v3.26.3
Note 13 - Segment Information
 9 Months Ended
Sep. 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 nine months ended September 30, 2026 and 2025: 

 

 

 

For the three months ended September 30, 2026

 

 

 

California Ethanol

 

 

California Dairy Renewable Natural Gas

 

 

India Biodiesel

 

 

All Other

 

 

Total

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Revenues

 

$

53,804

 

 

$

25,923

 

 

$

8,426

 

 

$

-

 

 

$

88,153

 

Gross profit

 

 

7,444

 

 

 

20,639

 

 

 

1,390

 

 

 

-

 

 

 

29,473

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Net income (loss)

 

 

(3,826

)

 

 

16,782

 

 

 

671

 

 

 

(8,416

)

 

 

5,211

 

Interest and debt amortization expense

 

 

9,416

 

 

 

1,066

 

 

 

169

 

 

 

3,897

 

 

 

14,548

 

Depreciation and amortization

 

 

1,112

 

 

 

1,216

 

 

 

181

 

 

 

72

 

 

 

2,581

 

Accretion and other expenses of Series A preferred units

 

 

-

 

 

 

1,216

 

 

 

-

 

 

 

-

 

 

 

1,216

 

Bad debt expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

38

 

 

 

38

 

Income tax expense (benefit)

 

 

-

 

 

 

-

 

 

 

2

 

 

 

-

 

 

 

2

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,193

 

 

 

1,193

 

EBITDA

 

$

6,702

 

 

$

20,280

 

 

$

1,023

 

 

$

(3,216

)

 

$

24,789

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Capital expenditures

 

$

8,234

 

 

$

11,640

 

 

$

19

 

 

$

331

 

 

$

20,224

 

Total assets as of September 30, 2026

 

$

85,387

 

 

$

148,547

 

 

$

23,268

 

 

$

54,793

 

 

$

311,995

 

Allocation of corporate overhead expense to segments

 

$

3,054

 

 

$

3,435

 

 

$

382

 

 

$

(6,871

)

 

$

-

 

 

 

 

For the three months ended September 30, 2025

 

 

 

California Ethanol

 

 

California Dairy Renewable Natural Gas

 

 

India Biodiesel

 

 

All Other

 

 

Total

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Revenues

 

$

40,726

 

 

$

3,996

 

 

$

14,468

 

 

$

-

 

 

$

59,190

 

Gross profit (loss)

 

 

(1,432

)

 

 

1,300

 

 

 

74

 

 

 

-

 

 

 

(58

)

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

-

 

Net loss

 

 

(11,596

)

 

 

(3,542

)

 

 

(624

)

 

 

(7,985

)

 

 

(23,747

)

Interest expense including amortization of debt fees

 

 

8,565

 

 

 

939

 

 

 

25

 

 

 

3,421

 

 

 

12,950

 

Accretion and other expenses of Series A preferred units

 

 

-

 

 

 

2,034

 

 

 

-

 

 

 

-

 

 

 

2,034

 

Income tax expense (benefit)

 

 

-

 

 

 

6

 

 

 

-

 

 

 

-

 

 

 

6

 

Depreciation

 

 

1,024

 

 

 

1,007

 

 

 

198

 

 

 

97

 

 

 

2,326

 

Gain on asset disposal

 

 

-

 

 

 

-

 

 

 

(4

)

 

 

-

 

 

 

(4

)

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,385

 

 

 

1,385

 

Other amortization

 

 

12

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12

 

EBITDA

 

$

(1,995

)

 

$

444

 

 

$

(405

)

 

$

(3,082

)

 

$

(5,038

)

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Capital expenditures

 

$

235

 

 

$

3,330

 

 

$

214

 

 

$

312

 

 

$

4,091

 

Total assets as of September 30, 2025

 

$

54,703

 

 

$

129,932

 

 

$

20,821

 

 

$

35,663

 

 

$

241,119

 

Allocation of corporate overhead expense to segments

 

$

2,945

 

 

$

3,313

 

 

$

368

 

 

$

(6,626

)

 

$

-

 

 

 

 

For the nine months ended September 30, 2026

 

 

 

California Ethanol

 

 

California Dairy Renewable Natural Gas

 

 

India Biodiesel

 

 

All Other

 

 

Total

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Revenues

 

$

145,494

 

 

$

38,503

 

 

$

21,475

 

 

$

-

 

 

$

205,472

 

Gross profit

 

 

16,874

 

 

 

26,703

 

 

 

2,167

 

 

 

-

 

 

 

45,744

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

-

 

Net income (loss)

 

 

(15,032

)

 

 

14,471

 

 

 

255

 

 

 

(25,563

)

 

 

(25,869

)

Interest and debt amortization expense

 

