Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared by FutureFuel Corp. (“FutureFuel” or “the Company”) in accordance and consistent with the accounting policies stated in the Company's 2025 Annual Report on Form 10-K, inclusive of the audited consolidated financial statements, and should be read in conjunction with these consolidated financial statements. Certain reclassifications were made to prior year amounts to conform to the 2026 presentation.

In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements and do include amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The unaudited consolidated financial statements include assets, liabilities, revenues, and expenses of FutureFuel and its direct and indirect wholly owned subsidiaries; namely, FutureFuel Chemical Company; FutureFuel Warehouse Company, L.L.C.; and Legacy Regional Transport, L.L.C. Intercompany transactions and balances have been eliminated in consolidation.

Some of the Company's manufacturing equipment requires periodic, planned shutdowns of significant parts of our facility in order to perform necessary inspections, cleanings, and maintenance activities, referred to as turnarounds. The cost of turnarounds incurred for routine repairs and maintenance or unplanned outages at our facility are expensed as incurred.

A component of Other expense, net, in the consolidated statement of operations and net loss for the three months ended March 31, 2026, includes $1,357 of incremental, non-recurring costs associated with the Winter Storm Fern freeze event, which caused a 30-day shutdown for the majority of our manufacturing plant. These expenditures primarily consisted of idle labor and emergency repairs and are abnormal to the Company's standard operations.

Effective January 1, 2026, the Company elected to change its method of accounting for certain inventory from last in, first out ("LIFO") to weighted average cost. The Company believes the change to weighted average cost is preferable because it provides a better matching of costs and revenues, conforms the Company's inventory to a single method of accounting and improves comparability with the Company's peers. Comparative financial statements for prior years have been adjusted to apply the new method retrospectively. The tables below illustrate the impacts for the prior three-month period ended March 31, 2025, had the Company reported under the weighted average cost basis of accounting:

		*March 31, 2025*
		*As Originally*
Condensed Balance Sheets		*Reported under LIFO*				*As Adjusted*				*Effect of Change*
Inventories, net		$	26,664			$	32,412			$	5,748
Total current assets			143,377				149,125				5,748
Total Assets			227,669				233,417				5,748
Noncurrent deferred income taxes			773				720				(53	)
Total noncurrent liabilities			8,729				8,676				(53	)
Total liabilities			39,265				39,212				(53	)
Retained earnings (accumulated deficit)			(17,261	)			(11,460	)			5,801
Total stockholders' equity			188,404				194,205				5,801
Total Liabilities and Stockholders' Equity			227,669				233,417				5,748

			*Three months ended March 31, 2025*
			*As Originally*
Condensed Statement of Operations and Net Loss		*Reported under LIFO*				*As Adjusted*				*Effect of Change*
Revenue		$	17,538			$	17,538			$	-
Cost of goods sold			31,560				32,185				625
Gross loss			(14,563	)			(15,188	)			(625	)
Loss from operations			(18,838	)			(19,463	)			(625	)
Loss before taxes			(17,637	)			(18,262	)			(625	)
Income tax provision (benefit)			6				(168	)			(174	)
Net loss			(17,643	)			(18,094	)			(451	)

Loss per common share
Basic		$	(0.40	)		$	(0.41	)		$	(0.01	)
Diluted		$	(0.40	)		$	(0.41	)		$	(0.01	)

	*Three months ended March 31, 2025*
	*As Originally*
Condensed Statements of Cash Flows	*Reported under LIFO*			*As Adjusted*			*Effect of Change*
Net loss	$	(17,643	)	$	(18,094	)	$	(451	)
Provision (benefit) for deferred income taxes		-			(174	)		(174	)
Inventory		(5,568	)		(4,943	)		625
Net Cash flows from Operating Activities		(5,395	)		(5,395	)		-

