AMTX Aemetis Inc

Delaware		001-36475		26-1407544
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001	AMTX	NASDAQ Stock Market

EXHIBIT NUMBER		DESCRIPTION
Exhibit 99.1		Earnings Release dated May 9, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	AEMETIS, INC.
	By:	/s/ Eric A. McAfee
	Name:	Eric A. McAfee
	Title:	Chief Executive Officer
May 9, 2024		(Principal Executive Officer)

Exhibit 99.1

 

 

External Investor Relations Contact: Kirin Smith PCG Advisory Group (646) 863-6519 ksmith@pcgadvisory.com

Company Investor Relations/ Media Contact: Todd Waltz  (408) 213-0940 investors@aemetis.com

Aemetis Reports First Quarter 2024 Financial Results

 

CUPERTINO, Calif. – May 9, 2024 - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products that replace fossil fuels, today announced its financial results for the three months ended March 31, 2024.

 

“Revenues during the first quarter of 2024 of $72.6 million reflect strong execution by all three of our operating segments with revenues of $36.1 million from California Ethanol, $32.7 million from India Biodiesel and $3.8 million from Dairy Renewable Natural Gas. The India Biodiesel and Dairy Renewable Natural Gas segments generated positive EBITDA and the ethanol business trended positively as winter ended,” said Todd Waltz, Chief Financial Officer of Aemetis.  “The first sale of Low Carbon Fuel Standard (LCFS) credits by the Dairy RNG business during the quarter marks an important cash flow milestone, since we are now generating revenues from sales of RNG fuel, California LCFS credits, and federal Renewable Fuel Standard environmental attributes. We look forward to substantial additional revenues when we receive the LCFS provisional pathway approvals that are expected to approximately double our LCFS revenues and receive the federal Inflation Reduction Act Section 45Z production tax credits beginning in January 2025,” added Waltz.

 

“Complementing the revenue growth in our operating businesses, our Riverbank Sustainable Aviation Fuel project received the final Authority to Construct air permits during the quarter for a 78 million gallon per year SAF production facility to supply fuel for the aviation market,” said Eric McAfee, Chairman and CEO of Aemetis.  “We received approval by the federal government for $200 million of new EB-5 funding from foreign investors at about a 3% interest rate for subordinated debt capital to support the construction and operation of the dairy RNG, SAF and CO2 sequestration businesses.”

 

We invite investors to review the Aemetis Corporate Presentation on the Aemetis home page prior to the earnings call.

 

Today, Aemetis will host an earnings review call at 11:00 a.m. Pacific time (PT).

 

Live Participant Dial In (Toll Free): +1-888-506-0062 entry code 893234
Live Participant Dial In (International): +1-973-528-0011 entry code 893234

 

Webcast URL:  https://www.webcaster4.com/Webcast/Page/2211/50500

 

For details on the call, please visit http://www.aemetis.com/investors/conference-calls/

 

Financial Results for the Three Months Ended March 31, 2024

 

Revenues during the first quarter of 2024 were $72.6 million compared to $2.2 million for the first quarter of 2023. Our Keyes plant returned to full operations after completing its extended maintenance cycle during the first quarter of 2023. Our Dairy Natural Gas segment produced 60,300 MMBtu from eight operating dairy digesters, sold its first LCFS credits and reported $3.8 million of revenue. Our India Biodiesel recognized $32.7 million of revenue primarily from sales to the India Oil Marketing Companies.

 

Gross loss for the first quarter of 2024 was $0.6 million, compared to a $1.3 million loss during the first quarter of 2023.

 

Selling, general and administrative expenses decreased to $8.9 million during the first quarter of 2024 from $10.8 million during the same period in 2023, driven primarily by fixed costs of goods sold charged to selling, general and administrative due to the extended maintenance during the first quarter of 2023.

 

Operating loss was $9.5 million for the first quarter of 2024, compared to operating loss of $12.1 million for the same period in 2023.

 

Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased to $10.5 million during the first quarter of 2024 compared to $9.0 million during the first quarter of 2023. Additionally, Aemetis Biogas recognized $3.3 million of accretion of Series A preferred units during the first quarter of 2024 compared to $5.6 million during the first quarter of 2023.

 

Net loss was $24.2 million for the first quarter of 2024, compared to net loss of $26.4 million for the first quarter of 2023.

 

Cash at the end of the first quarter of 2024 was $1.6 million compared to $2.7 million at the close of the fourth quarter of 2023. We recorded investments in capital projects related to the reduction of the carbon intensity of Aemetis ethanol and construction of dairy digesters of $3.6 million for the first quarter of 2024.

 

About Aemetis

 

Headquartered in Cupertino, California, Aemetis is a renewable natural gas, renewable fuel and biochemicals company focused on the operation, acquisition, development and commercialization of innovative technologies that replace petroleum-based products and reduce greenhouse gas emissions. Founded in 2006, Aemetis is operating and actively expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates a 60 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India and Europe. Aemetis is developing the sustainable aviation fuel (SAF) and renewable diesel fuel biorefinery in California to utilize renewable hydrogen, hydroelectric power, and renewable oils to produce low carbon intensity renewable jet and diesel fuel. For additional information about Aemetis, please visit www.aemetis.com. 

 

NON-GAAP FINANCIAL INFORMATION

 

We have provided non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying supplemental data. Adjusted EBITDA is defined as net income/(loss) plus (to the extent deducted in calculating such net income) interest expense, income tax expense, intangible and other amortization expense, accretion expense, depreciation expense, and share-based compensation expense.

