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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information

NOTE 17 – SEGMENT INFORMATION

The Company’s reportable operating segments for the three months March 31, 2025 and 2024 are Renewable Natural Gas and Renewable Electricity Generation. Renewable Natural Gas includes the production of RNG. Renewable Electricity Generation includes generation of electricity at biogas-to-electricity plants. The Corporate entity is not determined to be an operating segment but is discretely disclosed for purposes of reconciliation of the Company’s consolidated financial statements, and though not denoted as an operating segment, significant expenses are noted within the segment. The following tables are consistent with the manner in which the Chief Executive Officer, who is the Company's chief operating decision maker ("CODM"), evaluates the performance of each segment and allocates the Company's resources. The CODM evaluates the performance of the segments based on segment operating income (loss). The Company maintains discrete financial information for its operating sites, which meet the definition of an operating segment, but are aggregated into reportable segments based on the type of commodity produced. Total Assets and Capital expenditures by segment are also provided within the tables below. “RNG” refers to Renewable Natural Gas and “REG” refer to Renewable Electricity Generation.

 

 

Three Months Ended March 31, 2025

 

 

 

RNG

 

 

REG

 

 

Corporate

 

 

Total

 

Total operating revenue

 

$

38,451

 

 

$

4,152

 

 

$

—

 

 

$

42,603

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (1)

 

 

 

 

 

 

 

 

 

 

 

 

Payroll and related expenses

 

 

2,410

 

 

 

683

 

 

 

5,158

 

 

 

8,251

 

Wellfield operating and maintenance

 

 

1,655

 

 

 

717

 

 

—

 

 

 

2,372

 

Plant expense

 

 

619

 

 

 

326

 

 

—

 

 

 

945

 

Waste disposal

 

 

570

 

 

 

14

 

 

—

 

 

 

584

 

Preventative maintenance

 

 

3,550

 

 

 

609

 

 

—

 

 

 

4,159

 

Breakdown expenses

 

 

445

 

 

 

448

 

 

—

 

 

 

893

 

Utility expense

 

 

3,926

 

 

 

113

 

 

—

 

 

 

4,039

 

Insurance

 

—

 

 

—

 

 

 

1,330

 

 

 

1,330

 

Professional and IT fees

 

—

 

 

—

 

 

 

1,360

 

 

 

1,360

 

Royalties, transportation, gathering and production fuel

 

 

7,114

 

 

 

457

 

 

—

 

 

 

7,571

 

Depreciation, depletion and amortization

 

 

4,900

 

 

 

1,310

 

 

 

54

 

 

 

6,264

 

Impairment

 

 

1,993

 

 

 

54

 

 

—

 

 

 

2,047

 

Other operating expenses (2), (3)

 

 

900

 

 

 

442

 

 

 

1,036

 

 

 

2,378

 

Total operating expenses

 

$

28,082

 

 

$

5,173

 

 

$

8,938

 

 

$

42,193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

10,369

 

 

$

(1,021

)

 

$

(8,938

)

 

$

410

 

Interest expense

 

—

 

 

—

 

 

 

1,243

 

 

 

1,243

 

Other expense (income)

 

 

8

 

 

 

9

 

 

 

(69

)

 

 

(52

)

Income (loss) before income taxes

 

$

10,361

 

 

$

(1,030

)

 

$

(10,112

)

 

$

(781

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

188,732

 

 

$

115,729

 

 

$

49,765

 

 

$

354,226

 

Capital expenditures

 

 

7,568

 

 

 

3,983

 

 

 

81

 

 

 

11,632

 

 

(1) Significant expenses regularly provided to the CODM.

(2) The majority of other operating expenses for RNG and REG are consumables, rent, environmental compliance and general and administrative expenses.

(3) The majority of other operating expenses for Corporate are office expenses, board of director and corporate filing fees.

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

RNG

 

 

REG

 

 

Corporate

 

 

Total

 

Total operating revenue

 

$

33,988

 

 

$

4,799

 

 

$

—

 

 

$

38,787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (1)

 

 

 

 

 

 

 

 

 

 

 

 

Payroll and related expenses

 

 

2,168

 

 

 

602

 

 

 

5,873

 

 

 

8,643

 

Wellfield operating and maintenance

 

 

1,048

 

 

 

571

 

 

—

 

 

 

1,619

 

Plant expense

 

 

494

 

 

 

307

 

 

—

 

 

 

801

 

Waste disposal

 

 

428

 

 

 

13

 

 

—

 

 

 

441

 

Preventative maintenance

 

 

2,728

 

 

 

456

 

 

—

 

 

 

3,184

 

Breakdown expenses

 

 

295

 

 

 

81

 

 

—

 

 

 

376

 

Utility expense

 

 

3,942

 

 

 

61

 

 

—

 

 

 

4,003

 

Insurance

 

—

 

 

—

 

 

 

1,532

 

 

 

1,532

 

Professional and IT fees

 

—

 

 

—

 

 

 

1,282

 

 

 

1,282

 

Royalties, transportation, gathering and production fuel

 

 

5,997

 

 

 

521

 

 

—

 

 

 

6,518

 

Depreciation, depletion and amortization

 

 

4,076

 

 

 

1,297

 

 

 

61

 

 

 

5,434

 

Impairment

 

 

216

 

 

 

312

 

 

—

 

 

 

528

 

Other operating expenses (2), (3)

 

 

1,016

 

 

 

200

 

 

 

842

 

 

 

2,058

 

Total operating expenses

 

$

22,408

 

 

$

4,421

 

 

$

9,590

 

 

$

36,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

11,580

 

 

$

378

 

 

$

(9,590

)

 

$

2,368

 

Interest expense

 

—

 

 

 

1

 

 

 

1,164

 

 

 

1,165

 

Other expense (income)

 

 

22

 

 

 

(1,011

)

 

 

(71

)

 

 

(1,060

)

Income (loss) before income taxes

 

$

11,558

 

 

$

1,388

 

 

$

(10,683

)

 

$

2,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

181,150

 

 

$

87,071

 

 

$

86,468

 

 

$

354,689

 

Capital expenditures

 

 

9,041

 

 

 

12,826

 

 

 

119

 

 

 

21,986

 

 

(1) Significant expenses regularly provided to the CODM.

(2) The majority of other operating expenses for RNG and REG are consumables, rent, environmental compliance and general and administrative expenses.

(3) The majority of other operating expenses for Corporate are office expenses, board of director and corporate filing fees.

 

For the three months ended March 31, 2025 and 2024, three and four customers, respectively, made up greater than 10% of total revenues.

 

 

Three Months Ended March 31, 2025

 

 

 

RNG

 

 

REG

 

 

Corporate

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer A

 

 

19.1

%

 

 

—

 

 

 

—

 

 

 

19.1

%

Customer B

 

 

13.4

%

 

 

—

 

 

 

—

 

 

 

13.4

%

Customer C

 

 

10.9

%

 

 

—

 

 

 

—

 

 

 

10.9

%

 

 

 

Three Months Ended March 31, 2024

 

 

 

RNG

 

 

REG

 

 

Corporate

 

 

Total

 

Customer A

 

 

40.6

%

 

 

—

 

 

 

—

 

 

 

40.6

%

Customer B

 

 

12.8

%

 

 

—

 

 

 

—

 

 

 

12.8

%

Customer C

 

 

12.8

%

 

 

—

 

 

 

—

 

 

 

12.8

%

Customer D

 

 

—

 

 

 

10.9

%

 

 

—

 

 

 

10.9

%