Segments

3 Months Ended

Mar. 31, 2024

Segments [Abstract]

SEGMENTS

2. SEGMENTS.

The Company reports its financial and operating performance in three segments: (1) Pekin Campus production, which includes the production and sale of alcohols and essential ingredients produced at the Company’s Pekin, Illinois campus (2) marketing and distribution, which includes marketing and merchant trading for Company-produced alcohols and essential ingredients on an aggregated basis, and sales of fuel-grade ethanol sourced from third parties, and (3) Western production, which includes the production and sale of fuel-grade ethanol and essential ingredients produced at the Company’s two western production facilities on an aggregated basis, neither of which are individually so significant to be considered a separately reportable segment.

The following tables set forth certain financial data for the Company’s operating segments (in thousands):

	Three Months Ended March 31,
	2024			2023
Net Sales
Pekin Campus production, recorded as gross:
Alcohol sales	$	108,350		$	132,381
Essential ingredient sales		46,709			63,631
Intersegment sales		321			313
Total Pekin Campus sales		155,380			196,325
Marketing and distribution:
Alcohol sales, gross	$	54,431		$	84,381
Alcohol sales, net		34			114
Intersegment sales		2,752			2,843
Total marketing and distribution sales		57,217			87,338
Western production, recorded as gross:
Alcohol sales	$	20,231		$	20,932
Essential ingredient sales		7,826			8,353
Intersegment sales		—			1
Total Western production sales		28,057			29,286
Corporate and other		3,048			4,099
Intersegment eliminations		(3,073	)		(3,157	)
Net sales as reported	$	240,629		$	313,891
Cost of goods sold:
Pekin Campus production	$	151,112		$	198,178
Marketing and distribution		53,685			83,126
Western production		36,517			33,982
Corporate and other		2,794			2,369
Intersegment eliminations		(1,079	)		(600	)
Cost of goods sold as reported	$	243,029		$	317,055
Gross profit (loss):
Pekin Campus production	$	4,268		$	(1,853	)
Marketing and distribution		3,532			4,212
Western production		(8,460	)		(4,696	)
Corporate and other		254			1,730
Intersegment eliminations		(1,994	)		(2,557	)
Gross loss as reported	$	(2,400	)	$	(3,164	)
Loss before provision for income taxes:
Pekin Campus production	$	108		$	(5,117	)
Marketing and distribution		1,305			2,010
Western production		(10,976	)		(5,698	)
Corporate and other		(2,162	)		(4,361	)
	$	(11,725	)	$	(13,166	)
Depreciation and amortization expense:
Pekin Campus production	$	5,035		$	4,819
Western production		465			1,009
Corporate and other		228			227
	$	5,728		$	6,055
Interest expense, net of capitalized interest:
Pekin Campus production	$	261		$	(485	)
Marketing and distribution		96			494
Western production		630			(354	)
Corporate and other		647			1,910
	$	1,634		$	1,565

The following table sets forth the Company’s total assets by operating segment (in thousands): 

	March 31, 2024		December 31, 2023
Total assets:
Pekin Campus production	$	250,773	$	251,048
Marketing and distribution		92,747		101,196
Western production		52,755		57,533
Corporate and other		38,360		44,464
	$	434,635	$	454,241