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Note 10 - Segment Information
 6 Months Ended
Jun. 30, 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 June 30, 2023 and 2022 follows: 

 

  

For the three months ended June 30, 2023

 
  

California Ethanol

  

California Dairy Renewable Natural Gas

  

India Biodiesel

  

All other

  

Total

 
                     

Revenues

 $11,332  $210  $33,570  $-  $45,112 

Gross loss

  (2,322)  (1,064)  5,342   -   1,956 
                     

Interest expense including amortization of debt fees

  6,252   517   225   2,635   9,629 

Accretion and other expenses of Series A preferred units

  -   6,885   -   -   6,885 

Capital expenditures

  726   1,304   115   47   2,192 

Depreciation

  960   523   157   31   1,671 

 

  

For the three months ended June 30, 2022

 
  

California Ethanol

  

California 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 including amortization of debt fees

  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 

 

A reconciliation of reportable segment revenues to total consolidated revenue for the three months ended June 30, 2023 and 2022 follows:

 

  

2023

  

2022

 

Total revenues for reportable segments

 $45,112  $66,198 

Elimination of intersegment revenues

  -   (297)

Total consolidated revenues

 $45,112  $65,901 

 

Summarized financial information by reportable segment for the six months ended June 30, 2023 and 2022 follows: 

 

  

For the six months ended June 30, 2023

 
  

California Ethanol

  

California Dairy Renewable Natural Gas

  

India Biodiesel

  

All other

  

Total

 
                     

Revenues

 $11,807  $416  $35,040  $-  $47,263 

Gross profit (loss)

  (2,334)  (1,837)  4,832   -   661 
                     

Interest expense including amortization of debt fees

  11,770   1,221   294   5,391   18,676 

Accretion and other expenses of Series A preferred units

  -   12,449   -   -   12,449 

Capital expenditures

  1,060   7,803   151   794   9,808 

Depreciation

  2,069   980   312   100   3,461 

 

  

For the six months ended June 30, 2022

 
  

California Ethanol

  

California 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 including amortization of debt fees

  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 

 

A reconciliation of reportable segment revenues to total consolidated revenue for the six months ended June 30, 2023 and 2022 follows:

 

  

2023

  

2022

 

Total revenues for reportable segments

 $47,263  $118,582 

Elimination of intersegment revenues

  -   (632)

Total consolidated revenues

 $47,263  $117,950 

 

Total assets by reportable segments as of  June 30, 2023 and December 31, 2022 follows:

 

  

June 30, 2023

  

December 31, 2022

 

California Ethanol

 $64,757  $66,794 

California Dairy Renewable Natural Gas

  76,302   77,714 

India Biodiesel

  22,751   16,120 

All other

  48,775   46,486 

Total consolidated assets

 $212,585  $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 100% of the Company’s California Ethanol segment revenues for the three months ended June 30, 2023. Sales of ethanol, WDG, and 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, corn oil to one customer accounted for 96% of the Company’s California Ethanol segment revenues for the six months ended June 30, 2023. Sales of ethanol, WDG, and 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.

 

California Dairy Renewable Natural Gas: 100% of our California Dairy Renewable Natural Gas segment revenues during the three and six months ended June 30, 2023 were from sales of biogas to one customer. For the three and six months ended June 30, 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: Three biodiesel customers accounted for 49%, 28%, and 21% of the Company’s consolidated India segment revenues for the three months ended June 30, 2023. Three biodiesel customers accounted for 47%, 27% and 20% of the Company’s consolidated India segment revenues for the six months ended June 30, 2023.