v3.25.2
Note 13 - Segment Information
 6 Months Ended
Jun. 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 following tables summarize financial information by reportable segment for the three months ended June 30, 2025 and 2024: 

 

  

For the three months ended June 30, 2025

 
  

California Ethanol

  

California Dairy Renewable Natural Gas

  

India Biodiesel

  

All Other

  

Total

 
                     

Revenues

 $37,288  $3,051  $11,904  $-  $52,243 

Gross profit (loss)

  (3,806)  855   (404)  -   (3,355)
                     

Net Loss

  (12,611)  (3,533)  (586)  (6,665)  (23,395)

Interest expense including amortization of debt fees

  8,001   939   291   3,099   12,330 

Accretion and other expenses of Series A preferred units

  -   2,032   -   -   2,032 

Income tax expense

  1   -   (530)  -   (529)

Depreciation

  1,075   1,012   198   65   2,350 

Stock-based compensation expense

  -   -   -   1,433   1,433 

Other amortization

  11   -   -   -   11 

EBITDA

  (3,523)  450   (627)  (2,068)  (5,768)
                     

Capital expenditures

  339   2,836   60   290   3,525 

 

 

  

For the three months ended June 30, 2024

 
  

California Ethanol

  

California Dairy Renewable Natural Gas

  

India Biodiesel

  

All Other

  

Total

 
                     

Revenues

 $40,132  $1,598  $24,831  $-  $66,561 

Gross profit (loss)

  (3,921)  (136)  2,251   -   (1,806)
                     

Net Income (Loss)

  (17,254)  (5,349)  1,210   (7,781)  (29,174)

Interest expense including amortization of debt fees

  7,919   730   204   2,871   11,724 

Accretion and other expenses of Series A preferred units

  -   3,477   -   -   3,477 

Income tax expense

  -   2   383   -   385 

Depreciation

  1,043   771   180   55   2,049 

Stock-based compensation expense

  -   -   -   1,977   1,977 

Other amortization

  12   -   -   -   12 

Loss on asset disposals

  3,644   -   -   -   3,644 

EBITDA

  (4,636)  (369)  1,977   (2,878)  (5,906)
                     

Capital expenditures

  323   4,306   14   754   5,397 

 

 

  

For the six months ended June 30, 2025

 
  

California Ethanol

  

California Dairy Renewable Natural Gas

  

India Biodiesel

  

All other

  

Total

 
                     

Revenues

 $75,036  $5,494  $14,599  $-  $95,129 

Gross profit (loss)

  (8,744)  1,160   (851)  -   (8,435)
   -   -   -   -   - 

Net Income (Loss)

  (27,521)  (1,771)  (2,298)  (16,334)  (47,924)

Interest expense including amortization of debt fees

  16,462   1,887   747   6,927   26,023 

Accretion and other expenses of Series A preferred units

  -   4,311   -   -   4,311 

Income tax expense (benefit)

  1   (6,995)  (329)  11   (7,312)

Depreciation

  2,176   2,021   382   129   4,708 

Stock-based compensation expense

  -   -   -   3,741   3,741 

Other amortization

  23   -   -   -   23 

EBITDA

  (8,859)  (547)  (1,498)  (5,526)  (16,430)
                     

Capital expenditures

  382   4,093   439   436   5,350 

Total assets as of June 30, 2025

  53,230   124,099   25,462   37,225   240,016 

 

  

For the six months ended June 30, 2024

 
  

California Ethanol

  

California Dairy Renewable Natural Gas

  

India Biodiesel

  

All other

  

Total

 
                     

Revenues from external customers

 $76,221  $5,390  $57,584  $-  $139,195 

Gross profit (loss)

  (9,579)  2,074   5,087   -   (2,418)
                     

Net Loss

  (31,354)  (8,515)  2,524   (16,060)  (53,405)

Interest expense including amortization of debt fees

  14,896   1,366   629   5,346   22,237 

Accretion and other expenses of Series A preferred units

  -   6,788   -   -   6,788 

Income tax expense

  -   36   1,227   -   1,263 

Depreciation

  2,009   1,340   388   110   3,847 

Stock-based compensation expense

  -   -   -   4,946   4,946 

Other amortization

  24   -   -   -   24 

Loss on asset disposals

  3,644   -   -   -   3,644 

EBITDA

  (10,781)  1,015   4,768   (5,658)  (10,656)
                     

Capital expenditures

  430   7,149   318   1,083   8,980 

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  95.6%  of our California Ethanol segment revenues for the three months ended June 30, 2025 and  2024, respectively. Sales to J.D. Heiskell account for  99.4% and  92.9% of our California Ethanol segment revenues for the six months ended June 30, 2025 and 2024. J.D. Heiskell accounts for over 90% of all Ethanol Segment sales for the three and six months ended June 30, 2025 and 2024. 

 

California Dairy Renewable Natural Gas: Sales of RNG during the  three and six months ended June 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 June 30, 2025 , four customers accounted for 34%, 25%, 23%, and 16% of our India Biodiesel segment's revenues. For the three months ended June 30, 2024, three biodiesel customers accounted for 44%, 34%, and 17% of the segment's revenues. For the six months ended June 30, 2025, four customers accounted for 28%, 26%, 20%, and 19% of the segment's revenues.  For the six months ended June 30, 2024, three customers accounted for 42%, 36%, and 17% of the segment's revenues.