Why Has FutureFuel (NYSE:FF) Dropped 28.99% Pre-Market on Tuesday Following Q3 Results?

Vinay Lochav

10 November 2026 11:43 PM AEDT

Why Has FutureFuel (NYSE:FF) Dropped 28.99% Pre-Market on Tuesday Following Q3 Results?

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Key Highlights

FutureFuel (NYSE:FF) was indicated at USD 3.60 pre-market on Tuesday, November 10, 2026, a 28.99% decline from a calculated prior close of USD 5.07 that followed results issued on November 9.
Third-quarter Revenue climbed 361.3% to USD 104.7 million from USD 22.7 million, yet the net loss reached USD 8.4 million, or USD 0.19 per diluted share, compared with USD 9.2 million, or USD 0.21, a year earlier.
Adjusted EBITDA was negative USD 4.9 million against negative USD 5.3 million, after roughly USD 4.3 million of drag from customer turnarounds, and the company is looking for about USD 7.0 million in the fourth quarter.
Cash declined to USD 21.3 million from USD 34.3 million at June 30, 2026, with nothing drawn on the USD 35 million revolver and 43,863,318 shares outstanding.

What Moved FutureFuel Pre-Market (down 28.99%)

The FutureFuel (NYSE:FF) pre-market indication of USD 3.60 is measured against a calculated prior close of USD 5.07, a gap of around USD 1.47 per share. With 43,863,318 shares outstanding at September 30, 2026, calculated Market Value shrinks from roughly USD 222.4 million to roughly USD 157.9 million. The company issued third-quarter results after the close on Monday, November 9, 2026 and set its call for 11:00 a.m. ET on Tuesday, November 10. Revenue reached USD 104.7 million, up USD 82.0 million. Biofuel revenue hit USD 87.8 million from USD 7.1 million, while chemical revenue rose to USD 16.9 million from USD 15.6 million, an 8.6% gain. The gross loss was USD 5.4 million compared with USD 6.5 million. Nine-month revenue totalled USD 215.4 million against USD 75.9 million, with a nine-month net loss of USD 17.6 million, or USD 0.40 per share.

Why FutureFuel Fell: Results, Segments and General Context

The catalyst identified is the third-quarter release, which showed another quarterly loss despite far higher revenue. The biofuel gross loss was USD 9.8 million, against USD 2.4 million, while chemical Gross Profit was USD 4.4 million, compared with a USD 4.1 million loss a year earlier. Biofuel utilisation rose to 83% from 56% in the second quarter, and chemicals utilisation stood at 32% against 55% a year earlier. Operating Cash Flow was negative USD 10.3 million versus negative USD 1.1 million, and Capital spending came to USD 3.3 million. The release also guided to full-year capital spending of USD 25.8 million, including USD 10.2 million of customer-funded investment, a glycerin project worth USD 5.0 million to USD 10.0 million a year from 2027, and a new European chemicals customer with output due in the first quarter of 2027. For broader context, higher Volume with negative margins can let down investors who expected revenue growth to become profit.

Valuation, Liquidity and Risks for FutureFuel

Cash of USD 21.3 million represents roughly 13.5% of the calculated pre-market value of USD 157.9 million, and the USD 35 million revolver is untapped. The company keeps paying its quarterly cash dividend, though the release provides no per-share figure. Dividends payable stood at USD 0.6 million at quarter end. Published coverage did not confirm a 52-week range, average volume or pre-market volume, so none is cited. The main hazards are light pre-market volume, wide spreads, reliance on the fourth-quarter EBITDA recovery management anticipates, swings in biofuel margins and a Reversal after the 9:30 a.m. ET open. A drop of this size does not signal further decline or recovery.

Where Things Stand

FutureFuel (NYSE:FF) is off 28.99% pre-market on Tuesday, November 10, 2026, following a third-quarter report with USD 104.7 million of revenue but a USD 8.4 million net loss and a USD 5.4 million gross loss. The USD 3.60 quote reflects light trading and may not hold at the open. Management points to about USD 7.0 million of fourth-quarter adjusted EBITDA, the figure to watch on the 11:00 a.m. ET call.

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