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Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Information  
9. Segment Information

9. Segment Information

 

Aemetis recognizes two reportable geographic segments: “North America” and “India.” The “North America” operating segment includes the Company’s 65 million gallons per year capacity Keyes Plant in California, the ultra-low carbon renewable fuel project in Riverbank, the biogas digesters on dairies near Keyes, California, the Goodland Plant in Kansas and the research and development facility in Minnesota.

 

The “India” operating segment includes the Company’s 50 million gallon per year capacity Kakinada Plant in India, the administrative offices in Hyderabad, India, and the holding companies in Nevada and Mauritius. The Company’s biodiesel is marketed and sold primarily to customers in India through brokers and by the Company directly.

Summarized financial information by reportable segment for the three and six months ended June 30, 2021 and 2020 follows:

 

 

 

For the three months ended June 30, 2021

 

 

For the three months ended June 30, 2020

 

 

 

North

America

 

 

India

 

 

Total

Consolidated

 

 

North

America

 

 

India

 

 

Total

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$54,730

 

 

$154

 

 

$54,884

 

 

$45,223

 

 

$2,601

 

 

$47,824

 

Cost of goods sold

 

 

51,069

 

 

 

169

 

 

 

51,238

 

 

 

31,284

 

 

 

2,481

 

 

 

33,765

 

Gross profit (loss)

 

 

3,661

 

 

 

(15)

 

 

3,646

 

 

 

13,939

 

 

 

120

 

 

 

14,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses (income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

21

 

 

 

-

 

 

 

21

 

 

 

21

 

 

 

-

 

 

 

21

 

Selling, general and administrative expenses

 

 

5,358

 

 

 

395

 

 

 

5,753

 

 

 

3,746

 

 

 

303

 

 

 

4,049

 

Interest expense

 

 

5,219

 

 

 

-

 

 

 

5,219

 

 

 

6,172

 

 

 

16

 

 

 

6,188

 

Accretion and other expenses of Series A preferred units

 

 

3,800

 

 

 

-

 

 

 

3,800

 

 

 

1,362

 

 

 

-

 

 

 

1,362

 

Gain on debt extinguishment

 

 

(1,134)

 

 

-

 

 

 

(1,134)

 

 

-

 

 

 

-

 

 

 

-

 

Other expense (income)

 

 

572

 

 

 

(28)

 

 

544

 

 

 

314

 

 

 

(11)

 

 

303

 

Income (loss) before income taxes

 

$(10,175)

 

$(382)

 

$(10,557)

 

$2,324

 

 

$(188)

 

$2,136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$6,374

 

 

$1

 

 

$6,375

 

 

$6,086

 

 

$163

 

 

$6,249

 

Depreciation

 

 

1,204

 

 

 

174

 

 

 

1,378

 

 

 

1,012

 

 

 

160

 

 

 

1,172

 

 

 

 

For the six months ended June 30, 2021

 

 

For the six months ended June 30, 2020

 

 

 

North

America

 

 

India

 

 

Total

Consolidated

 

 

North

America

 

 

India

 

 

Total

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$97,058

 

 

$633

 

 

$97,691

 

 

$81,095

 

 

$6,209

 

 

$87,304

 

Cost of goods sold

 

 

96,950

 

 

 

703

 

 

 

97,653

 

 

 

67,697

 

 

 

5,981

 

 

 

73,678

 

Gross profit (loss)

 

 

108

 

 

 

(70)

 

 

38

 

 

 

13,398

 

 

 

228

 

 

 

13,626

 

Other expenses (income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

44

 

 

 

-

 

 

 

44

 

 

 

138

 

 

 

-

 

 

 

138

 

Selling, general and administrative expenses

 

 

10,379

 

 

 

756

 

 

 

11,135

 

 

 

6,866

 

 

 

1,119

 

 

 

7,985

 

Interest expense

 

 

12,399

 

 

 

-

 

 

 

12,399

 

 

 

13,029

 

 

 

35

 

 

 

13,064

 

Accretion and other expenses of Series A preferred units

 

 

5,743

 

 

 

-

 

 

 

5,743

 

 

 

2,322

 

 

 

-

 

 

 

2,322

 

Gain on debt extinguishment

 

 

(1,134)

 

 

-

 

 

 

(1,134)

 

 

-

 

 

 

-

 

 

 

-

 

Other (income) expense

 

 

562

 

 

 

(49)

 

 

513

 

 

 

261

 

 

 

(21)

 

 

240

 

Loss before income taxes

 

$(27,885)

 

$(777)

 

$(28,662)

 

$(9,218)

 

$(905)

 

$(10,123)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$12,817

 

 

 

118

 

 

 

12,935

 

 

$7,384

 

 

$1,237

 

 

$8,621

 

Depreciation

 

 

2,406

 

 

 

358

 

 

 

2,764

 

 

 

1,945

 

 

 

317

 

 

 

2,262

 

 

North America. Sales of ethanol, WDG, and corn oil to two customers accounted for 77% and 23% of the Company’s North America segment revenues for the three months ended June 30, 2021. Sales of ethanol, WDG, and corn oil to two customers accounted for 74% and 25% of the Company’s North America segment revenues for the six months ended June 30, 2021.

 

Sales of ethanol, WDG, and corn oil to two customers accounted for 28% and 22% of the North America segment revenues for the three months ended June 30, 2020. Sales of high-grade alcohol to one customer accounted for 27% of the North America segment revenues for the three months ended June 30, 2020. Sales of ethanol, WDG, and corn oil to two customers accounted for 54% and 16% of the North America segment revenues for the six months ended June 30, 2020. Sales of high-grade alcohol to one customer accounted for 15% of the North America segment revenues for the six months ended June 30, 2020.

 

India. One biodiesel customer accounted for 70% of the Company’s consolidated India segment revenues while one other sales customer accounted for 25% of the Company’s consolidated India segment revenues for the three months ended June 30, 2021. One biodiesel customer accounted for 73% of the Company’s consolidated India segment revenues while one refined glycerin customer accounted for 18% of such revenues for the six months ended June 30, 2021.

Three biodiesel customers accounted for 28%, 23%, and 16% of the Company’s consolidated India segment revenues for the three months ended June 30, 2020, while none of the refined glycerin customers accounted for more than 10% of such revenues for the three months ended June 30, 2020. Four biodiesel customers accounted for 28%, 23%, 11% and 10% of the Company’s consolidated India segment revenues while none of the refined glycerin customers accounted for more than 10% of such revenues for the six months ended June 30, 2020.

 

Total assets by segment consist of the following:

 

 

 

As of

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

North America

 

$131,570

 

 

$112,312

 

India

 

 

11,717

 

 

 

12,827

 

Total Assets

 

$143,287

 

 

$125,139