FutureFuel (FF) Q3 2026 Earnings Call Transcript

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DATE

Tue, Nov 10, 2026

CALL PARTICIPANTS

• Chief Financial Officer - Rose Sparks
• Chairman and CEO - Roeland Polet

TAKEAWAYS

• Total Revenue -- $104.7 million, representing an increase of $82 million driven by higher pricing and volume in the Biofuels segment.
• Biofuels Segment Revenue -- $87.8 million, compared to $7.1 million in the prior year period, reflecting greater regulatory clarity, record high renewable volume obligation levels, and strong operational execution.
• Chemicals Segment Revenue -- $16.9 million, rising 8.6% year over year due to contribution from capacity additions completed in late 2025.
• Net Loss -- $8.4 million, compared to a net loss of $9.2 million in the third quarter of 2025.
• Adjusted EBITDA -- A loss of $4.9 million, which included a $4.3 million negative impact from maintenance turnarounds in the Chemicals segment.
• Biofuels Capacity Utilization -- 83%, increasing from 56% in the second quarter of 2026.
• Chemicals Capacity Utilization -- 32%, declining from 55% in the prior year period due to customer inventory rebalancing and scheduled maintenance.
• Custom Chemical Revenue -- $13.3 million, a decline of 8% year over year due to delayed shipments and production downtime for two customers.
• Performance Chemical Revenue -- $3.6 million, increasing 223% from $1.1 million last year following the start of production for a new customer.
• Net Derivative Losses -- $8.7 million, including $2.3 million in realized losses expected to be recovered in the fourth quarter.
• Glycerin Profit Potential -- $5 million to $10 million, as the company upgrades biodiesel waste streams into refined products that sell for roughly three times the value of crude glycerin.
• Customer-funded Capital Investment -- $41 million, committed by a single customer for investment at the Batesville facility across the years 2026 to 2028.
• Full-year 2026 CapEx Guidance -- $25.8 million, with approximately $10.2 million expected to be customer-funded.
• Q4 2026 Adjusted EBITDA Guidance -- Approximately $7 million, positioning the company for positive adjusted EBITDA for the full year 2026.
• Biofuels Sales Volume -- 11.3 million gallons in growth versus the prior year period, driven by strong demand and high plant utilization.
• RIN Inventory -- 0.7 million units valued at $1.5 million, with sales benefits recognized upon transfer in the fourth quarter.
• Total Cash and Equivalents -- $21.3 million at quarter end, decreasing from $34.3 million at the end of the second quarter due to operating losses and capital expenditures to support growth.
• Quarterly Operating Cash Flow -- A net use of $10.3 million for the quarter, reflecting the quarterly operating loss and increased working capital requirements for feedstock.
• Glycerin Upgrade CapEx -- Less than 1 million, required to convert existing equipment at the Batesville facility to process crude glycerin into refined products.
• Methacrylate Utilization -- 70% anticipated utilization in 2027, increasing from 50% in 2026 as the company matures production at the new facility.
• Nine-month Discretionary CapEx -- 74% of discretionary capital expenditures were customer-funded during the first nine months of 2026.
• Biofuels Order Visibility -- Over 90% of fourth quarter production capacity has been booked as of early Nov., exceeding prior management expectations.

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RISKS

• Sparks stated, "input costs for soy oil and other raw materials remain elevated, which is expected to impact Biofuel segment gross profit per gallon sold over the near term," indicating potential pressure on future profitability.

SUMMARY

FutureFuel Corp. (NYSE:FF) reported a total revenue increase to $104.7 million for the third quarter of 2026, up from $22.7 million in the prior year period. Management stated that the Biofuels segment reached a multiyear utilization high of 83%, while the Chemicals segment results were impacted by planned and pulled-forward maintenance turnarounds. The company is implementing a productivity initiative to improve efficiency at the Batesville facility and has identified opportunities to refine byproduct waste into higher-value products. Management also indicated that it is focusing on reshoring opportunities for European chemical producers seeking lower manufacturing costs in the United States.

