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Note 10 - Segment Information
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

10. Segment Information

 

Aemetis recognizes three reportable segments: “California Ethanol”, “California 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 “California Dairy Renewable Natural Gas” reportable segment includes, the dairy digesters, pipeline and gas condition unit 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 facility in Riverbank, and the Carbon Capture project in California.  Additionally, the corporate offices, Goodland Plant in Kansas and the research and development facility in Minnesota are included in the “All Other” category.

 

Summarized financial information by reportable segment for the three months ended March 31, 2023 and 2022 follows: 

 

  

For the three months ended March 31, 2023

 
  

California Ethanol

  

California Dairy Renewable Natural Gas

  

India Biodiesel

  

All other

  

Total

 
                     

Revenues from external customers

 $475  $206  $1,470  $-  $2,151 

Gross loss

  (12)  (773)  (510)  -   (1,295)
                     

Interest expense including amortization of debt fees

  5,518   704   69   2,756   9,047 

Accretion and other expenses of Series A preferred units

  -   5,564   -   -   5,564 

Capital expenditures

  334   6,499   36   747   7,616 

Depreciation

  1,109   457   155   69   1,790 

 

  

For the three months ended March 31, 2022

 
  

California Ethanol

  

California Dairy Renewable Natural Gas

  

India Biodiesel

  

All other

  

Total

 
                     

Revenues from external customers

 $52,041  $-  $8  $-  $52,049 

Intersegment revenues

  -   335   -   -   335 

Gross profit (loss)

  (2,880)  (207)  8   (6)  (3,085)
                     

Interest expense including amortization of debt fees

  5,645   4   -   612   6,261 

Accretion and other expenses of Series A preferred units

  -   1,640   -   -   1,640 

Capital expenditures

  1,803   5,449   67   2,140   9,459 

Depreciation

  1,011   146   168   11   1,336 

 

A reconciliation of reportable segment revenues to total consolidated revenue for the three months ended March 31, 2023 and 2022 follows:

 

  

2023

  

2022

 

Total revenues for reportable segments

 $2,151  $52,384 

Elimination of intersegment revenues

  -   (335)

Total consolidated revenues

 $2,151  $52,049 

 

Total assets by reportable segments as of  March 31, 2023 and December 31, 2022 follows:

 

  

March 31, 2023

 

December 31, 2022

California Ethanol

 

$ 62,508

 

$ 66,794

California Dairy Renewable Natural Gas

 

76,607

 

77,714

India Biodiesel

 

24,054

 

16,120

All other

 

47,212

 

46,486

Total consolidated assets

 

$ 210,381

 

$ 207,114

 

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 to one customer accounted for 77% of the Company’s California Ethanol segment revenues for the three months ended March 31, 2023. Sales of ethanol, WDG, and corn oil to two customers accounted for 73% and 27% of the Company’s California Ethanol segment revenues for the three months ended March 31, 2022.

 

Dairy Renewable Natural Gas: 100% of our Dairy Renewable Natural Gas segment revenues during the three months ended March 31, 2023 were from sales of biogas to one customer. For the three months ended March 31, 2022, all sales were from sale 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: One biodiesel customer accounted for 80% of the Company’s consolidated India segment revenues for the three months ended March 31, 2023.