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Note 10 - Segment Information | 9 Months Ended
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Sep. 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 dairy digesters, biogas pipeline, gas conditioning unit for the production of renewable natural gas, and interconnection facility to PG&E’s pipeline. The “India Biodiesel” reportable segment includes the Company’s 50 million gallon per year nameplate capacity biodiesel manufacturing Kakinada Plant and the administrative offices in Hyderabad, India. 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 development of the Carbon Zero facility in Riverbank, and development of Carbon Capture and Sequestration projects in California. Additionally, the corporate offices, Riverbank Industrial Complex, 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 September 30, 2023 and 2022 follows:
|  | For the three months ended September 30, 2023 |
|  | California Ethanol |  |  | California Dairy Renewable Natural Gas |  |  | India Biodiesel |  |  | All other |  |  | Total |
Revenues |  | $ | 47,439 |  |  | $ | 1,107 |  |  | $ | 20,144 |  |  | $ | - |  |  | $ | 68,690 |
Gross profit (loss) |  |  | (1,473 | ) |  |  | (807 | ) |  |  | 2,772 |  |  |  | - |  |  |  | 492 |
Interest expense including amortization of debt fees |  |  | 6,729 |  |  |  | 620 |  |  |  | 19 |  |  |  | 2,814 |  |  |  | 10,182 |
Accretion and other expenses of Series A preferred units |  |  | - |  |  |  | 7,739 |  |  |  | - |  |  |  | - |  |  |  | 7,739 |
Capital expenditures |  |  | 1,363 |  |  |  | 6,819 |  |  |  | 372 |  |  |  | 233 |  |  |  | 8,787 |
Depreciation |  |  | 960 |  |  |  | 598 |  |  |  | 158 |  |  |  | 31 |  |  |  | 1,747 |
|  | For the three months ended September 30, 2022 |
|  | California Ethanol |  |  | California 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 including amortization of debt fees |  |  | 4,744 |  |  |  | 7 |  |  |  | 69 |  |  |  | 2,275 |  |  |  | 7,095 |
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 |
A reconciliation of reportable segment revenues to total consolidated revenue for the three months ended September 30, 2023 and 2022 follows:
|  | 2023 |  |  | 2022 |
Total revenues for reportable segments |  | $ | 68,690 |  |  | $ | 72,139 |
Elimination of intersegment revenues |  |  | - |  |  |  | (308 | )
Total consolidated revenues |  | $ | 68,690 |  |  | $ | 71,831 |
Summarized financial information by reportable segment for the nine months ended September 30, 2023 and 2022 follows:
|  | For the nine months ended September 30, 2023 |
|  | California Ethanol |  |  | California Dairy Renewable Natural Gas |  |  | India Biodiesel |  |  | All other |  |  | Total |
Revenues |  | $ | 59,246 |  |  | $ | 1,523 |  |  | $ | 55,184 |  |  | $ | - |  |  | $ | 115,953 |
Gross profit (loss) |  |  | (3,807 | ) |  |  | (2,644 | ) |  |  | 7,604 |  |  |  | - |  |  |  | 1,153 |
Interest expense including amortization of debt fees |  |  | 18,499 |  |  |  | 1,841 |  |  |  | 313 |  |  |  | 8,205 |  |  |  | 28,858 |
Accretion and other expenses of Series A preferred units |  |  | - |  |  |  | 20,188 |  |  |  | - |  |  |  | - |  |  |  | 20,188 |
Capital expenditures |  |  | 2,423 |  |  |  | 14,622 |  |  |  | 523 |  |  |  | 1,027 |  |  |  | 18,595 |
Depreciation |  |  | 3,029 |  |  |  | 1,578 |  |  |  | 470 |  |  |  | 131 |  |  |  | 5,208 |
|  | For the nine months ended September 30, 2022 |
|  | California Ethanol |  |  | California 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 including amortization of debt fees |  |  | 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 |
A reconciliation of reportable segment revenues to total consolidated revenue for the nine months ended September 30, 2023 and 2022 follows:
|  | 2023 |  |  | 2022 |
Total revenues for reportable segments |  | $ | 115,953 |  |  | $ | 190,721 |
Elimination of intersegment revenues |  |  | - |  |  |  | (940 | )
Total consolidated revenues |  | $ | 115,953 |  |  | $ | 189,781 |
Total assets by reportable segments as of September 30, 2023 and December 31, 2022 follows:
|  | September 30, 2023 |  |  | December 31, 2022 |
California Ethanol |  | $ | 65,968 |  |  | $ | 66,794 |
California Dairy Renewable Natural Gas |  |  | 138,597 |  |  |  | 77,714 |
India Biodiesel |  |  | 23,576 |  |  |  | 16,120 |
All other |  |  | 49,298 |  |  |  | 46,486 |
Total consolidated assets |  | $ | 277,439 |  |  | $ | 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 99.7% of the Company’s California Ethanol segment revenues for the three months ended September 30, 2023. Sales of ethanol, WDG, and 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, corn oil to one customer accounted for 99.7% of the Company’s California Ethanol segment revenues for the nine months ended September 30, 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 nine months ended September 30, 2022. California Dairy Renewable Natural Gas: Our California Dairy Renewable Natural Gas segment revenues during the three and nine months ended September 30, 2023 were from sales of biogas to one customer and sales of D3 RINs to a separate customer. For the three and nine months ended September 30, 2022, all sales were from sale of biogas to the Keyes Plant as fuel in boilers, which allowed qualification of carbon credits for the ethanol produced in the Keyes Plant. India Biodiesel: Three biodiesel customers accounted for 42%, 35%, and 19% of the Company’s consolidated India segment revenues for the three months ended September 30, 2023. Three biodiesel customers accounted for 43%, 28% and 24% of the Company’s consolidated India segment revenues for the nine months ended September 30, 2023. Three biodiesel customers accounted for 52%, 23%, and 22% of the Company’s consolidated India segment revenues for the three and nine months ended September 30, 2023.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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