• Polet noted that a new relationship with a large European chemical company is expected to begin initial batch production in the first quarter of 2027 and reach full production rates by mid-2027.
• Polet stated, "Glycerin, our biodiesel waste stream can be refined and sold for roughly 3x the per gallon value of unrefined glycerin," identifying a potential annual profit increase of $5 million to $10 million.
• Management reported that the methacrylate plant is expected to increase capacity utilization from approximately 50% in 2026 to near 70% in 2027.
• Sparks indicated that regulatory changes effective Jan. 1, 2027, will adjust RIN equivalency factors to improve the competitive position of biodiesel against renewable diesel producers.
• The company stated its intent to bolster the balance sheet with a target cash position of $50 million over the next year.
• Management noted that through early November, orders have been booked for more than 90% of fourth quarter biodiesel production capacity.

INDUSTRY GLOSSARY

• RIN: Renewable Identification Number, a serial number used to track renewable fuel production and compliance with federal blending mandates.
• RVO: Renewable Volume Obligation, the volume of renewable fuel that obligated parties are required to blend into their petroleum fuel.
• D4 RIN: A specific category of renewable identification numbers assigned to biomass-based diesel.
• Custom chemicals: Specialty chemicals manufactured to the unique specifications of a single customer under specific agreements.
• Performance chemicals: Specialty chemicals sold to multiple customers for specific functional applications in diverse industries.
• Glycerin: A sugar alcohol byproduct of biodiesel production used in various industrial and consumer applications.
• Methacrylate: A class of chemicals used primarily in the production of polymers and plastics.
• Feedstock: Raw materials used to supply a manufacturing process, such as soybean oil for biodiesel.

Full Conference Call Transcript

Operator: Greetings, and welcome to the FutureFuel Third Quarter 2026 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rose Sparks, Chief Financial Officer. Thank you. You may begin.

Rose Sparks: Thank you. Good morning, and welcome to the FutureFuel Third Quarter 2026 Results Conference Call. Leading the call today are our Chairman and CEO, Roeland Polet; and I am Rose Sparks, the company's Chief Financial Officer. After the close of U.S. trading yesterday, we issued a press release detailing our third quarter operational and financial results. This release is publicly available in the Investor Relations section of our corporate website at www.futurefuelcorporation.com. I would like to remind you that management's commentary and responses to questions on today's call may include forward-looking statements, which, by their nature, are uncertain and outside the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results could differ materially.

For a discussion of some of the factors that could cause actual results to differ, please refer to the Risk Factors section of our latest reports filed with the SEC. Additionally, please note that you can find reconciliations of all our historical non-GAAP financial measures mentioned on this call in the press release issued yesterday. Today's call will begin with prepared remarks from Roeland Polet, who will provide a business update, followed by my review of our third quarter financial performance. At the conclusion of these prepared remarks, we will open the line for questions. With that, I'll turn the call over to Roeland.

Roeland Polet: Thank you, Rose, and good morning to everyone joining us on the call today. Our third quarter performance reflected 2 distinct operating narratives. On the one hand, we had exceptional operating quarter in our biofuel segment, where capacity utilization increased to the highest level in more than 2 years, exceeding 80%. Biodiesel demand remains strong as we exit the third quarter, and we expect demand to further accelerate entering 2027. Recent regulatory changes in renewable fuels markets will further narrow the RIN equivalency advantage previously enjoyed by renewable diesel producers and improve the competitive position of biodiesel producers, including ourselves.

To that end, through early November, we have booked orders for more than 9% of our fourth quarter biodiesel production capacity, well ahead of prior expectations. That incredible visibility for our business provides us a good sense as to what 2027 could look like for our biofuel segment. Even so, despite higher utilization sales volumes and price capture in the biofuel segment, the combined impact of elevated feedstock costs and derivatives losses resulted in a segment gross loss in the period.

Worth noting, however, is the fact that we expect to sell $1.5 million of RINs generated from the third quarter biodiesel production and to recover $2.3 million in derivative losses tied to corresponding sales of physical inventory during the fourth quarter. In our core Chemicals segment, extended maintenance at dedicated process units for 2 separate customers reduced sales volume by 27% versus the prior year period. At customer A, we pulled forward a planned turnaround on a dedicated production unit after the customer announced it would temporarily pause its normal order cadence to rebalance inventory levels. Importantly, customer A has expressed its intent to resume normal order cadence in November and its scheduled turnaround work has since been completed.

