AEMETIS, INC Segments Disclosure

13. Segment Information

 

Aemetis recognizes three reportable segments “California Ethanol,” “California Dairy Renewable Natural Gas,” and “India Biodiesel.”  

 

The “California Ethanol” reportable segment includes our 65 million gallon per year ethanol plant in Keyes, California, and the adjacent land leased for the production of CO₂.

 

The “California Dairy Renewable Natural Gas” reportable segment includes the production and sale of Renewable Natural Gas and associated environmental attributes. It consists of anaerobic digesters located at dairies, a 36 mile biogas collection pipeline, a biogas upgrading hub that produces Renewable Natural Gas from biogas, a pipeline interconnect, and ongoing construction of additional digesters.

 

The “India Biodiesel” reportable segment includes our 80 million gallon per year biodiesel manufacturing plant in Kakinada India, and administrative offices in Hyderabad, India.

 

We have additional operating segments that we have determined to not be separately reportable segments, including our key projects under development which consists of sustainable aviation fuel and renewable diesel production in Riverbank and Carbon Capture and Underground Sequestration wells in California.  Additionally, our corporate offices, Goodland Plant in Kansas, Riverbank Industrial Complex management, and our research and development facility in Minnesota are included in the “All Other” category.

 

For all segments, our Chief Executive Officer is the Chief Operating Decision Maker ("CODM"). The CODM uses EBITDA to assess segment performance, as calculated in the tables below. The CODM manages and allocates resources to the operations of each segment. This enables the CEO to assess our overall level of available resources and determine how best to deploy these resources for capital expenditures and other strategic opportunities that are in line with our long-term strategic goals. The CODM is regularly provided with consolidated revenues and expense information or forecasted expense information for the applicable reportable segments. The CODM does not review total assets by segment for purposes of assessing segment performance and these are not included in the tables below. The CODM assesses segment operation levels and allocates operating expenses accordingly to each segment, as indicated in the totals below.

 

The following tables summarize financial information by reportable segment for the years ended December 31, 2025 and 2024:

 

		For the year ended December 31, 2025
		California Ethanol				California Dairy Renewable Natural Gas				India Biodiesel				All other				Total
Revenues from external customers		$	153,234			$	14,730			$	29,662			$	-			$	197,626
Production Tax Credits			5,112				5,243				-				-				10,355
Gross profit (loss)			(9,658	)			9,626				(736	)			-				(768	)
Net Income (Loss)			(48,894	)			6,864				(2,758	)			(32,213	)			(77,001	)
Interest expense including amortization of debt fees			33,744				3,988				771				14,409				52,912
Depreciation and amortization			4,292				4,250				782				301				9,625
Bad debt expense			-				385				-								385
Impairment of intangible asset			43				-				-				-				43
Accretion and other expenses of Series A preferred units			-				8,226				-				-				8,226
Stock-based compensation expense			-				-				-				5,771				5,771
Stock issued for services			-				-				-				200				200
Gain on extinguishment of liability			-				-				(1,007	)			-				(1,007	)
Gain on asset disposals			-				-				(4	)			-				(4	)
ITC credits monetized (reported within Income tax expense (benefit)			-				(18,034	)			-				-				(18,034	)
Income tax expense (benefit)			-				10				(734	)			11				(713	)
EBITDA			(10,815	)			5,689				(2,950	)			(11,521	)			(19,597	)
Capital expenditures			14,964				8,906				741				1,391				26,002
Total assets			71,861				113,643				21,486				52,851				259,841
Allocation of corporate overhead expenses to segments			(10,619	)			(14,454	)			(2,292	)			27,365				-

 

		For the year ended December 31, 2024
		California Ethanol				California Dairy Renewable Natural Gas				India Biodiesel				All other				Total
Revenues from external customers		$	161,756			$	13,037			$	92,847			$	-			$	267,640
Gross profit (loss)			(13,792	)			5,395				7,817				-				(580	)
Net Income (Loss)			(50,874	)			(9,101	)			4,348				(31,910	)			(87,537	)
Interest expense including amortization of debt fees			31,159				3,045				1,108				11,309				46,621
Depreciation and amortization			4,257				3,079				818				233				8,387
Accretion and other expenses of Series A preferred units			-				12,698				-				-				12,698
Stock-based compensation expense			-				-				-				8,314				8,314
Gain on extinguishment of debt			(162	)			-				-				-				(162	)
Loss on asset disposals			3,702				-				-				-				3,702
ITC credits monetized (reported within Income tax expense (benefit)			(4,150	)			(8,124	)			-				-				(12,274	)
Income tax expense (benefit)			-				9				1,426				7				1,442
EBITDA			(16,068	)			1,606				7,700				(12,047	)			(18,809	)
Capital expenditures			1,399				15,376				1,506				1,973				20,254
Total assets			56,628				112,441				37,587				52,646				259,302
Allocation of overhead expenses			(4,397	)			(17,650	)			(2,889	)			24,936				-

 

California Ethanol: Sales of ethanol, WDG, and corn oil to one customer (J.D. Heiskell) accounted for 99% and 98% of our California Ethanol segment revenues for the years ended December 31, 2025 and 2024, respectively. 

 

California Dairy Renewable Natural Gas: Sales of renewable natural gas during the years ended  December 31, 2025 and 2024, were from sales to a single customer. We sold D3 RINs, LCFS credits, and PTCs to three other customers.  

 

India Biodiesel: During the year ended  December 31, 2025, three biodiesel customers accounted for 34%, 23%, and 23% of our India Biodiesel segment revenues. During the year ended  December 31, 2024, three biodiesel customers accounted for 40%, 32% and 21% of our India Biodiesel segment revenues.