 

Adjusted EBITDA is not calculated in accordance with GAAP and should not be considered as an alternative to net income/(loss), operating income or any other performance measures derived in accordance with GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is a useful performance measure that is widely used within the industry in which we operate. In addition, management uses Adjusted EBITDA for reviewing financial results and for budgeting and planning purposes. EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison.

 

Safe Harbor Statement

 

This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements relating to our five-year growth plan, future growth in revenue, expansion into new markets, our ability to commercialize our development projects, the ability to obtain sufficiently low Carbon Intensity scores to achieve below zero carbon intensity transportation fuels, the development of the Aemetis Biogas Dairy project, the development of the Aemetis Sustainable Aviation Fuel plant in Riverbank, the upgrades to the Aemetis Keyes ethanol plant, the development of the Aemetis Carbon Capture projects, and the ability to access the funding required to execute on project development, construction, and operations.  Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and in our subsequent filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.

 

 

(Tables follow)

 

AEMETIS, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE LOSS

(unaudited, in thousands, except per share data)

 

		For the three months ended March 31,
		2024				2023
Revenues		$	72,634			$	2,151
Cost of goods sold			73,246				3,446
Gross profit (loss)			(612	)			(1,295	)
Selling, general and administrative expenses			8,850				10,828
Operating loss			(9,462	)			(12,123	)
Other expense (income):
Interest expense
Interest rate expense			9,092				7,078
Debt related fees and amortization expense			1,421				1,969
Accretion and other expenses of Series A preferred units			3,311				5,564
Other income/expense			67				(76	)
Loss before income taxes			(23,353	)			(26,658	)
Income tax expense			878				(248	)
Net loss		$	(24,231	)		$	(26,410	)
Net loss per common share
Basic		$	(0.58	)		$	(0.73	)
Diluted		$	(0.58	)		$	(0.73	)
Weighted average shares outstanding
Basic			41,889				36,425
Diluted			41,889				36,425

 

 

AEMETIS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

 

		March 31, 2024				December 31, 2023
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	1,629			$	2,667
Accounts receivable			8,867				8,633
Inventories			16,011				18,291
Prepaid and other current assets			6,445				6,809
Total current assets			32,952				36,400
Property, plant and equipment, net			197,737				195,108
Other assets			11,550				11,898
Total assets		$	242,239			$	243,406
Liabilities and stockholders' deficit
Current liabilities:
Accounts payable		$	29,789			$	32,132
Current portion of long term debt			48,870				13,585
Short term borrowings			23,937				23,443
Other current liabilities			15,322				15,229
Total current liabilities			117,918				84,389
Total long term liabilities			356,462				375,994
Stockholders' deficit:
Common stock			43				41
Additional paid-in capital			273,167				264,058
Accumulated deficit			(499,636	)			(475,405	)
Accumulated other comprehensive loss			(5,715	)			(5,671	)
Total stockholders' deficit			(232,141	)			(216,977	)
Total liabilities and stockholders' deficit		$	242,239			$	243,406

 

 

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS)

(unaudited, in thousands)

 

		For the three months ended March 31,
EBITDA Calculation		2024				2023
Net loss		$	(24,231	)		$	(26,410	)
Adjustments
Interest and amortization expense			10,513				9,047
Depreciation expense			1,798				1,790
Accretion of Series A preferred units			3,311				5,564
Share-based compensation			2,969				2,662
Intangibles amortization expense			12				12
Income tax expense (benefit)			878				(248	)
Total adjustments			19,481				18,827
Adjusted EBITDA		$	(4,750	)		$	(7,583	)

 

 

PRODUCTION AND PRICE PERFORMANCE

(unaudited)

 

		Three Months ended March 31,
		2024				2023
Ethanol
Gallons sold (in millions)			14.1				0.1
Average sales price/gallon		$	1.79			$	2.50
Percent of nameplate capacity			103	%			1	%
WDG
Tons sold (in thousands)			94				-
Average sales price/ton		$	98			$	-
Delivered Cost of Corn
Bushels ground (in millions)			4.9				-
Average delivered cost / bushel		$	6.33			$	-
Dairy Renewable Natural Gas
MMBtu produced (in thousands)			60.3				21.3
MMBtu stored as inventory (in thousands)			46.8				31.0
MMBtu sold (in thousands)			60.8				21.3
Biodiesel
Metric tons sold (in thousands)			27.5				1.0
Average Sales Price/Metric ton		$	1,127			$	1,250
Percent of Nameplate Capacity			73.4	%			0.6	%
Refined Glycerin
Metric tons sold (in thousands)			2.4				0.3
Average Sales Price/Metric ton		$	551			$	750

 

v3.24.1.u1

Document And Entity Information	May 09, 2024
Document Information [Line Items]
Entity, Registrant Name	Aemetis, Inc.
Document, Type	8-K
Document, Period End Date	May 09, 2024
Entity, Incorporation, State or Country Code	DE
Entity, File Number	001-36475
Entity, Tax Identification Number	26-1407544
Entity, Address, Address Line One	20400 Stevens Creek Blvd.
Entity, Address, City or Town	Cupertino
Entity, Address, State or Province	CA
Entity, Address, Postal Zip Code	95014
City Area Code	408
Local Phone Number	213-0940
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	AMTX
Security Exchange Name	NASDAQ
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0000738214

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