Note 4 - Property, Plant and Equipment

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4. Property, Plant and Equipment

Property, plant and equipment consist of the following:

		*As of*
		*June 30, 2025*				*December 31, 2024*
Land		$	8,643			$	8,642
Plant and buildings			183,783				182,724
Furniture and fixtures			2,812				2,686
Machinery and equipment			5,966				5,721
Construction in progress			54,738				46,201
Property held for development			15,431				15,431
Finance lease right of use assets			2,889				2,889
Total gross property, plant & equipment			274,262				264,294
Less accumulated depreciation			(69,621	)			(64,902	)
Total net property, plant & equipment		$	204,641			$	199,392

For the three months ended June 30, 2025 and 2024, interest capitalized in property, plant and equipment was $1.1 million and $1.3 million, respectively. For the six months ended June 30, 2025 and 2024, interest capitalized in property, plant and equipment was $2.1 million and $3.0 million, respectively.

Construction in progress includes biogas dairy digesters, mechanical vapor recompression at the Keyes Plant, the Riverbank sustainable aviation fuel and renewable diesel plant, and CCUS facilities. Property held for development is the partially completed Goodland Plant. Depreciation begins for each project when construction is complete and the project is placed into service, and is calculated using the straight-line method to allocate the depreciable amount over the estimated useful life of the applicable asset as follows:

		Years
Plant and buildings			20 - 30
Machinery and equipment			5 - 15
Furniture and fixtures			3 - 5

For the three months ended June 30, 2025 and 2024, we recorded depreciation expense of $2.3 million and $2.0 million, respectively. For the six months ended June 30, 2025 and 2024, we recorded depreciation expense of $4.7 million and $3.8 million, respectively.