Further, it should be noted that customer A has committed $41 million of customer-funded growth capital investment at Batesville between 2026 and 2028 as they seek to leverage the optionality afforded by our site. They are an excellent partner, one that highly values our value proposition, and they remain highly committed to producing with -- proceeding with investments being made at Batesville. Even so, the turnaround at the customer production unit, together with a separate turnaround at customer B, another long-term customer weighed on throughput rates within the Chemicals segment in the period. Lower production rates with Chemicals segment impacted operating leverage in the third quarter, resulting in a drag on profitability.

Together, these events reduced third quarter adjusted EBITDA by approximately $4.3 million. Importantly, in a period of short-term disruption, we controlled the controllables. Overall production units produced on plan, costs were controlled, growth initiatives moved forward as planned. Our operational rhythm was unchanged even as we adapt to short-term headwinds that we've since resolved. With both turnarounds within our chemical business completed and no major planned maintenance scheduled through the first quarter of 2027, we're positioned for a solid end to 2026 and a strong start heading into next year.

Before I hand the call over to Rose for a brief overview of our third quarter results, I wanted to share an update on the meaningful progress we're making in advancing our strategic value creation priorities. At FutureFuel, we have 3 pillars of value creation --commercial growth, operational excellence and returns-driven capital allocation. In application, our value creation road map is focused on accelerating quote-to-order conversion across the chemicals opportunities pipeline, expanding production volumes with existing customers as we deepen our integration into their supply chains, capitalizing on reshoring opportunities as European chemical producers increasingly evaluate the benefits of our cost-advantaged U.S. manufacturing footprint where natural gas costs remain substantially below those in Europe.

Upgrading waste streams into higher value-added products to improve average selling prices and margins, restoring our biodiesels business to optimal production rates as market conditions continue to improve, consistent with what we experienced in the third quarter. Importantly, we're not simply focused on these priorities. We're executing on them as we speak. Beginning with the commercial focus. In the third quarter, we established new relationship with a large European chemicals company that's reshoring production to the United States to better serve its customers and capture the cost advantages of U.S. manufacturing.

Natural gas prices in Europe remain several times higher than those in the U.S., creating a significant structural cost disadvantage to European chemicals producers and making continued production increasingly uneconomic amid broader operating cost inflation. FutureFuel offers a turnkey cost competitive domestic manufacturing solution for chemical producers seeking to reshore production from overseas to the United States, leveraging our established infrastructure, specialized technical expertise and scalable production capabilities. We expect to begin initial batch production with this customer in the first quarter of 2027 and to reach full production rates mid-2027. Operationally, we recently launched the productivity initiative to improve efficiency and optimize our cost structure.

Working with third-party advisers, we have identified multiple near-term opportunities to improve efficiency at Batesville, including refining waste streams into higher value-added products. Glycerin, our biodiesel waste stream can be refined and sold for roughly 3x the per gallon value of unrefined glycerin that comes up the biodiesel stream at minimal incremental cost to us, representing a potential opportunity to us of $5 million to $10 million beginning in 2027. In an inflationary environment, we also continue to pass through higher energy material and labor costs under the customer agreements that provide us cost indexing. You'll hear more about the cost actions being taken in our business over the coming quarters. We're early days, but the opportunities are significant.

Our capital allocation priorities remain unchanged with an emphasis on disciplined return-driven investments designed to maximize long-term shareholder value. We will continue to prioritize customer-funded investments at Batesville and the working capital needed to support feedstock purchases while maintaining flexibility for a return of capital priorities. A note on liquidity. We're very focused on building our cash position back to $50 million over the next year. Working capital for feedstock purchases remain elevated, which has created a significant draw on available liquidity.

