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Note 10 - Segment Information
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

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 September 30, 2022 and 2021 follows: 

 

  

For the three months ended September 30, 2022

 
  

California Ethanol

  

Dairy Renewable Natural Gas

  

India Biodiesel

  

All other

  

Total

 
                     

Revenues from external customers

 $60,908  $-  $10,923  $-  $71,831 

Intersegment revenues

  -   308   -   -   308 

Gross profit (loss)

  (3,763)  (179)  2,841   (3)  (1,104)
                     

Interest expense

  4,744   1   69   2,275   7,089 

Accretion and other expenses of Series A preferred units

  -   2,774   -   -   2,774 

Capital expenditures

  210   3,626   -   2,577   6,413 

Depreciation

  1,023   156   161   38   1,378 

Total Assets

  65,567   65,076   22,415   45,817   198,875 

 

  

For the three months ended September 30, 2021

 
  

California Ethanol

  

Dairy Renewable Natural Gas

  

India Biodiesel

  

All other

  

Total

 
                     

Revenues from external customers

 $49,832  $-  $63  $-  $49,895 

Intersegment revenues

  -   355   -   -   355 

Gross profit (loss)

  (4,413)  (397)  47   (22)  (4,785)
                     

Interest expense

  5,563   3   -   (18)  5,548 

Accretion and other expenses of Series A preferred units

  -   2,185   -   -   2,185 

Capital expenditures

  749   3,111   21   1,955   5,836 

Depreciation

  1,020   145   155   22   1,342 

Total Assets

  69,454   34,769   11,259   31,497   146,979 

 

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

 

  

2022

  

2021

 

Total revenues for reportable segments

 $72,139  $50,250 

Elimination of intersegment revenues

  (308)  (355)

Total consolidated revenues

 $71,831  $49,895 

 

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

 

  

For the nine months ended September 30, 2022

 
  

California Ethanol

  

Dairy Renewable Natural Gas

  

India Biodiesel

  

All other

  

Total

 
                     

Revenues from external customers

 $178,840  $-  $10,941  $-  $189,781 

Intersegment revenues

  -   940   -   -   940 

Gross profit (loss)

  (6,795)  (454)  2,859   (13)  (4,403)
                     

Interest expense

  15,258   12   69   4,679   20,018 

Accretion and other expenses of Series A preferred units

  -   5,920   -   -   5,920 

Capital expenditures

  7,379   15,771   136   5,645   28,931 

Depreciation

  3,011   456   493   79   4,039 

Total Assets

  65,567   65,076   22,415   45,817   198,875 

 

  

For the nine months ended September 30, 2021

 
  

California Ethanol

  

Dairy Renewable Natural Gas

  

India Biodiesel

  

All other

  

Total

 
                     

Revenues from external customers

 $146,890  $-  $696  $-  $147,586 

Intersegment revenues

  -   1,090   -   -   1,090 

Gross profit (loss)

  (4,172)  (482)  (23)  (70)  (4,747)
                     

Interest expense

  16,248   9   -   1,690   17,947 

Accretion and other expenses of Series A preferred units

  -   7,928   -   -   7,928 

Capital expenditures

  1,524   10,006   139   7,102   18,771 

Depreciation

  3,122   429   513   42   4,106 

Total Assets

  69,454   34,769   11,259   31,497   146,979 

 

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

 

  

2022

  

2021

 

Total revenues for reportable segments

 $190,721  $148,676 

Elimination of intersegment revenues

  (940)  (1,090)

Total consolidated revenues

 $189,781  $147,586 

 

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 73% and 26% of the Company’s California Ethanol segment revenues for the three months ended September 30, 2022. Sales of ethanol, WDG, and corn oil to two customers accounted for 77% and 21% of the Company’s California Ethanol segment revenues for the three months ended September 30, 2021. Sales of ethanol, WDG, corn oil to two customers accounted for 73% and 27% of the Company’s California Ethanol segment revenues for the nine months ended September 30, 2022. Sales of ethanol, WDG, and corn oil to two customers accounted for 75% and 24% of the Company’s California Ethanol segment revenues for the nine months ended September 30, 2021.

 

Dairy Renewable Natural Gas: Substantially all of our Dairy Renewable Natural Gas segment revenues during the three and nine months ended September 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.

 

India Biodiesel: Three biodiesel customers sales customers accounted for 52%, 23%, and 22% of the Company’s consolidated India segment revenues for the three and nine months ended September 30, 2022. Two other sales customers accounted for 71% and 23% of the Company’s consolidated India segment revenues for the three months ended September 30, 2021. One biodiesel customer accounted for 66% of the Company’s consolidated India segment revenues while one other sales customer accounted for 16% of such revenues for the nine months ended September 30, 2021.