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Note 10 - Segment Information
 9 Months Ended
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.