TTEN3 Regulatory Stack: Biodiesel Seal and RenovaBio
Customer concentration is low for TTEN3. Regulatory concentration is not. The FRE customer/regulatory section is a checklist of licenses, seals, and fines that an agribusiness model must keep current.
This page summarizes a dependence/regulatory analysis from the 2025 FRE. apicvm returns the filings.
The research question
> Is revenue concentrated in large customers, and what state/foreign regulatory risks apply?
Customer concentration
For YE 2024, no customer exceeded 10% of net revenue. Foreign import restrictions/quotas on the company's products were not identified at filing.
Domestic regulatory stack (selected)
| Domain | Exposure |
|---|---|
| Environmental licenses (LP/LI/LO) | Suspension risk; fines cited up to R$ 50 million |
| Crop protection registration | Simultaneous MAPA + ANVISA + IBAMA approval |
| Controlled substances | Federal Police / Army / Civil Police authorizations |
| Reverse logistics (agrochemical packaging) | PNRS obligations; fines up to R$ 50 million |
| Water / contaminated sites / TCFA | Outorga and CTF/APP duties |
| Food/feed registration | MAPA renewals (e.g. soybean meal) every 5 years |
| LGPD | Up to 2% of revenue, capped at R$ 50 million per infraction |
Biodiesel and RenovaBio
- ANP authorization (Res. 734/2018) and quality certifications
- Selo Biocombustível Social (Portaria 280/2022): family-farm feedstock purchase minima; 5-year validity for cyclic auctions
- CNPE Res. 14/2020: up to 80% of biodiesel volume from units with the Social Seal
- RenovaBio recertification (2024): NEEA 47.81 gCO₂eq/MJ, eligible volume fraction 57.66%, emission factor 9.140858e-4
For credit and ESG models, the FRE does not stop at phytosanitary risk — the biodiesel seal / RenovaBio pair is a separate operating constraint.
Replicate with apicvm
export APICVM_KEY='apicvm_...'
export APICVM_URL='https://apicvm.dev'
curl -H "Authorization: Bearer $APICVM_KEY" \
"$APICVM_URL/v1/companies/resolve?query=TTEN3&by=ticker"
curl -H "Authorization: Bearer $APICVM_KEY" \
"$APICVM_URL/v1/documents?ticker=TTEN3&type=FRE&year=2025&name=Depend"
curl -X POST -H "Authorization: Bearer $APICVM_KEY" \
-H "Content-Type: application/json" \
-d '{"callback_url":"https://your-server/callback","document":{"id":"<id>"}}' \
"$APICVM_URL/v1/document-text-extractions"Methodology note
Findings above come from a completed Hold analysis of the company's public 2025 FRE. This is a research illustration, not investment, legal, or tax advice. Verify numbers against the original filing before trading, modeling, or publishing reports.
Limitations
- apicvm returns filings and extracted text — it does not classify risks or compute coverage ratios.
- Figures are as of the FRE filing date; later ITRs or facts relevantes can update them.
- Corpus coverage depends on ingestion lag.
Next steps
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