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Segment Information
 6 Months Ended
Jun. 30, 2022
Segment Information  
Segment Information

10. Segment Information

 

Aemetis recognizes three reportable segments “California Ethanol”, “Dairy Renewable Natural Gas”, and “India Biodiesel.”

 

The “California Ethanol” reportable segment includes the Company’s 65 million gallon per year Keyes Plant, and the adjacent land leased for the production of CO₂.

 

The “Dairy Renewable Natural Gas” reportable segment includes, the dairy digesters, pipeline and gas condition hub for the production of biogas from dairies near Keyes, California.

 

The “India Biodiesel” reportable segment includes the Company’s 50 million gallon per year nameplate capacity biodiesel manufacturing Kakinada Plant, 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.

 

The Company has additional operating segments that were determined not to be reportable segments, including the Carbon Zero 1 facility in Riverbank, the Goodland Plant, and the research and development facility in Minnesota. Refer to the “All Other” category.

 

Summarized financial information by reportable segment for the three months ended June 30, 2022 and 2021 follows:

 

 

For the three months ended June 30, 2022

 

 

 

California Ethanol

 

 

Dairy Renewable Natural Gas

 

 

India Biodiesel

 

 

All other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$65,891

 

 

$-

 

 

$10

 

 

$-

 

 

$65,901

 

Intersegment revenues

 

 

-

 

 

 

297

 

 

 

-

 

 

 

-

 

 

 

297

 

Gross profit (loss)

 

 

(152)

 

 

(68)

 

 

10

 

 

 

(4)

 

 

(214)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

4,869

 

 

 

7

 

 

 

-

 

 

 

1,792

 

 

 

6,668

 

Accretion and other expenses of Series A preferred units

 

 

-

 

 

 

1,506

 

 

 

-

 

 

 

-

 

 

 

1,506

 

Capital expenditures

 

 

5,366

 

 

 

6,696

 

 

 

69

 

 

 

928

 

 

 

13,059

 

Depreciation

 

 

977

 

 

 

154

 

 

 

164

 

 

 

30

 

 

 

1,325

 

Total Assets

 

 

66,580

 

 

 

55,731

 

 

 

9,324

 

 

 

46,817

 

 

 

178,452

 

 

 

 

For the three months ended June 30, 2021

 

 

 

California Ethanol

 

 

Dairy Renewable Natural Gas

 

 

India Biodiesel

 

 

All other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$54,730

 

 

$-

 

 

$154

 

 

$-

 

 

$54,884

 

Intersegment revenues

 

 

-

 

 

 

694

 

 

 

-

 

 

 

-

 

 

 

694

 

Gross profit (loss)

 

 

3,372

 

 

 

327

 

 

 

(15)

 

 

(38)

 

 

3,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

4,986

 

 

 

3

 

 

 

-

 

 

 

230

 

 

 

5,219

 

Accretion and other expenses of Series A preferred units

 

 

-

 

 

 

3,800

 

 

 

-

 

 

 

-

 

 

 

3,800

 

Capital expenditures

 

 

767

 

 

 

2,503

 

 

 

1

 

 

 

3,104

 

 

 

6,375

 

Depreciation

 

 

1,050

 

 

 

142

 

 

 

174

 

 

 

12

 

 

 

1,378

 

Total Assets

 

 

76,452

 

 

 

27,814

 

 

 

12,306

 

 

 

26,715

 

 

 

143,287

 

 

A reconciliation of reportable segment revenues to total consolidated revenue for the three months ended June 30, 2022 and 2021 follow:

 

 

 

2022

 

 

2021

 

Total revenues for reportable segments

 

$66,198

 

 

$55,578

 

Elmination of intersegment revenues

 

 

(297)

 

 

(694)

Total consolidated revenues

 

$65,901

 

 

$54,884

 

 

Summarized financial information by reportable segment for the six months ended June 30, 2022 and 2021 follows:

 

 

 

