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Note 7 - Revenue and Accounts Receivable
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]
7. Revenue and Accounts Receivable

 

California Ethanol Revenues: We sell our ethanol segment products to J.D. Heiskell, which sells them to third parties designated by us. We record revenue when we transfer ethanol into our storage tank, which is leased to J.D. Heiskell, and when product is loaded into shipping trucks for products other than ethanol. We also buy our corn feedstock from J.D. Heiskell. Transaction prices for ethanol sales and corn purchases are based on daily market prices. We invoice J.D. Heiskell each business day for the net balance between ethanol and other product sales and our corn purchases, and J.D. Heiskell pays on the next business day. The following table shows our sales in the California Ethanol segment:
 
  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 

Ethanol sales

 $31,252  $33,925  $87,035  $88,748 

Wet distiller's grains sales

  7,305   8,961   23,133   27,476 

Other sales

  2,169   2,048   5,594   4,931 

Total

 $40,726  $44,934  $115,762  $121,155 

 

California Dairy Renewable Natural Gas Revenues: Our renewable natural gas ("RNG") production facilities as of September 30, 2025, include twelve anaerobic digesters that process feedstock from dairies into biogas, a 36-mile collection pipeline leading to a central upgrading hub that produces RNG, and an interconnect to inject the RNG into the utility natural gas pipeline for delivery to customers for use as transportation fuel. We also generate sellable credits under the federal Renewable Fuel Standard (referred to as "D3 RINs") and the California Low Carbon Fuel Standard ("LCFS"), as well as other tax credit programs. We recognize revenue from natural gas sales when we inject the RNG into the utility pipeline and we recognize revenue from sales of D3 RINs and LCFS credits when we sell the credits. The following table shows sales in our RNG segment:

 

  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 

Gas sales

 $393  $238  $944  $676 

LCFS credit sales

  1,187   860   3,120   2,371 

RIN sales

  2,416   3,152   5,426   6,593 

Total

 $3,996  $4,250  $9,490  $9,640 

 

India Biodiesel Revenues: We sell biodiesel to the government-owned India Oil Market Companies pursuant to tender offers, and we sell refined glycerin to private parties. We also occasionally sell feedstock based on market conditions. The following table shows sales in our India Biodiesel segment by product category:

 

  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 

Biodiesel sales

 $13,948  $31,121  $23,489  $85,821 

Other sales

  520   1,136   5,578   4,020 

Total

 $14,468  $32,257  $29,067  $89,841 

 

Across all segments, revenue is recognized at the point in time when performance obligations have been met. Accounts receivable for all segments represent invoicing for products with varying payment terms, but with no variable consideration or financing. The opening balance of accounts receivable for all segments as of January 1, 2025 and 2024, was $1.8 million and $8.6 million, respectively, and the closing balance as of  September 30, 2025, and  December 31, 2024, were $1.6 million and $1.8 million, respectively. Allowance for credit losses as of  September 30, 2025, and December 31, 2024, for all segments was $385 thousand and $36 thousand, respectively. There were no liabilities for unearned revenue for any segments as of September 30, 2025.