debt (5,000)
Stock repurchases (3,674)
Debt issuance costs (714)
Preferred stock dividend payments (1,265) (1,269) (1,265)
Net cash (used in) provided by financing activities (16,356) 7,718 6,961
Net decrease in cash, cash equivalents and restricted cash (10,538) (9,269) (4,045)
Cash, cash equivalents and restricted cash at beginning of period 36,211 45,480 49,525
Cash, cash equivalents and restricted cash at end of period 25,673 36,211 45,480
Reconciliation of total cash, cash equivalents and restricted cash:      
Cash and cash equivalents 23,415 35,469 30,014
Restricted cash 2,258 742 15,466
Total cash, cash equivalents and restricted cash 25,673 36,211 45,480
Supplemental Information:      
Interest paid (net of capitalized interest) 9,016 8,319 7,923
Capitalized interest 30 2,517 2,454
Income tax refunds (payments) $ 15 $ 627 $ (324)