v3.25.1
Significant Customers
 3 Months Ended
Mar. 31, 2025
Risks and Uncertainties [Abstract]  
Significant Customers

(10) Significant Customers

 

We had three significant customers for the period ended March 31, 2025 and 2024.

 

Revenues from these three customers, as a percentage of total Company revenue, was approximately:

 

       For the three
months ended
March 31,		 
Customer #   Product
Category		  2025   2024 
1   Consumer Products   25%   35%
2   Personal Care Ingredients   9%   14%
3   Consumer Products   8%   12%
    Total   42%   61%


 

 Accounts receivable balances for these three customers were approximately:

 

       As of March 31, 
Customer #   Product Category  2025   2024 
1   Consumer Products  $3,461   $3,018 
2   Personal Care Ingredients   1,464    692 
3   Consumer Products   —    600 
    Total  $4,925   $4,310 

 

We currently have exclusive supply agreements with BASF Corporation (“BASF”), our largest personal care ingredient customer, that have contingencies outlined which could potentially result in the sale of production equipment from the Company to the customer intended to provide capacity sufficient to meet the customer’s production needs. This outcome may occur if we fail to meet certain performance requirements. In the event of an equipment sale, upon incurring a triggering event, the equipment would be sold to the customer at either 115% of the equipment’s net book value or the greater of 30% of the original book value of such equipment, and any associated upgrades to it, or 115% of the equipment’s net book value, depending on the equipment and related products.

 

If a triggering event were to occur and BASF elected to proceed with the equipment sale mentioned above, we would lose a significant source of revenue.