XML 30 R19.htm IDEA: XBRL DOCUMENT v3.25.3
Note 13 - Segment Information
 9 Months Ended
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.