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Note 13 - Segment Information
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

13. 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 includes the production and sale of Renewable Natural Gas ("RNG") and associated environmental attributes, consisting of anaerobic digesters located at diaries, at 36 mile biogas collection pipeline, biogas upgrading hub that produces RNG from the biogas, and a pipeline interconnect.

 

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 have been determined not to be separately reportable segments, including our key projects under development which consists of the development of a sustainable aviation fuel and renewable diesel production plant in Riverbank, California, and the development of Carbon Capture and Underground Sequestration wells in California.  Additionally, our corporate offices, Goodland Plant in Kansas, and 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, 2024 and 2023 follows: 

 

   

For the three months ended March 31, 2024

  
   

California Ethanol

    

California Dairy Renewable Natural Gas

    

India Biodiesel

    

All Other

    

Total

  
                                         

Revenues

   $ 36,089     $ 3,792     $ 32,753     $ -     $ 72,634  

Gross profit (loss)

     (5,658 )     2,210       2,836       -       (612 )
                                         

Interest expense including amortization of debt fees

     6,753       636       425       2,699       10,513  

Accretion and other expenses of Series A preferred units

     -       3,311       -       -       3,311  

Income tax expense (benefit)

     -       35       843       -       878  

Capital expenditures

     107       2,843       304       329       3,583  

Depreciation

     966       569       208       55       1,798  

 

   

For the three months ended March 31, 2023

  
   

California Ethanol

    

California Dairy Renewable Natural Gas

    

India Biodiesel

    

All Other

    

Total

  
                                         

Revenues

   $ 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  

 

 

 

California Ethanol: During 2023, t he 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, and corn oil that the Company produces to J.D. Heiskell. Sales of ethanol, WDG, and corn oil to one customer accounted for 99.7% of the Company’s California Ethanol segment revenues for the three months ended March 31, 2024 . Sales of ethanol, WDG, and corn oil to one customer accounted for 77% of th e Company’s California Ethanol segment revenues for the three months ended March 31, 2023. 

 

 

California Dairy Renewable Natural Gas: During the  three months ended March 31, 2024, we sold RNG to a single customer and sold D3 RINs and LCFS credits to two other customers.  During the three months ended March 31, 2023, all sales of RNG were to a single customer.

 

 

India Biodiesel: Three biodiesel customers accounted for 40%, 38%, and 16% of the Company’s India segment revenues for the three months ended March 31, 2024.  One biodiesel customer accounted for 80% of the Company’s India segment revenues for the three months ended March 31, 2024.

 

Total assets by reportable segments as of  March 31, 2024 and December 31, 2023 follows:

 

   

March 31, 2024

    

December 31, 2023

  

California Ethanol

   $ 68,403     $ 67,991  

California Dairy Renewable Natural Gas

     100,242       92,794  

India Biodiesel

     32,820       34,769  

All Other

     40,774       47,852  

Total consolidated assets

   $ 242,239     $ 243,406