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Note 13 - Segment Information
 3 Months Ended
Mar. 31, 2025
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” segment includes the Company’s 65 million gallon per year ethanol plant in Keyes, California, and the adjacent land leased to produce CO₂.

 

The “California Dairy Renewable Natural Gas” segment includes the production and sale of Renewable Natural Gas ("RNG") and associated environmental attributes, consisting of anaerobic digesters located at dairies, a 36-mile biogas collection pipeline, a biogas upgrading hub that produces RNG from the biogas, a pipeline interconnect, and ongoing construction of additional digesters. 

 

The “India Biodiesel” segment includes the Company’s 80 million gallon per year biodiesel production plant in Kakinada, India, and administrative offices in Hyderabad, India.

 

The Company has additional operating segments that were determined not to be separately reportable segments, including our key projects under development which consist of a 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.

 

The following tables summarize financial information by reportable segment for the three months ended March 31, 2025 and 2024: 

 

  

For the three months ended March 31, 2025

 
  

California Ethanol

  

California Dairy Renewable Natural Gas

  

India Biodiesel

  

All Other

  

Total

 
                     

Revenues

 $37,748  $2,443  $2,695  $-  $42,886 

Gross profit (loss)

  (4,938)  305   (447)  -   (5,080)
                     

Net Income (Loss)

  (14,910)  1,762   (1,712)  (9,669)  (24,529)

Interest expense including amortization of debt fees

  8,461   948   456   3,828   13,693 

Accretion and other expenses of Series A preferred units

  -   2,279   -   -   2,279 

Income tax (benefit) expense

  -   (6,995)  201   11   (6,783)

Depreciation

  1,101   1,009   183   64   2,357 

Stock-based compensation expense

  -   -   -   2,308   2,308 

Other amortization

  12   -   -   -   12 

EBITDA

  (5,336)  (997)  (872)  (3,458)  (10,663)
                     

Capital expenditures

  43   1,257   379   146   1,825 

Total assets

  52,165   121,121   33,926   35,306   242,518 

 

 

  

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)
                     

Net Income (Loss)

  (14,100)  (3,166)  1,314   (8,279)  (24,231)

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

  -   35   843   -   878 

Depreciation

  966   569   208   55   1,798 

Stock-based compensation expense

  -   -   -   2,969   2,969 

Other amortization

  12   -   -   -   12 

EBITDA

  (6,369)  1,385   2,790   (2,556)  (4,750)
                     

Capital expenditures

  107   2,843   304   329   3,583 

Total assets as of December 31, 2024

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

 

California Ethanol: Sales of ethanol, WDG, and corn oil to one customer (J.D. Heiskell) accounted for 99.4% and  99.7% of the Company’s California Ethanol segment revenues for the three months ended March 31, 2025 and  2024, respectively. J.D. Heiskell accounts for 99% of all domestic sales.

 

California Dairy Renewable Natural Gas: 
Sales of RNG during the  three months ended March 31, 2025 were to a single customer. We sold D3 RINs and LCFS credits to two other customers. 

 

India Biodiesel: During the three months ended March 31, 2025, revenues consisted of sales of glycerin and raw materials, and two customers accounted for 18% and 73% of the segment's revenues.