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. During the first nine months of 2026, we recognized Section 45Z PTC income upon the sale of ethanol. The following table lists the California Ethanol segment revenues:

California Dairy Renewable Natural Gas Revenues: Our RNG production facilities as of  September 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 RNG 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 RNG. In September 2026, regulatory updates to the Section 45ZCF-GREET model decreased the Company's emissions rate, resulting in an increase in the Section 45Z PTCs associated with RNG sales. Accordingly, we recorded a cumulative true-up adjustment of approximately $11.0 million related to the period January 1, 2026 through June 30, 2026, which was recognized in PTC income in the third quarter of 2026. The following table lists RNG segment revenues:

India Biodiesel Revenues: We sell biodiesel to the government-owned India Oil Market Companies ("OMCs") 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:

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  September 30, 2026 and  December 31, 2025, were $4.4 million and $0.5 million, respectively. As of  September 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  September 30, 2026.