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Note 11 - Segment Information
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

11. 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 ethanol plant in Keyes, California, and the adjacent land leased for the production of CO₂.

 

The “California Dairy Renewable Natural Gas” reportable segment including the production and sale of Renewable Natural Gas and associated environmental attributes, consisting of anaerobic digesters located at diaries, at 36 mile biogas collection pipeline, and biogas upgrading hub and pipeline interconnect that produces Renewable Natural Gas from the biogas.

 

The “India Biodiesel” reportable segment includes the Company’s 60 million gallon per year nameplate capacity biodiesel manufacturing plant in Kakinada India, and administrative offices in Hyderabad, India.

 

The Company has additional operating segments that were determined not to be reportable segments, including our key projects under development which consists of sustainable aviation fuel and renewable diesel production in Riverbank and Carbon Capture and Underground Sequestration wells in California.  Additionally, our 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 years ended December 31, 2023 and 2022 follow:

 

  

For the year ended December 31, 2023

 
  

California Ethanol

  

California Dairy Renewable Natural Gas

  

India Biodiesel

  

All other

  

Total

 
                     

Revenues from external customers

 $104,068  $5,455  $77,194  $-  $186,717 

Intersegment revenues

  -   -   -   -   - 

Gross profit (loss)

  (6,602)  (331)  8,950   -   2,017 
                     

Interest expense, including amortization of debt fees

  25,258   2,809   447   11,005   39,519 

Accretion and other expenses of Series A preferred units

  -   25,313   -   -   25,313 

Loss on

                    

Income tax expense (benefit)

  -   (55,159)  1,416   7   (53,736)

Capital expenditures

  5,695   24,744   1,281   1,399   33,119 

Depreciation

  3,995   2,116   576   246   6,933 

Total Assets

  67,991   92,794   34,769   47,852   243,406 

 

  

For the year ended December 31, 2022

 
  

California Ethanol

  

California Dairy Renewable Natural Gas

  

India Biodiesel

  

All other

  

Total

 
                     

Revenues from external customers

 $228,194  $208  $28,111  $-  $256,513 

Intersegment revenues

  -   1,002   -   -   1,002 

Gross profit (loss)

  (13,017)  (778)  8,273   (13)  (5,535)
                     

Interest expense, including amortization of debt fees

  20,637   742   119   7,272   28,770 

Accretion and other expenses of Series A preferred units

  -   9,888   -   -   9,888 

Income tax expense

  -   6   1,040   7   1,053 

Loss on debt extinguishment

  -   49,386   -   -   49,386 

Capital expenditures

  8,399   22,884   129   7,745   39,157 

Depreciation

  4,148   615   650   122   5,535 

Total Assets

  66,794   77,714   16,120   46,486   207,114 

 

A reconciliation of reportable segment revenues to consolidated totals for the years 2023 and 2022 follow:

 

Revenues

        
  

2023

  

2022

 

Total revenues for reportable segments

 $186,717  $257,515 

Elimination of intersegment revenues

  -   (1,002)

Total consolidated revenues

 $186,717  $256,513 

 

California Ethanol: During the year ended December 31, 2023 and 2022, 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 ethanol, WDG, CDO, and CDS the Company produces to J.D. Heiskell. Sales of ethanol, WDG, CDO, and CDS to one customer accounted for 100% of the California Ethanol segment’s revenue for the year ended December 31, 2023.  Sales of ethanol to one customer accounted for 73% of the California Ethanol segment’s revenue for the year ended  December 31, 2022. Sales of WDG, and corn oil to one customer accounted for 26% of the Company’s California Ethanol segment revenues for the year ended   December 31, 2022.

 

California Dairy Renewable Natural Gas: 100% of our sales of renewable natural gas during the twelve months ended December 31, 2023 were from sales to one customer.  In the third quarter of 2023, we started selling D3 RINs and one customer accounted for 98% of the 2023 sales.  For the twelve months ended December 31, 2022, all sales were associated with intercompany sales to the Keyes Plant for use in boilers.

 

India Biodiesel: During the year ended  December 31, 2023, three biodiesel customers accounted for 47%, 25% and 23% of the Company’s India Biodiesel segment revenues. During the year ended  December 31, 2022, three biodiesel customers accounted for 48%, 29%, 12% of the Company’s India Biodiesel segment revenues.