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Note 13 - Segment Information | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 13. Segment Information We recognize three reportable segments: “California Ethanol,” “California Dairy Renewable Natural Gas,” and “India Biodiesel.” The “California Ethanol” segment includes our 65 million gallon per year ethanol plant in Keyes, California, and the adjacent land leased to upgrade our CO₂ production to commercial quality. 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 our 80 million gallon per year biodiesel production plant in Kakinada, India, and administrative offices in Hyderabad, India. We have 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 ("CCUS") 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 corporate overhead expenses included in the "All Other" category total $5.0 million and $4.7 million for the three months ended September 30, 2025 and 2024, respectively; and $15.3 million and $15.7 million for the nine months ended September 30, 2025 and 2024, respectively. The following tables summarize financial information by reportable segment for the three months ended September 30, 2025 and 2024:
|  | For the three months ended September 30, 2025 |
|  | California Ethanol |  |  | California Dairy Renewable Natural Gas |  |  | India Biodiesel |  |  | All Other |  |  | Total |
Revenues |  | $ | 40,726 |  |  | $ | 3,996 |  |  | $ | 14,468 |  |  | $ | - |  |  | $ | 59,190 |
Gross profit (loss) |  |  | (1,432 | ) |  |  | 1,300 |  |  |  | 74 |  |  |  | - |  |  |  | (58 | )
Net Loss |  |  | (11,596 | ) |  |  | (3,542 | ) |  |  | (624 | ) |  |  | (7,985 | ) |  |  | (23,747 | )
Interest expense including amortization of debt fees |  |  | 8,565 |  |  |  | 939 |  |  |  | 25 |  |  |  | 3,421 |  |  |  | 12,950 |
Accretion and other expenses of Series A preferred units |  |  | - |  |  |  | 2,034 |  |  |  | - |  |  |  | - |  |  |  | 2,034 |
Income tax expense |  |  | - |  |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | 6 |
Depreciation |  |  | 1,024 |  |  |  | 1,007 |  |  |  | 198 |  |  |  | 97 |  |  |  | 2,326 |
Gain on asset disposal |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | (4 | )
Stock-based compensation expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,385 |  |  |  | 1,385 |
Other amortization |  |  | 12 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12 |
EBITDA |  |  | (1,995 | ) |  |  | 444 |  |  |  | (405 | ) |  |  | (3,082 | ) |  |  | (5,038 | )
Capital expenditures |  |  | 235 |  |  |  | 3,330 |  |  |  | 214 |  |  |  | 312 |  |  |  | 4,091 |
|  | For the three months ended September 30, 2024 |
|  | California Ethanol |  |  | California Dairy Renewable Natural Gas |  |  | India Biodiesel |  |  | All Other |  |  | Total |
Revenues |  | $ | 44,934 |  |  | $ | 4,250 |  |  | $ | 32,257 |  |  | $ | - |  |  | $ | 81,441 |
Gross profit |  |  | 85 |  |  |  | 1,897 |  |  |  | 1,896 |  |  |  | - |  |  |  | 3,878 |
Net income (loss) |  |  | (9,841 | ) |  |  | (7,617 | ) |  |  | 1,397 |  |  |  | (1,874 | ) |  |  | (17,935 | )
Interest expense including amortization of debt fees |  |  | 7,911 |  |  |  | 808 |  |  |  | 30 |  |  |  | 2,998 |  |  |  | 11,747 |
Accretion and other expenses of Series A preferred units |  |  | - |  |  |  | 3,267 |  |  |  | - |  |  |  | - |  |  |  | 3,267 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | 274 |  |  |  | - |  |  |  | 274 |
Depreciation |  |  | 1,111 |  |  |  | 866 |  |  |  | 241 |  |  |  | 56 |  |  |  | 2,274 |
Stock-based compensation expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,982 |  |  |  | 1,982 |
Other amortization |  |  | 12 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12 |
Gain on debt extinguishment |  |  | (162 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (162 | )
EBITDA |  |  | (969 | ) |  |  | (2,676 | ) |  |  | 1,942 |  |  |  | 3,162 |  |  |  | 1,459 |
Capital expenditures |  |  | 154 |  |  |  | 3,762 |  |  |  | 257 |  |  |  | 317 |  |  |  | 4,490 |
|  | For the nine months ended September 30, 2025 |
|  | California Ethanol |  |  | California Dairy Renewable Natural Gas |  |  | India Biodiesel |  |  | All other |  |  | Total |
Revenues |  | $ | 115,762 |  |  | $ | 9,490 |  |  | $ | 29,067 |  |  | $ | - |  |  | $ | 154,319 |
