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Note 2 - Revenue | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | 2. Revenue We derive revenue primarily from sales of ethanol and related co-products in California, renewable natural gas ("RNG") and related environmental attributes in California, and biodiesel and refined glycerin in India. California Ethanol Revenues: We sell most of our ethanol to J.D. Heiskell Holdings, LLC ("J.D. Heiskell"), who sells it to a customer designated by us, Murex, LLC, who markets the product. We also buy our corn feedstock from J.D. Heiskell, and J.D. Heiskell pays us the net balance between the sales of ethanol and other products we sell to J.D. Heiskell and the cost of our corn purchases from J.D. Heiskell. Our accounting (i) treats us as the purchaser/customer for corn purchases from J.D. Heiskell and accordingly we record the full purchase cost in cost of goods sold, and (ii) treats us as the seller for ethanol and other product sales and accordingly we recognize the full amount as revenue. Given the similarity of the individual sales transactions with J.D. Heiskell, we have assessed them as a portfolio of similar contracts. The performance obligation is satisfied by delivery of the physical product to our finished goods tank that is leased by J.D. Heiskell. The transaction price is determined based on daily market prices and quarterly contract pricing negotiated by Murex for its customers for ethanol and based on dry distillers' market and local demand by our marketing partner A.L. Gilbert Company (“A.L. Gilbert”) for WDG. The transaction price is allocated to one performance obligation. The following table shows sales in our California Ethanol segment by product category:
|  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Ethanol sales |  | $ | 33,925 |  |  | $ | 36,375 |  |  | $ | 88,748 |  |  | $ | 45,388 |
Wet distiller's grains sales |  |  | 8,961 |  |  |  | 9,427 |  |  |  | 27,476 |  |  |  | 11,980 |
Other sales |  |  | 2,048 |  |  |  | 1,637 |  |  |  | 4,931 |  |  |  | 1,878 |
Total |  | $ | 44,934 |  |  | $ | 47,439 |  |  | $ | 121,155 |  |  | $ | 59,246 |
From December 2022 until May 2023, we undertook an extended maintenance cycle and accelerated the implementation of several important ethanol plant energy efficiency upgrades, which accounts for lower revenue amounts shown in the table above for the nine months ending September 30, 2023. California Dairy Renewable Natural Gas Revenues: As of September 30, 2024, we operate nine anaerobic digesters that process feedstock from ten dairies into biogas, a 36-mile collection pipeline leading to a central upgrading hub, and an interconnect to inject the RNG into the utility natural gas pipeline for delivery to customers for use as transportation fuel. In connection with dispensing the RNG, we generate sellable credits under the federal Renewable Fuel Standard (referred to as "D3 RINs") and the California Low Carbon Fuel Standard ("LCFS"). We began selling D3 RINs in the third quarter of 2023 and began selling LCFS credits in the first quarter of 2024. We recognize revenue from sales of RNG concurrently with our production and injection into the pipeline. We recognize revenue from sales of D3 RINs and LCFS credits at the time we sell the credits. The following table represents sales in our Renewable Natural Gas segment:
|  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
RNG, LCFS and D3 RIN sales |  | $ | 4,250 |  |  | $ | 1,107 |  |  | $ | 9,640 |  |  | $ | 1,523 |
India Biodiesel Revenues: The following table shows our sales in our India Biodiesel segment by product category:
|  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Biodiesel sales |  | $ | 31,121 |  |  | $ | 19,291 |  |  | $ | 85,821 |  |  | $ | 53,292 |
Other sales |  |  | 1,136 |  |  |  | 853 |  |  |  | 4,020 |  |  |  | 1,892 |
Total |  | $ | 32,257 |  |  | $ | 20,144 |  |  | $ | 89,841 |  |  | $ | 55,184 |

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