 

27,237

 

 

 

3,354

 

 

 

287

 

 

 

11,709

 

 

 

42,587

 

Depreciation and amortization

 

 

3,241

 

 

 

3,652

 

 

 

554

 

 

 

214

 

 

 

7,661

 

Accretion and other expenses of Series A preferred units

 

 

-

 

 

 

4,338

 

 

 

-

 

 

 

-

 

 

 

4,338

 

Bad debt expense

 

 

72

 

 

 

-

 

 

 

-

 

 

 

329

 

 

 

401

 

Income tax expense (benefit)

 

 

-

 

 

 

10

 

 

 

(153

)

 

 

14

 

 

 

(129

)

Loss on sale/disposal of assets

 

 

-

 

 

 

20

 

 

 

88

 

 

 

-

 

 

 

108

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,018

 

 

 

4,018

 

Stock issued for services

 

 

-

 

 

 

-

 

 

 

-

 

 

 

50

 

 

 

50

 

EBITDA

 

$

15,518

 

 

$

25,845

 

 

$

1,031

 

 

$

(9,229

)

 

$

33,165

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Capital expenditures

 

$

17,107

 

 

$

17,383

 

 

$

130

 

 

$

687

 

 

$

35,307

 

Total assets as of September 30, 2026

 

$

85,387

 

 

$

148,547

 

 

$

23,268

 

 

$

54,793

 

 

$

311,995

 

Allocation of corporate overhead expense to segments

 

$

9,465

 

 

$

10,648

 

 

$

1,183

 

 

$

(21,296

)

 

$

-

 

 

 

 

For the nine months ended September 30, 2025

 

 

 

California Ethanol

 

 

California Dairy Renewable Natural Gas

 

 

India Biodiesel

 

 

All Other

 

 

Total

 

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Revenues

 

$

115,762

 

 

$

9,490

 

 

$

29,067

 

 

$

-

 

 

$

154,319

 

Gross profit (loss)

 

 

(10,176

)

 

 

2,460

 

 

 

(777

)

 

 

-

 

 

 

(8,493

)

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Net loss

 

 

(39,117

)

 

 

(5,313

)

 

 

(2,922

)

 

 

(24,319

)

 

 

(71,671

)

Interest expense including amortization of debt fees

 

 

25,027

 

 

 

2,826

 

 

 

772

 

 

 

10,348

 

 

 

38,973

 

Accretion and other expenses of Series A preferred units

 

 

-

 

 

 

6,345

 

 

 

-

 

 

 

-

 

 

 

6,345

 

Income tax expense (benefit)

 

 

1

 

 

 

(6,989

)

 

 

(329

)

 

 

11

 

 

 

(7,306

)

Depreciation

 

 

3,200

 

 

 

3,028

 

 

 

579

 

 

 

226

 

 

 

7,033

 

Gain on asset disposals

 

 

-

 

 

 

-

 

 

 

(4

)

 

 

-

 

 

 

(4

)

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,976

 

 

 

4,976

 

Stock issued for services

 

 

-

 

 

 

-

 

 

 

-

 

 

 

150

 

 

 

150

 

Other amortization

 

 

35

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

35

 

EBITDA

 

$

(10,854

)

 

$

(103

)

 

$

(1,904

)

 

$

(8,608

)

 

$

(21,469

)

 

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Capital expenditures

 

$

617

 

 

$

7,423

 

 

$

653

 

 

$

748

 

 

$

9,441

 

Total assets as of September 30, 2025

 

$

54,703

 

 

$

129,932

 

 

$

20,821

 

 

$

35,663

 

 

$

241,119

 

Allocation of corporate overhead expense to segments

 

$

7,574

 

 

$

11,028

 

 

$

1,911

 

 

$

(20,513

)

 

$

-

 

 

 

California Ethanol: Sales of ethanol, WDG, and corn oil to one customer (J.D. Heiskell) accounted for 90.9% and 99.5% of our California Ethanol segment revenues for the three months ended  September 30, 2026 and 2025, respectively. J.D. Heiskell accounted for 90.1% and 99.4% of our California Ethanol Segment sales for the nine months ended  September 30, 2026 and 2025, respectively.

 

California Dairy Renewable Natural Gas: Sales of RNG during the three and nine months ended  September 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  September 30, 2026, two customers accounted for 11%, and 58% of our India Biodiesel segment's revenues. For the nine months ended  September 30, 2026, three customers accounted for 16%, 17%, and 46% of our India Biodiesel segment's revenues. For the three months ended  September 30, 2025, three customers accounted for 26%, 28%, and 42% of the segment's revenues. For the nine months ended  September 30, 2025, four customers accounted for 14%, 23%, 23%, and 35% of the segment's revenues.