It isn't a surprise to us, and we're ready for it, but it also means that we intend to measure our approach towards share repurchases and/or increasing the cash dividend until further -- we further bolster the balance sheet, which we'll fully intend to do. One final comment around customer-driven capital investments. This year, customer-funded growth capital was $16.1 million or approximately 50% of our total CapEx. Between 2028 and 2029, we currently expect customers to invest another $15 million to $20 million in our Batesville site. As we mentioned in the past, these third-party investments not only make us more valuable to our customers, they entrench the relationship, creating an uncommonly highly synergistic partnership.

As the only domestic specialty chemicals platform that combines decades of technical expertise, complex chemical synthesis capabilities and integrated cost-competitive U.S. production platform, the value of our business is very clear. Our customers rely on us not simply as a supplier, but as an extension of their manufacturing operations, allowing them to reduce capital intensity, maintain stringent quality standards and reliable scale production. From there, we will focus on building a leaner, more profitable business that delivers greater operating leverage over time. New customer acquisition and growing share of wallet with existing partners will drive the opportunity, but cost rationalization will be critical important as well.

It's an exciting time for the business, and we appreciate the partnership of our partners, customers and shareholders as we move into a new phase of value creation. With that, I hand the call over to Rose for her prepared remarks.

Rose Sparks: Thank you, Roeland, and good morning to all those joining us. Today, I will provide a high-level overview of our third quarter financial performance, including a discussion of our balance sheet and liquidity profile at quarter end. Total revenue increased 361.3% to $104.7 million during the third quarter, up from $22.7 million last year. The $82 million increase comprised $36.3 million from volume and product mix and $45.7 million from pricing, principally in the Biofuel segment. Total gross loss was $5.4 million during the third quarter of 2026 versus a gross loss of $6.5 million during the third quarter of 2025.

Third quarter results include $8.7 million of net derivative losses comprising $8.3 million of realized losses and $0.4 million of unrealized losses. Included in realized derivative losses is $2.3 million associated with physical inventory not yet sold, which is expected to be recovered in the fourth quarter. At September 30, the company held approximately $0.7 million internally generated RINs with a value of $1.5 million for delivery in the fourth quarter. The related sales benefit was not included in third quarter results and will be recognized when those RINs are transferred. The company reported a net loss of $8.4 million during the third quarter of 2026 versus a net loss of $9.2 million in the third quarter of 2025.

Adjusted EBITDA was a loss of $4.9 million during the third quarter of 2026 versus $5.3 million loss during the third quarter of 2025. Turning to the Chemicals segment. Segment revenue was $16.9 million in the third quarter of 2026, up 8.6% from $15.6 million in the third quarter of 2025. The increase reflected contribution from higher volume and product mix. Custom chemical revenue was $13.3 million, down 8% from $14.5 million a year ago, primarily due to delayed shipments as a large customer rebalanced inventory and production downtime for a second customer during an extended scheduled turnaround.

Performance Chemical revenue was $3.6 million, up 223% from $1.1 million a year ago, primarily due to higher volumes from a new customer that began production in the fourth quarter of 2025 and from higher glycerin sales. Gross profit was $4.4 million compared to a loss of $4.1 million in the third quarter of 2025. The improvement was driven by higher sales volumes in the energy market and lower indirect fixed cost absorption from operating infrastructure with strong biofuel volumes, partially offset by the customer disruptions Roeland described previously. Business momentum in the Chemicals segment continued to build despite temporary volume disruptions in the third quarter as evidenced by recent customer wins and a robust project pipeline.

Chemical segment capacity utilization was 32% in the third quarter of 2026 compared to 55% a year ago period. Following recent capacity expansions and debottlenecking activities, the company anticipates fourth quarter Chemical segment level capacity utilization above prior year levels. For the Biofuel segment, revenue was $87.8 million in the third quarter of 2026 compared to $7.1 million in the same period last year. The increase was driven by greater regulatory clarity, record high renewable volume obligation levels and strong operational execution during the quarter. The Biofuel segment reported a gross loss of $9.8 million in the third quarter compared to a gross loss of $2.4 million in the prior year period.

