| Segment Information |
NOTE 18 – SEGMENT INFORMATION The Company’s reportable segments for the three months ended March 31, 2026 and 2025 are Renewable Natural Gas and Renewable Electricity Generation. Renewable Natural Gas includes the production of RNG. Renewable Electricity Generation includes generation of electricity at biogas-to-electricity plants. The Corporate entity is not determined to be an operating segment and though not an operating segment, certain corporate costs are disclosed as reconciling items to the Company’s consolidated results. The following tables are consistent with the manner in which the Chief Executive Officer, who is the Company's chief operating decision maker ("CODM"), evaluates the performance of each segment and allocates the Company's resources. The CODM evaluates the performance of the segments based on segment operating income (loss). The Company maintains discrete financial information for its operating sites, which meet the definition of an operating segment, but are aggregated into reportable segments based on the type of commodity produced, as these operating sites have similar economic characteristics, including production processes, customer types and regulatory environments. Total Assets and Capital expenditures by segment are also provided within the tables below, as these amounts are regularly reviewed by the CODM. “RNG” refers to Renewable Natural Gas and “REG” refers to Renewable Electricity Generation.
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Three months ended March 31, 2026 |
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RNG |
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REG |
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Total |
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Operating segment revenue |
|
$ |
38,075 |
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|
$ |
4,117 |
|
|
$ |
42,192 |
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Corporate and other revenue |
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|
4,236 |
|
Total consolidated revenue |
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$ |
46,428 |
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Less (1) |
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Payroll and related expenses |
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2,372 |
|
|
|
1,311 |
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|
3,683 |
|
Wellfield operating and maintenance |
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|
1,920 |
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|
|
569 |
|
|
|
2,489 |
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Plant expense |
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|
561 |
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|
275 |
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|
|
836 |
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Waste disposal |
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|
510 |
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|
59 |
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|
|
569 |
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Preventative maintenance |
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|
3,695 |
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|
|
1,005 |
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|
|
4,700 |
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Breakdown expenses |
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|
283 |
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|
|
248 |
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|
531 |
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Utility expense |
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|
4,398 |
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|
146 |
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|
4,544 |
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Royalties, transportation, gathering and production fuel |
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|
7,581 |
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|
456 |
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|
8,037 |
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Depreciation, depletion and amortization |
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|
7,088 |
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|
|
1,213 |
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|
|
8,301 |
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Impairment |
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|
308 |
|
|
|
135 |
|
|
|
443 |
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Other operating expenses (2) |
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|
614 |
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|
|
871 |
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|
1,485 |
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Operating segment expenses |
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$ |
29,330 |
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|
$ |
6,288 |
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$ |
35,618 |
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Corporate and other operating expenses (3) |
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12,409 |
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Total consolidated operating expenses |
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$ |
48,027 |
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Operating segment income (loss) |
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$ |
8,745 |
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|
$ |
(2,171 |
) |
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$ |
6,574 |
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Corporate and other operating loss |
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(8,173 |
) |
Total consolidated operating loss |
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$ |
(1,599 |
) |
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Operating segment other (income) expenses |
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$ |
(3 |
) |
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$ |
14 |
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$ |
11 |
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Corporate and other income (4) |
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(1,317 |
) |
Total consolidated other income |
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$ |
(1,306 |
) |
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Operating segment income (loss) before income taxes |
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$ |
8,748 |
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|
$ |
(2,185 |
) |
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$ |
6,563 |
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Corporate and other loss before income taxes |
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(6,856 |
) |
Total consolidated loss before income taxes |
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$ |
(293 |
) |
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Operating segment assets |
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$ |
192,876 |
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|
$ |
226,298 |
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$ |
419,174 |
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Corporate and other assets |
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|
48,606 |
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Total consolidated assets |
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$ |
467,780 |
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Operating segment capital expenditures |
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$ |
2,569 |
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$ |
28,249 |
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$ |
30,818 |
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Corporate and other capital expenditures |
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|
49 |
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Total consolidated capital expenditures |
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$ |
30,867 |
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(1) Significant expenses regularly reviewed by the CODM. (2) The majority of other operating expenses for RNG and REG are consumables, rent, environmental compliance and general and administrative expenses. (3) The majority of operating expenses for Corporate and other are payroll and related expenses of $4,450, insurance of $1,070 and professional and IT fees of $1,717. (4) The majority of other expense (income) for Corporate and other are interest expense of $1,335 and income from equity investment of ($3,320).
