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Note 21 - Segment Information
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

21.

Segment information

 

The Company has two reportable segments organized along similar product lines – chemicals and biofuels. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2.

 

Chemicals

 

The Company’s chemicals segment manufactures diversified chemical products that are sold to third party customers. This segment comprises two product groups: “custom manufacturing” (manufacturing chemicals for specific customers) and “performance chemicals” (multi-customer specialty chemicals).

 

Biofuels

 

The Company’s biofuels segment manufactures and markets biodiesel. Biodiesel revenues are generated through the sale of biodiesel to customers through the Company’s distribution network at the Batesville plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks. Results of the biofuels business segment also reflect the sale of biodiesel blends with petrodiesel, petrodiesel with no biodiesel added, RINs, and biodiesel production byproducts.

 

Summary of business by segment

 

  

Years ended December 31,

 
  

2023

  

2022

  

2021

 

Revenue

            

Custom chemicals

 $64,286  $58,737  $50,675 

Performance chemicals

  15,047   22,156   16,867 

Chemicals revenue

  79,333   80,893   67,542 

Biofuels revenue

  288,917   315,121   253,844 

Total Revenue

 $368,250  $396,014  $321,386 
             

Segment gross profit

            

Chemicals

 $29,936  $25,645  $13,970 

Biofuels

  11,043   3,348   9,567 

Total gross profit

 $40,979  $28,993  $23,537 

 

Depreciation is allocated to segment cost of goods sold based on plant usage. The total assets and capital expenditures of the Company have not been allocated to individual segments as large portions of these assets are shared to varying degrees by each segment, causing such an allocation to be of little value.