Here are 1-2 brief analogies to describe FutureFuel (FF):

1. It's like combining a specialty chemical company such as Eastman Chemical (EMN) with a biofuels producer similar to the former Renewable Energy Group (REG).
2. A diversified manufacturer of specialty chemicals and biodiesel, similar to a smaller, more focused Archer Daniels Midland (ADM).

• Custom and Performance Chemicals: Manufactures and sells a diverse range of specialty chemicals for various industrial and consumer applications.
• Biodiesel: Produces and markets biodiesel, a renewable fuel made from agricultural feedstocks.
• Industrial Real Estate Leasing: Leases industrial property and provides related services from its manufacturing complex in Batesville, Arkansas.

FutureFuel (FF) primarily sells its products to other companies (Business-to-Business, B2B) rather than directly to individual consumers.

FutureFuel Corporation operates in two main segments: Chemicals and Biofuels. Due to the nature of these industries and its competitive landscape, FutureFuel typically does not publicly disclose the specific names of its major customers in its SEC filings or investor presentations. Instead, it serves a diverse range of companies across various sectors.

Based on its product offerings, FutureFuel's major customers generally fall into the following categories:

1. Fuel Distributors and Petroleum Refiners: For its Biofuels segment, FutureFuel produces and sells biodiesel (fatty acid methyl ester, FAME). Its customers are primarily large fuel distribution companies and petroleum refiners who blend biodiesel with conventional diesel fuel or distribute it to end-users. These often include publicly traded energy companies, though FutureFuel does not name specific entities as major customers.
2. Specialty Chemical Manufacturers and Industrial Companies: In its Chemicals segment, FutureFuel manufactures a wide array of specialty chemicals, including custom manufacturing, polymer modifiers, and other chemical intermediates. Customers in this segment are typically other chemical manufacturers, companies in the agricultural sector (e.g., for agrochemicals), pharmaceutical companies, and various industrial manufacturers that utilize FutureFuel's products as raw materials or components in their own production processes.
3. Companies in the Agricultural and Polymer Industries: More specifically within the specialty chemicals segment, FutureFuel's products are crucial for companies operating in the agricultural sector (e.g., intermediates for pesticides or herbicides) and in the polymer and plastics industries (e.g., additives that enhance material properties). These specialized manufacturers form a significant portion of its customer base.

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Roeland Polet, Chief Executive Officer

Roeland Polet was appointed Chief Executive Officer of FutureFuel Corp. in September 2024. He brings over 35 years of leadership experience in the specialty chemicals industry. His previous experience includes senior positions at Valspar Corporation, Celanese Corporation, and Carbolite Foods, Inc., with roles spanning the U.S., Asia, and Europe. From 2015 to 2023, he served in general management roles for Koninklijke DSM N.V., culminating as Chief Executive Officer of DSM Materials.

Rose M. Sparks, Chief Financial Officer

Rose M. Sparks has served as the Chief Financial Officer of FutureFuel Corp. and its wholly-owned subsidiary, FutureFuel Chemical Company, since 2013. Prior to this role, she held several other positions at FutureFuel, including principal financial officer, treasurer, and principal accounting officer. Sparks began her career with FutureFuel's predecessor company, Eastman Chemical Company, as the Batesville plant controller.

Kyle Gaither, Chief Operations Officer

Kyle Gaither has been the Chief Operations Officer of FutureFuel Corp. since July 2022. Before assuming this role, he served as the company's General Manager starting in 2018. Gaither possesses over 32 years of experience in manufacturing operations, having commenced his career with FutureFuel's predecessor, Eastman Kodak Company.

Paul A. Novelly, Chairman of the Board

Paul A. Novelly co-founded FutureFuel Corp. in 2005, when it was initially known as Viceroy Acquisition Corp. He served as the Chief Executive Officer of FutureFuel from 2013 until July 2022, and currently holds the position of Chairman of the Board. Novelly is also the Chief Executive Officer of Apex Holding Co. and its subsidiary, Apex Oil Company, Inc., a privately held company involved in the trading, storage, marketing, and transportation of petroleum products.

Charles W. Lyon, Chief Commercial Officer

Charles W. Lyon is listed as a Chief Commercial Officer at FutureFuel Corp.

• Rapid adoption of electric vehicles (EVs) and hybrid vehicles, which directly reduces demand for gasoline and, consequently, ethanol blended into gasoline.
• Increasing policy focus and investment in alternative advanced biofuels, such as renewable diesel and sustainable aviation fuel (SAF), potentially diverting support and market share away from traditional corn ethanol.

FutureFuel (FF) Addressable Markets:

• Biofuels (Biodiesel): The global biofuel market size was estimated at USD 167.4 billion in 2024 and is projected to reach USD 324.42 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 7.4% from 2026 to 2035. A specialized segment, the global transportation biofuel market, was estimated at USD 112.8 billion in 2025 and is projected to reach USD 311.7 billion by 2035, with a CAGR of 10.7%. North America is expected to be the largest regional market for biofuels.
• Chemicals (Custom Manufacturing and Performance Chemicals): FutureFuel produces custom and performance chemicals. The global custom manufacturing market was valued at USD 858.8 billion in 2021 and is projected to reach USD 1,350.2 billion by 2031, at a CAGR of 4.6% from 2022 to 2031.

Expected Drivers of Future Revenue Growth for FutureFuel (FF) over the Next 2-3 Years

FutureFuel (NYSE: FF) is anticipated to drive future revenue growth through strategic initiatives primarily focused on its chemicals segment, with a potential, albeit more uncertain, recovery in its biodiesel operations. The company has faced significant headwinds in its biodiesel segment due to challenging market conditions and policy uncertainties, prompting a temporary idling of its plant in June 2025.

Here are 3-5 expected drivers of future revenue growth:

1. Launch and ramping up of new custom chemical production capacity: FutureFuel is nearing completion of a new production facility for custom chemicals. This facility is expected to enhance capacity, enable backward integration into a key raw material, and begin contributing to revenue by the end of the third quarter of 2025.
2. Expansion of the chemicals segment through new projects and customer acquisition: The company has successfully expanded its pipeline with new chemicals business opportunities, with several new projects slated to commence in Q4 2025 and Q1 2026. Management has highlighted a robust new customer and product pipeline within the chemical segment, which is characterized by higher margins compared to biodiesel production.
3. Growth of recently launched performance and specialty chemical products: FutureFuel manufactures specialty chemicals for specific customers and multi-customer specialty chemicals, including polymer modifiers and glycerin derivatives. The global specialty chemicals market is projected for substantial growth, suggesting a favorable environment for FutureFuel's expanding portfolio in this area.
4. Potential restart and stabilization of the biodiesel segment: While currently idled, FutureFuel's long-term strategy includes positioning for a potential recovery in its biodiesel segment in 2026. Earlier turnaround work completed in Q1 2025 aimed to enhance the reliability of its biodiesel production for future operations. A clearer and more stabilized Clean Fuel Production Credit (CFPC) system could also provide a more favorable operating environment for the biodiesel segment.

Share Repurchases

• FutureFuel authorized a share repurchase program of up to $25.0 million of common stock in March 2024, set to expire on March 12, 2026.

Capital Expenditures

• Capital expenditures increased to $14.668 million in 2024, primarily for a new custom chemical plant.
• The new custom chemical plant is expected to be completed in mid-2025 and is projected to contribute more significantly to sales starting in the first quarter of 2026.