v3.26.1
Significant Customers
 6 Months Ended
Jun. 30, 2026
Risks and Uncertainties [Abstract]  
Significant Customers

(8) Significant Customers

 

We had three significant customers for the three and six months ended June 30, 2026, and 2025.

 

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

 

          Three months ended
June 30,		     Six months ended
June 30,		  
Customer #     Product Category   2026     2025     2026     2025  
1     Consumer Products     58 %     33 %     48 %     23 %
2     Consumer Products     7 %     27 %     1 %     19 %
3     Personal Care Ingredients     1 %     13 %     13 %     12 %
      Total     66 %     73 %     62 %     54 %

 

 Accounts receivable balances for these three customers were approximately:

 

          As of June 30,    
Customer #     Product Category   2026     2025    
1     Consumer Products   $ 7,327      $ 2,968    
2     Consumer Products     (28 )     3,588    
3     Personal Care Ingredients     383       1,136    
      Total     7,682       7,692    

 

We currently have exclusive supply agreements with BASF Corporation (“BASF”), a significant 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 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 historically significant source of revenue.