As Roeland discussed, significantly higher sales volumes and stronger pricing realization were more than offset by elevated input costs and increased plant operating and fixed manufacturing expenses compared to shutdown holding costs in the prior year period. The third quarter gross loss included hedging losses of $2.3 million, which are expected to be offset when the underlying physical commodity positions are sold in future periods and $1.5 million of RIN inventory will benefit Q4 when sold. Market conditions in the biofuel segment have improved meaningfully on a year-to-date basis following improved regulatory clarity around domestic renewable fuel blending obligations, tax incentives and the treatment of domestically produced biofuels.

Biofuels capacity utilization increased to 83% in the third quarter versus 56% in the second quarter, and sales volumes are expected to remain high entering the fourth quarter and into 2027. While demand conditions are expected to remain robust over the near to medium term, input costs for soy oil and other raw materials remain elevated, which is expected to impact Biofuel segment gross profit per gallon sold over the near term. Turning to a discussion of cash flow, balance sheet and liquidity. As of September 30, 2026, the company had total cash and equivalents of $21.3 million, down from $34.3 million at June 30, 2026, and a $35 million revolving credit facility with no outstanding borrowings.

The decrease in total cash during third quarter of 2026 was related to the operating loss in the third quarter of 2026, increased working capital requirements and capital expenditures to support growth. Net cash used in operations was $10.3 million in the third quarter compared to a use of $1.1 million in the prior year period. Capital expenditures were $3.3 million in the third quarter, including $0.6 million and $2.7 million related to maintenance and discretionary programs, respectively. In the first 9 months of 2026, approximately 74% of the $2.7 million in discretionary capital expenditures were customer-funded investments related to capacity expansions and new customer programs. That concludes our prepared remarks.

Operator, we are now ready for the question-and-answer portion of our call.

Operator: [Operator Instructions] Our first question comes from the line of Jason Tilchen with Canaccord Genuity.

Jason Tilchen: I guess to start, I wanted to dive a little bit deeper on the reshoring opportunity and the new relationship that you referenced with large European chemicals customer. Can you give us a little more background about how that relationship came about, the sort of timing and magnitude of the contribution that this customer is going to provide in 2027? And then more broadly, maybe how you're thinking about additional reshoring opportunities in this sort of serving as a proof of concept, if you will?

Roeland Polet: We have seen particularly over the last year, a significant uptick in inquiries from European chemical producers that service U.S. customers from European production. And that's how this opportunity came about. This customer approached us knowing that we have capabilities here in Batesville to make complex chemistries. They are importing product from Europe today where it's become economically not feasible to do so anymore and have chosen us to build a production line on the Batesville site in order to pick up that production. So we see a number of these inquiries coming in. It's definitely picked up significantly. It probably is an even bigger opportunity than the reshoring activity from China and India.

And we anticipate that this won't be the last customer that we see looking to reshore. So this is -- it's a meaningful impact on our bottom line. or a material impact on our bottom line. But really, the bigger impact here is going to be the other opportunities that are coming our way with respect to reshoring to the United States.

Jason Tilchen: Okay. Great. That's really helpful. And you mentioned in the prepared remarks, this glycerin opportunity. Just wondering if you could just talk about some of the operational milestones also commercially for you to capture this opportunity, what sort of maybe the CapEx will look like and how quickly you can reach that run rate of $5 million to $10 million of incremental profit that was referenced.

Roeland Polet: Yes. So in all transparency, we refined a small amount of glycerin before. We have a modest -- very modest amount of CapEx that we are putting into this in order to convert more equipment to take crude glycerin to refined glycerin. So less than $1 million in CapEx to build this additional capacity. And what really is driving this is the margin expansion that we've seen in refined glycerin. So refined glycerin has seen significant upside in market pricing to the point where this became an almost no-brainer project for us to go execute. And we'll be up and running by, I'd say, the end of Q4, and we'll be running all through 2027.

Jason Tilchen: Great. That's very helpful. And one last one for me, if I can sneak it in. We saw a pretty big significant shift in the political wins last week with midterm results. Curious if FutureFuel has any expanded thoughts on how that outcome may impact the business, either directly or indirectly, how the regulatory backdrop may evolve? Anything like that would be very helpful.

