v3.26.1
Note 7 - Revenue and Accounts Receivable
 6 Months Ended
Jun. 30, 2026
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 for ethanol 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. In the first six months of 2026, we recognized Section 45Z PTC income upon production of eligible ethanol. The following table lists the California Ethanol segment revenues:

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Ethanol sales

 

 $

34,037

 

 

 $

27,724

 

 

 $

61,160

 

 

 $

55,783

 

WDG sales

 

 

9,720

 

 

 

7,828

 

 

 

17,400

 

 

 

15,828

 

Other sales

 

 

2,623

 

 

 

1,736

 

 

 

4,051

 

 

 

3,425

 

Total revenue from contracts with customers

 

 

46,380

 

 

 

37,288

 

 

 

82,611

 

 

 

75,036

 

PTC income

 

 

6,485

 

 

 

-

 

 

 

9,080

 

 

 

-

 

Total revenue

 

 $

52,865

 

 

 $

37,288

 

 

 $

91,691

 

 

 $

75,036

 

 

California Dairy Renewable Natural Gas Revenues: Our RNG production facilities as of  June 30, 2026, include twelve anaerobic digesters that produce biogas from manure waste received from fifteen dairies, a 36-mile biogas collection pipeline leading from the dairy digesters 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 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. We recognize Section 45Z PTC income upon dispensing of eligible RNG. The following table lists RNG segment revenues:

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Gas sales

 

 $

222

 

 

 $

292

 

 

 $

439

 

 

 $

551

 

LCFS credit sales

 

 

1,807

 

 

 

773

 

 

 

3,470

 

 

 

1,933

 

RIN sales

 

 

3,210

 

 

 

1,986

 

 

 

5,141

 

 

 

3,010

 

Total revenue from contracts with customers

 

 

5,239

 

 

 

3,051

 

 

 

9,050

 

 

 

5,494

 

PTC income

 

 

2,086

 

 

 

-

 

 

 

3,529

 

 

 

-

 

Total revenue

 

 $

7,325

 

 

 $

3,051

 

 

 $

12,579

 

 

 $

5,494

 

 

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 June 30,

 

 

For the six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Biodiesel sales

 

 $

1,404

 

 

 $

9,541

 

 

 $

10,937

 

 

 $

9,541

 

Other sales

 

 

1,106

 

 

 

2,363

 

 

 

2,112

 

 

 

5,058

 

Total revenue

 

 $

2,510

 

 

 $

11,904

 

 

 $

13,049

 

 

 $

14,599

 

 

Across all segments, revenue is recognized at the point in time when performance obligations have been met. Accounts receivable for all segments represent invoicing 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, was $1.8 million, and the closing balances as of  June 30, 2026 and  December 31, 2025, were $2.3 million and $0.5 million, respectively. As of  June 30, 2026 and  December 31, 2025, the allowance for credit losses on trade receivables, for all segments was $72.4 thousand and $385.0 thousand, respectively. There were no liabilities for unearned revenue for any segment as of  June 30, 2026.