v3.25.2
Operating Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Operating Segments Operating Segments
At June 30, 2025, the Company had three segments: Branded Spirits, Distilling Solutions, and Ingredient Solutions. The Company’s reportable segments are based on the financial information the chief operating decision maker uses to allocate resources and evaluate performance of the business. The Branded Spirits segment consists of a portfolio of high quality branded spirits which are produced through distilleries and bottling facilities. The Distilling Solutions segment consists of food grade alcohol (primarily brown goods) and distillery co-products, such as distillers feed (commonly called dried distillers grain in the industry). The Distilling Solutions segment also includes warehouse services, such as barrel put away, barrel storage, and barrel retrieval services. The Ingredient Solutions segment consists of specialty starches and proteins as well as commodity starches and proteins. Intersegment sales and transfers are recorded at cost and are treated as a transfer of inventory. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance.

Operating profit for each segment is based on sales less identifiable operating expenses.  Non-direct selling, general, and administrative expenses, interest expense, and other general miscellaneous expenses are excluded from segment operations and are classified as Corporate.  Receivables, inventories, property, plant and equipment, leases, goodwill, and intangible assets have been identified with the segments to which they relate.  All other assets are considered as Corporate.
The following tables present summarized financial information for each segment:

Quarter Ended June 30, 2025
Branded SpiritsDistilling SolutionsIngredient SolutionsCorporateTotal
Sales$60,520 $50,000 $34,974 $— $145,494 
Cost of Goods Sold28,536 31,188 27,383 — 87,107 
Gross Profit31,984 18,812 7,591 — 58,387 
Advertising and promotion expense6,268 285 331 29 6,913 
SG&A expense8,979 786 970 12,421 23,156 
Change in fair value of contingent consideration8,000 — — — 8,000 
Operating income$8,737 $17,741 $6,290 $(12,450)$20,318 
Depreciation and amortization$2,145 $2,025 $1,307 $353 $5,830 

Quarter Ended June 30, 2024
Branded SpiritsDistilling SolutionsIngredient SolutionsCorporateTotal
Sales$64,041 $93,388 $33,376 $— $190,805 
Cost of Goods Sold30,408 50,915 26,250 — 107,573 
Gross Profit33,633 42,473 $7,126 — 83,232 
Advertising and promotion expense10,828 241 462 134 11,665 
SG&A expense10,170 683 880 11,026 22,759 
Impairment of long-lived assets and other— 21 — — 21 
Change in fair value of contingent consideration5,400 — — — 5,400 
Operating income$7,235 $41,528 $5,784 $(11,160)$43,387 
Depreciation and amortization$1,852 $1,968 $1,170 $339 $5,329 
Year to Date Ended June 30, 2025
Branded SpiritsDistilling SolutionsIngredient SolutionsCorporateTotal
Sales$108,747 $96,943 $61,457 $— $267,147 
Cost of Goods Sold54,565 59,451 51,414 — 165,430 
Gross Profit54,182 37,492 10,043 — 101,717 
Advertising and promotion expense13,922 431 651 81 15,085 
SG&A expense17,969 1,438 2,094 22,860 44,361 
Change in fair value of contingent consideration22,700 — — — 22,700 
Operating income$(409)$35,623 $7,298 $(22,941)$19,571 
Depreciation and amortization$4,285 $4,080 $2,578 $695 $11,638 

Year to Date Ended June 30, 2024
Branded SpiritsDistilling SolutionsIngredient SolutionsCorporateTotal
Sales$114,187 $178,240 $68,941 $— $361,368 
Cost of Goods Sold58,022 101,684 55,635 — 215,341 
Gross Profit56,165 76,556 13,306 — 146,027 
Advertising and promotion expense18,582 560 934 272 20,348 
SG&A expense19,940 1,262 1,868 20,668 43,738 
Impairment of long-lived assets and other— 137 — — 137 
Change in fair value of contingent consideration9,500 — — — 9,500 
Operating income$8,143 $74,597 $10,504 $(20,940)$72,304 
Depreciation and amortization$3,675 $3,925 $2,339 $679 $10,618 

The following table allocates assets to each segment as of:
June 30, 2025December 31, 2024
Identifiable Assets
Branded Spirits$857,303 $862,458 
Distilling Solutions362,760 382,432 
Ingredient Solutions134,390 132,003 
Corporate31,607 28,892 
Total$1,386,060 $1,405,785