Roeland Polet: Yes. We don't really see a tremendous amount of shift in how that's going to affect our business, right? So the -- let's go to our biofuels business. So our biofuels business is really supported by both Republican party as well as the Democratic party. It includes farmers. It includes sort of the heartbeat of America. And both parties have been very favorable to that portion of the economy. And so we don't anticipate there to be a major change. You know that we have regulatory clarity all the way through the beginning of 2030, really the end of 2029. We see no reason why that shouldn't continue beyond that.

And that really has driven the upside, by the way, in our biofuels business, right? We are completely -- almost completely booked for Q4. We've seen a great uptick in that, and that's really because of that clarity. We don't think that the clarity is going to go away regardless of party that is in office or has control.

Operator: Our next question comes from the line of Jeff Van Sinderen with B. Riley.

Jeff Van Sinderen: Just wondering if we can chat a little bit about the elevated input costs. Maybe you can walk us through how you're offsetting those as we think about the metrics improving in Q4.

Roeland Polet: Yes, I can start, and Rose will certainly jump in here as well. So the elevated -- we look at the biofuels business, right? We look at it as a spread business. So we look at -- regardless of the input and the sales price, we look at generating a certain amount of spread. And that spread actually has been higher than what we had expected in the beginning of the year. It's been pretty healthy. But as diesel prices have been elevated, significantly elevated, so have been the prices for the inputs. So, bean oil that is one of our primary inputs has been at all-time highs.

And a lot of the other fats and greases that we use to make biodiesel have been at all-time highs. Now I will tell you that we start -- we have started seeing a moderation of these inputs and particularly the inputs that -- maybe to step back, right? So FutureFuel is a very unique position to be able to run a multitude of inputs. The way that we are set up as a chemical plant that makes biodiesel, we can take a wide variety of inputs. And all inputs were high.

What we're starting to see now is that the -- that there's a larger group of inputs starting to relax in pricing, including bean oil, but also some of the animal fats that previously had not been available to us. So we think that, that environment will improve as we go into Q4. We see it improving as we go into Q4.

Rose Sparks: Yes, you've highlighted that very well. And I would say effective 1/1/27 also, we will have an equivalency factor benefit where our competitors' renewable diesel will be equivalent to our 1.5 D4 RIN. And so that will help as well close the margin. There's also the timing issue. We mentioned on our call just a moment ago in our comments that we had some timing differences of $2.3 million on our derivatives. And so that will benefit the physical gallons moving in Q4 of $2.3 million and then another $1.5 million on separated RIN sales. We generated them in Q3, but they were sold to deliver in Q4.

Jeff Van Sinderen: Okay. And then I know you mentioned visibility with some of the new wins you have. Obviously, some of the European reshoring, I would think, would help. But maybe just frame a little bit. I know it's early, but as we think about 2027, is there a way to have a sense of what -- how margins could evolve in 2027?

Roeland Polet: Sure. Yes, I would actually -- I would say Q3 was an atypical quarter, right? So if you think about -- we had a turnaround that took longer than anticipated. Then we had an inventory adjustment for what we call customer A, and it was about $4.3 million of EBITDA that we left there. We think that, that was atypical. Q4, we feel is coming back a lot more to a more typical operating rate of our plant and a more typical EBITDA generation. And then going into 2027, I'll remind you of 2 things.

The first one is we bought this -- we built this large methacrylate plant that we ran this year at 50% that next year, we're going to run at probably closer to 70% capacity utilization, that's new capacity. And then the customer that took the inventory adjustment this year is the same customer that's investing $41 million. And some of that is debottlenecking, which will come on next year. And then there's a significant step-up in production capabilities end of 2027 into 2028. So it's the European onshoring. So we'll see more of that in terms of conversion out of the pipeline in 2027.

But it's the actual investments that we made last year and the investments that are being made now, the customer funded investments that's going to drive volume upside into 2027.

Operator: We have reached the end of the question-and-answer session. I'd like to turn the floor back over to management for closing comments.

Roeland Polet: Yes. Thank you very much for calling in. Thank you very much for your interest in FutureFuel. We feel strongly about our business. We feel very strongly that this business is on a trajectory upwards, and we look forward to hosting you on the next quarterly investment call. Thank you.

Operator: Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

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