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Three months ended March 31, 2025 |
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RNG |
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REG |
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Total |
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Operating segment revenue |
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$ |
38,451 |
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|
$ |
4,152 |
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$ |
42,603 |
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Corporate and other revenue |
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|
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|
- |
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Total consolidated revenue |
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$ |
42,603 |
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|
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Less (1) |
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|
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Payroll and related expenses |
|
|
2,410 |
|
|
|
683 |
|
|
|
3,093 |
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Wellfield operating and maintenance |
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|
1,655 |
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|
717 |
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|
2,372 |
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Plant expense |
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|
619 |
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|
326 |
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|
|
945 |
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Waste disposal |
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|
570 |
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|
14 |
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|
584 |
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Preventative maintenance |
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|
3,550 |
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|
|
609 |
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|
4,159 |
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Breakdown expenses |
|
|
445 |
|
|
|
448 |
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|
|
893 |
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Utility expense |
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|
3,926 |
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|
|
113 |
|
|
|
4,039 |
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Royalties, transportation, gathering and production fuel |
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|
7,114 |
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|
|
457 |
|
|
|
7,571 |
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Depreciation, depletion and amortization |
|
|
4,900 |
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|
1,310 |
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|
6,210 |
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Impairment |
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|
1,993 |
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|
54 |
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|
2,047 |
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Other operating expenses (2) |
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|
900 |
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|
|
442 |
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|
1,342 |
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Operating segment expenses |
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$ |
28,082 |
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|
$ |
5,173 |
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$ |
33,255 |
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Corporate and other operating expenses (3) |
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8,938 |
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Total consolidated operating expenses |
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$ |
42,193 |
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Operating segment income (loss) |
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$ |
10,369 |
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|
$ |
(1,021 |
) |
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$ |
9,348 |
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Corporate and other operating loss |
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(8,938 |
) |
Total consolidated operating income |
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$ |
410 |
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Operating segment other expenses |
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$ |
8 |
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$ |
9 |
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$ |
17 |
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Corporate and other expenses (4) |
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|
1,174 |
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Total consolidated other expenses |
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$ |
1,191 |
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Operating segment income (loss) before income taxes |
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$ |
10,361 |
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|
$ |
(1,030 |
) |
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$ |
9,331 |
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Corporate and other loss before income taxes |
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(10,112 |
) |
Total consolidated loss before income taxes |
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$ |
(781 |
) |
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Operating segment assets |
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$ |
188,732 |
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$ |
115,729 |
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$ |
304,461 |
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Corporate and other assets |
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|
49,765 |
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Total consolidated assets |
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$ |
354,226 |
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Operating segment capital expenditures |
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$ |
7,568 |
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|
$ |
3,983 |
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|
$ |
11,551 |
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Corporate and other capital expenditures |
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|
81 |
|
Total consolidated capital expenditures |
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|
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$ |
11,632 |
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(1) Significant expenses regularly reviewed by the CODM. (2) The majority of other operating expenses for RNG and REG are consumables, rent, environmental compliance and general and administrative expenses. (3) The majority of operating expenses for Corporate and other are payroll and related expenses of $5,158, insurance of $1,330 and professional and IT fees of $1,360. (4) The majority of other expense (income) for Corporate and other is interest expense of $1,243. For both the three months ended March 31, 2026 and 2025, three customers made up greater than 10% of total revenues.
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Three months ended March 31, 2026 |
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RNG |
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REG |
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Corporate |
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Total |
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Customer A |
|
|
26.8 |
% |
|
|
— |
|
|
|
— |
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|
|
26.8 |
% |
Customer B |
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|
15.7 |
% |
|
|
— |
|
|
|
— |
|
|
|
15.7 |
% |
Customer C |
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|
13.1 |
% |
|
|
— |
|
|
|
— |
|
|
|
13.1 |
% |
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|
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|
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Three months ended March 31, 2025 |
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RNG |
|
|
REG |
|
|
Corporate |
|
|
Total |
|
Customer A |
|
|
19.1 |
% |
|
|
— |
|
|
|
— |
|
|
|
19.1 |
% |
Customer B |
|
|
13.4 |
% |
|
|
— |
|
|
|
— |
|
|
|
13.4 |
% |
Customer C |
|
|
10.9 |
% |
|
|
— |
|
|
|
— |
|
|
|
10.9 |
% |
|