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Note 13 - Segment Information
 12 Months Ended
Dec. 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 and associated environmental attributes.  It consists of anaerobic digesters located at dairies, a 36 mile biogas collection pipeline, a biogas upgrading hub that produces Renewable Natural Gas from biogas, and a pipeline interconnect.

 

The “India Biodiesel” reportable segment includes the Company’s 80 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, Riverbank Industrial Complex management, and our research and development facility in Minnesota are included in the “All Other” category.

 

For all segments, our Chief Executive Officer is the Chief Operating Decision Maker ("CODM"). The CODM uses EBITDA to assess segment performance, which is derived from revenue less cost of goods sold and selling, general and administrative expenses. The CODM manages and allocates resources to the operations of each segment. This enables the CEO to assess the Company’s overall level of available resources and determine how best to deploy these resources for capital expenditures and other strategic opportunities that are in line with our long-term strategic goals. The CODM is regularly provided with consolidated revenues and expense information or forecasted expense information for the applicable reportable segments. The CODM does not review total assets by segment for purposes of assessing segment performance and these are not included in the tables below. The CODM assesses segment operation levels and allocates operating expenses accordingly to each segment, as indicated in the totals below.

 

The following tables summarize financial information by reportable segment for the years ended December 31, 2024 and 2023:

 

  

For the year ended December 31, 2024

 
  

California Ethanol

  

California Dairy Renewable Natural

Gas

  

India Biodiesel

  

All other

  

Total

 
                     

Revenues from external customers

 $161,756  $13,037  $92,847  $-  $267,640 

Gross profit (loss)

  (13,792)  5,395   7,817   -   (580)
                     

Net Income (Loss)

  (50,874)  (9,101)  4,348   (31,910)  (87,537)

Interest expense including amortization of debt fees

  31,159   3,045   1,108   11,309   46,621 

Accretion and other expenses of Series A preferred units

  -   12,698   -   -   12,698 

Income tax expense (benefit)

  (4,150)  (8,115)  1,426   7   (10,832)

Depreciation

  4,211   3,079   818   233   8,341 

Gain on extinguishment of debt

  (162)  -   -   -   (162)

Loss on asset disposals

  3,702   -   -   -   3,702 

Stock-based compensation expense

  -   -   -   8,314   8,314 

Other amortization

  46   -   -   -   46 

EBITDA

  (16,068)  1,606   7,700   (12,047)  (18,809)
                     

Capital expenditures

  1,399   15,376   1,506   1,973   20,254 

Total assets

  57,076   126,113   37,587   38,526   259,302 

 

  

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 

Gross profit (loss)

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

Net Loss

  (42,433)  20,822   5,619   (30,428)  (46,420)

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 

Income tax expense (benefit)

  -   (55,159)  1,416   7   (53,736)

Depreciation

  3,995   2,116   576   246   6,933 

Stock-based compensation expense

  -   -   -   7,660   7,660 

Other amortization

  72   -   -   -   72 

USDA Cash Grants

  (1,774)  -   -   -   (1,774)

EBITDA

  (14,882)  (4,099)  8,058   (11,510)  (22,433)
                     

Capital expenditures

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

Total assets

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

 

California Ethanol: Sales of ethanol, WDG, and corn oil to one customer (J.D. Heiskell) accounted for 98% and 100% of the Company’s California Ethanol segment revenues for the years ended December 31, 2024 and 2023, respectively. 

 

California Dairy Renewable Natural Gas: Sales of renewable natural gas during the years ended  December 31, 2024 and 2023, were from sales to a single customer. We sold D3 RINs and LCFS credits to two other customers.  

 

India Biodiesel: During the year ended  December 31, 2024, three biodiesel customers accounted for 40%, 32% and 21% of the Company’s India Biodiesel segment revenues. During the year ended  December 31, 2023, three biodiesel customers accounted for 47%, 25%, 23% of the Company’s India Biodiesel segment revenues.