For the six months ended June 30, 2022

 

 

 

California Ethanol

 

 

Dairy Renewable Natural Gas

 

 

India Biodiesel

 

 

All other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$117,932

 

 

$-

 

 

$18

 

 

$-

 

 

$117,950

 

Intersegment revenues

 

 

-

 

 

 

632

 

 

 

-

 

 

 

-

 

 

 

632

 

Gross profit (loss)

 

 

(3,032)

 

 

(275)

 

 

18

 

 

 

(10)

 

 

(3,299)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

10,514

 

 

 

11

 

 

 

-

 

 

 

2,404

 

 

 

12,929

 

Accretion and other expenses of Series A preferred units

 

 

-

 

 

 

3,146

 

 

 

-

 

 

 

-

 

 

 

3,146

 

Capital expenditures

 

 

7,169

 

 

 

12,145

 

 

 

136

 

 

 

3,068

 

 

 

22,518

 

Depreciation

 

 

1,988

 

 

 

300

 

 

 

332

 

 

 

41

 

 

 

2,661

 

Total Assets

 

 

66,580

 

 

 

55,731

 

 

 

9,324

 

 

 

46,817

 

 

 

178,452

 

 

 

For the six months ended June 30, 2021

 

 

 

California Ethanol

 

 

Dairy Renewable Natural Gas

 

 

India Biodiesel

 

 

All other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$97,058

 

 

$-

 

 

$633

 

 

$-

 

 

$97,691

 

Intersegment revenues

 

 

-

 

 

 

735

 

 

 

-

 

 

 

-

 

 

 

735

 

Gross profit (loss)

 

 

241

 

 

 

(85)

 

 

(70)

 

 

(48)

 

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

10,685

 

 

 

6

 

 

 

-

 

 

 

1,708

 

 

 

12,399

 

Accretion and other expenses of Series A preferred units

 

 

-

 

 

 

5,743

 

 

 

-

 

 

 

-

 

 

 

5,743

 

Capital expenditures

 

 

775

 

 

 

6,895

 

 

 

118

 

 

 

5,147

 

 

 

12,935

 

Depreciation

 

 

2,102

 

 

 

284

 

 

 

358

 

 

 

20

 

 

 

2,764

 

Total Assets

 

 

76,452

 

 

 

27,814

 

 

 

12,306

 

 

 

26,715

 

 

 

143,287

 

   

A reconciliation of reportable segment revenues to total consolidated revenues for the six months ended June 30, 2022 and 2021 follow:

 

 

 

2022

 

 

2021

 

Total revenues for reportable segments

 

$118,582

 

 

$98,426

 

Elmination of intersegment revenues

 

 

(632)

 

 

(735)

Total consolidated revenues

 

$117,950

 

 

$97,691

 

 

California Ethanol: The Company amended the Corn Procurement and Working Capital Agreement and the J.D. Heiskell Purchasing Agreement to procure corn from J.D. Heiskell and sell all WDG and corn oil the Company produces to J.D. Heiskell. Sales of ethanol, WDG, corn oil to two customers accounted for 72% and 27% of the Company’s California Ethanol segment revenues for the three months ended June 30, 2022. Sales of ethanol, WDG, and corn oil to two customers accounted for 77% and 23% of the Company’s California Ethanol segment revenues for the three months ended June 30, 2021. Sales of ethanol, WDG, corn oil to two customers accounted for 72% and 27% of the Company’s California Ethanol segment revenues for the six months ended June 30, 2022. Sales of ethanol, WDG, and corn oil to two customers accounted for 74% and 25% of the Company’s California Ethanol segment revenues for the six months ended June 30, 2021.

 

Dairy Renewable Natural Gas: Substantially all of our Dairy Renewable Natural Gas segment revenues during the three and six months ended June 30, 2022 and 2021 were from sales of biogas to the Keyes Plant for use in boilers, which allowed qualification of carbon credits for the ethanol produced in the Keyes Plant.