		*December 31, 2025*
		*As Originally*
Condensed Balance Sheet		*Reported under LIFO*				*As Adjusted*				*Effect of Change*
Inventories, net		$	21,254			$	29,334			$	8,080
Total current assets			100,523				108,603				8,080
Total Assets			192,242				200,322				8,080
Noncurrent deferred income taxes			910				1,055				145
Total noncurrent liabilities			19,798				19,943				145
Total liabilities			37,534				37,679				145
Retained earnings (accumulated deficit)			(49,067	)			(41,132	)			7,935
Total stockholder's equity			154,708				162,643				7,935
Total Liabilities and Stockholder's Equity			192,242				200,322				8,080

The following tables summarize the effect of the change on the Company's results of operations for the three months ended March 31, 2026.

		*March 31, 2026*
Condensed Balance Sheets		*As Computed under Weighted Average Cost*				*As Computed under LIFO*				*Effect of Change*
Inventories, net		$	31,102			$	31,414			$	312
Total current assets			84,143				84,455				312
Total Assets			178,997				179,309				312
Income tax payable			-				6				6
Total current liabilities			17,565				17,571				6
Noncurrent deferred income taxes			1,057				1,131				74
Total noncurrent liabilities			19,505				19,579				74
Total liabilities			37,070				37,150				80
Retained earnings (accumulated deficit)			(61,722	)			(61,490	)			232
Total stockholders' equity			141,927				142,159				232
Total Liabilities and Stockholders' Equity			178,997				179,309				312

		*Three months ended March 31, 2026*

Condensed Statement of Operations and Net Loss		*As Computed under Weighted Average Cost*				*As Computed under LIFO*				*Effect of Change*
Revenue		$	31,952			$	31,952			$	-
Cost of goods sold			47,012				46,700				(312	)
Gross loss			(15,858	)			(15,546	)			312
Loss from operations			(20,843	)			(20,531	)			312
Loss before taxes			(20,574	)			(20,262	)			312
Income tax provision (benefit)			8				88				80
Net loss			(20,582	)			(20,350	)			232

Loss per common share
Basic		$	(0.47	)		$	(0.46	)			0.01
Diluted		$	(0.47	)		$	(0.46	)			0.01

		*Three months ended March 31, 2026*
Condensed Statements of Cash Flows		*As Computed under Weighted Average Cost*				*As Computed under LIFO*				*Effect of Change*
Net loss		$	(20,582	)		$	(20,350	)		$	232
Benefit for deferred income taxes			2				76				74
Inventory			(2,037	)			(2,349	)			(312	)
Income taxes payable			-				6				6
Net Cash flows from Operating Activities			(19,996	)			(19,996	)			-

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Standards

In July 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-05 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” ASU 2025-05 permits the use of certain estimates and assumptions in developing forecasts used for determining expected credit losses on accounts receivable. This guidance was effective for us January 1, 2026 and did not materially impact our consolidated financial statements.

Accounting Standards Issued, Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This guidance will be effective for us on January 1, 2027. The Company is currently evaluating the impact of the changes required by the new standard on the Company's financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06 “Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” ASU 2025-06 eliminates the consideration of project development stages in determining whether a cost is eligible for capitalization. Instead, cost capitalization will be based on a “probable to complete” threshold. This guidance will be effective for us on January 1, 2028. We are evaluating the impact, if any, that the adoption of ASU 2025-06 may have on the Company's financial statements and disclosures.

In December 2025, the FASB issued ASU 2025-10 “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities.” ASU 2025-10 finalizes proposed ASU No. 2024-ED700 of the same name and establishes authoritative guidance for business entities on the recognition, measurement, and presentation of government grants. A government grant is defined, in part, as a transfer of a monetary asset from a government to a business entity. A government grant should not be recognized until it is probable that the business will comply with the conditions attached to the grant and that the grant will be received. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2029, and for interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company is evaluating this accounting standard and currently does not expect the adoption to have a material impact on its financial statements and disclosures.