Gross profit (loss) |  |  | (10,176 | ) |  |  | 2,460 |  |  |  | (777 | ) |  |  | - |  |  |  | (8,493 | )
|  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net loss |  |  | (39,117 | ) |  |  | (5,313 | ) |  |  | (2,922 | ) |  |  | (24,319 | ) |  |  | (71,671 | )
Interest expense including amortization of debt fees |  |  | 25,027 |  |  |  | 2,826 |  |  |  | 772 |  |  |  | 10,348 |  |  |  | 38,973 |
Accretion and other expenses of Series A preferred units |  |  | - |  |  |  | 6,345 |  |  |  | - |  |  |  | - |  |  |  | 6,345 |
Income tax expense (benefit) |  |  | 1 |  |  |  | (6,989 | ) |  |  | (329 | ) |  |  | 11 |  |  |  | (7,306 | )
Depreciation |  |  | 3,200 |  |  |  | 3,028 |  |  |  | 579 |  |  |  | 226 |  |  |  | 7,033 |
Gain on asset disposal |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | (4 | )
Stock-based compensation expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,126 |  |  |  | 5,126 |
Other amortization |  |  | 35 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 35 |
EBITDA |  |  | (10,854 | ) |  |  | (103 | ) |  |  | (1,904 | ) |  |  | (8,608 | ) |  |  | (21,469 | )
Capital expenditures |  |  | 617 |  |  |  | 7,423 |  |  |  | 653 |  |  |  | 748 |  |  |  | 9,441 |
Total assets as of September 30, 2025 |  |  | 54,703 |  |  |  | 129,932 |  |  |  | 20,821 |  |  |  | 35,663 |  |  |  | 241,119 |
|  | For the nine months ended September 30, 2024 |
|  | California Ethanol |  |  | California Dairy Renewable Natural Gas |  |  | India Biodiesel |  |  | All other |  |  | Total |
Revenues from external customers |  | $ | 121,155 |  |  | $ | 9,640 |  |  | $ | 89,841 |  |  | $ | - |  |  | $ | 220,636 |
Gross profit (loss) |  |  | (9,494 | ) |  |  | 3,971 |  |  |  | 6,983 |  |  |  | - |  |  |  | 1,460 |
Net income (loss) |  |  | (41,195 | ) |  |  | (16,132 | ) |  |  | 3,921 |  |  |  | (17,934 | ) |  |  | (71,340 | )
Interest expense including amortization of debt fees |  |  | 22,807 |  |  |  | 2,174 |  |  |  | 659 |  |  |  | 8,344 |  |  |  | 33,984 |
Accretion and other expenses of Series A preferred units |  |  | - |  |  |  | 10,055 |  |  |  | - |  |  |  | - |  |  |  | 10,055 |
Income tax expense |  |  | - |  |  |  | 36 |  |  |  | 1,501 |  |  |  | - |  |  |  | 1,537 |
Depreciation |  |  | 3,120 |  |  |  | 2,206 |  |  |  | 629 |  |  |  | 166 |  |  |  | 6,121 |
Stock-based compensation expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,928 |  |  |  | 6,928 |
Other amortization |  |  | 36 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 36 |
Gain on debt extinguishment |  |  | (162 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (162 | )
Loss on asset disposals |  |  | 3,644 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,644 |
EBITDA |  |  | (11,750 | ) |  |  | (1,661 | ) |  |  | 6,710 |  |  |  | (2,496 | ) |  |  | (9,197 | )
Capital expenditures |  |  | 584 |  |  |  | 10,911 |  |  |  | 575 |  |  |  | 1,400 |  |  |  | 13,470 |
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 99.5% and 97.0% of our California Ethanol segment revenues for the three months ended September 30, 2025 and 2024, respectively. Sales to J.D. Heiskell account for 99.4% and 98.6% of our California Ethanol segment revenues for the nine months ended September 30, 2025 and 2024. J.D. Heiskell accounts for over 90% of all Ethanol Segment sales for the three and nine months ended September 30, 2025 and 2024. California Dairy Renewable Natural Gas: Sales of RNG during the three and nine months ended September 30, 2025 and 2024, were to a single customer. We sold D3 RINs and LCFS credits to two other customers. India Biodiesel: For the three months ended September 30, 2025 , three customers accounted for 42%, 28%, and 26% of our India Biodiesel segment's revenues. For the three months ended September 30, 2024, three biodiesel customers accounted for 40%, 29%, and 28% of the segment's revenues. For the nine months ended September 30, 2025, four customers accounted for 35%, 23%, 23%, and 14% of the segment's revenues. For the nine months ended September 30, 2024, three customers accounted for 41%, 33%, and 21% of the segment's revenues.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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