v3.26.1
Note 13 - Segment Information
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Segment Reporting [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 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 CCUS wells in California. Additionally, the Goodland Plant, our Riverbank Industrial Complex management, and corporate expenses are included in the “All Other” category. 

 

The following tables summarize financial information by reportable segment for the three and six months ended June 30, 2026 and 2025: 

 

 

 

For the three months ended June 30, 2026

 

 

 

California Ethanol

 

 

California Dairy Renewable Natural Gas

 

 

India Biodiesel

 

 

All Other

 

 

Total

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Revenues

 

$

52,865

 

 

$

7,325

 

 

$

2,510

 

 

$

-

 

 

$

62,700

 

Gross profit

 

 

8,859

 

 

 

3,989

 

 

 

667

 

 

 

-

 

 

 

13,515

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Net income (loss)

 

 

(1,500

)

 

 

(190

)

 

 

42

 

 

 

(7,719

)

 

 

(9,367

)

Interest and debt amortization expense

 

 

8,856

 

 

 

1,134

 

 

 

-

 

 

 

3,675

 

 

 

13,665

 

Depreciation and amortization

 

 

1,073

 

 

 

1,216

 

 

 

184

 

 

 

72

 

 

 

2,545

 

Accretion and other expenses of Series A preferred units

 

 

-

 

 

 

1,509

 

 

 

-

 

 

 

-

 

 

 

1,509

 

Bad debt expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

87

 

 

 

87

 

Loss on sale/disposal of assets

 

 

-

 

 

 

20

 

 

 

86

 

 

 

-

 

 

 

106

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,121

 

 

 

1,121

 

EBITDA

 

$

8,429

 

 

$

3,689

 

 

$

312

 

 

$

(2,764

)

 

$

9,666

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Capital expenditures

 

$

5,519

 

 

$

2,591

 

 

$

99

 

 

$

325

 

 

$

8,535

 

Total assets as of June 30, 2026

 

$

83,929

 

 

$

129,528

 

 

$

22,257

 

 

$

53,465

 

 

$

289,179

 

Allocation of corporate overhead expense to segments

 

$

2,968

 

 

$

3,340

 

 

$

371

 

 

$

(6,679

)

 

$

-

 

 

 

 

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 (benefit)

 

 

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

 

Total assets as of June 30, 2025

 

$

53,230

 

 

$

124,099

 

 

$

25,462

 

 

$

37,225

 

 

$

240,016

 

Allocation of corporate overhead expense to segments

 

$

1,945

 

 

$

3,241

 

 

$

648

 

 

$

(5,834

)

 

$

-

 

 

 

 

 

For the six months ended June 30, 2026

 

 

 

California Ethanol

 

 

California Dairy Renewable Natural Gas

 

 

India Biodiesel

 

 

All other

 

 

Total

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Revenues

 

$

91,691

 

 

$

12,579

 

 

$

13,049

 

 

$

-

 

 

$

117,319

 

Gross profit

 

 

9,431

 

 

 

6,063

 

 

 

777

 

 

 

-

 

 

 

16,271

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

-

 

Net loss

 

 

(11,202

)

 

 

(2,312

)

 

 

(418

)

 

 

(17,148

)

 

 

(31,080

)

Interest and debt amortization expense

 

 

17,819

 

 

 

2,288

 

 

 

119

 

 

 

7,813

 

 

 

28,039

 

Depreciation and amortization

 

 

2,129

 

 

 

2,435

 

 

 

374

 

 

 

142

 

 

 

5,080

 

Accretion and other expenses of Series A preferred units

 

 

-

 

 

 

3,122

 

 

 

-

 

 

 

-

 

 

 

3,122

 

Bad debt expense

 

 

72

 

 

 

-

 

 

 

-

 

 

 

291

 

 

 

363

 

Income tax expense (benefit)

 

 

-

 

 

 

10

 

 

 

(155

)

 

 

14

 

 

 

(131

)

Loss on sale/disposal of assets

 

 

-

 

 

 

20

 

 

 

88

 

 

 

-

 

 

 

108

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,825

 

 

 

2,825

 

Stock issued for services

 

 

-

 

 

 

-

 

 

 

-

 

 

 

50

 

 

 

50

 

EBITDA

 

$

8,818

 

 

$

5,563

 

 

$

8

 

 

$

(6,013

)

 

$

8,376

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Capital expenditures

 

$

8,873

 

 

$

5,743

 

 

$

110

 

 

$

356

 

 

$

15,083

 

Total assets as of June 30, 2026

 

$

83,929

 

 

$

129,528

 

 

$

22,257

 

 

$

53,465

 

 

$

289,179

 

Allocation of corporate overhead expense to segments

 

$

6,411

 

 

$

7,213

 

 

$

801

 

 

$

(14,425

)

 

$

-

 

 

 

 

For the six months ended June 30, 2025

 

 

 

California Ethanol

 

 

California Dairy Renewable Natural Gas

 

 

India Biodiesel

 

 

All other

 

 

Total

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Revenues from external customers

 

$

75,036

 

 

$

5,494

 

 

$

14,599

 

 

$

-

 

 

$

95,129

 

Gross profit (loss)

 

 

(8,744

)

 

 

1,160

 

 

 

(851

)

 

 

-

 

 

 

(8,435

)

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Net 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

 

Allocation of corporate overhead expense to segments

 

$

4,629

 

 

$

7,715

 

 

$

1,543

 

 

$

(13,887

)

 

$

-

 

 

 

California Ethanol: Sales of ethanol, WDG, and corn oil to one customer (J.D. Heiskell) accounted for 87.4% and 99.4% of our California Ethanol segment revenues for the three months ended  June 30, 2026 and 2025, respectively. J.D. Heiskell accounted for 89.7% and 99.4% of our California Ethanol Segment sales for the six months ended  June 30, 2026 and 2025, respectively.

 

California Dairy Renewable Natural Gas: Sales of RNG during the three and six months ended  June 30, 2026 and 2025, 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, 2026, three customers accounted for 23%, 25%, and 36% of our India Biodiesel segment's revenues. For the six months ended  June 30, 2026, three customers accounted for 19%, 23%, and 38% of our India Biodiesel segment's revenues. For the three months ended  June 30, 2025, four customers accounted for 16%, 23%, 25%, and 34% of the segment's revenues. For the six months ended  June 30, 2025, four customers for 19%, 20%, 26%, and 28% of the segment's revenues.