Aemetis Reports 2020 Fourth Quarter and Year-End Results
Aemetis, a renewable fuels company, reported its financial results for 2020, revealing revenues of $166 million, down from $202 million in 2019. Despite challenges from COVID-19, revenues for ethanol production remained relatively stable at $112 million. Gross profit margins improved by 6%, while SG&A expenses decreased. However, net losses increased to $36.7 million, although this represented a 7% improvement over 2019's losses. The company is progressing on its Carbon Zero project and expanding its renewable natural gas initiatives, aiming for enhanced profitability in 2021.
- Ethanol revenues for 2020 were $112 million, relatively flat compared to 2019.
- Gross profit margin improved by approximately 6%.
- SG&A expenses decreased from $17.4 million in 2019 to $16.9 million in 2020.
- Investment of $17 million in low carbon intensity projects during 2020.
- Continued operations of the Aemetis plant throughout 2020 despite external disruptions.
- Progress made towards the Authority to Construct air permit for the Carbon Zero project.
- Revenues decreased from $202 million in 2019 to $166 million in 2020.
- Operating loss increased to $6.1 million in 2020 from $4.9 million in 2019.
- Net loss increased to $36.7 million in 2020 compared to $39.5 million in 2019, despite a 7% improvement.
- Fourth quarter revenues dropped to $37.3 million from $52.1 million in Q4 2019.
- Gross loss of $3.4 million in Q4 2020, down from a gross profit of $5.8 million in Q4 2019.
CUPERTINO, CA / ACCESSWIRE / March 11, 2021 / Aemetis, Inc. (NASDAQ:AMTX), a renewable natural gas and renewable fuels company focused on below zero carbon intensity products, today announced its financial results for the three and twelve months ended December 31, 2020.
"Despite historic economic disruptions that significantly reduced gasoline and ethanol demand, revenues for ethanol production in 2020 were relatively flat compared to 2019 largely due to our ability to quickly pivot to alternative markets and establish new revenue streams," said Eric McAfee, Chairman and CEO of Aemetis. "Ethanol and high grade alcohol revenues in 2020 were
"Overall, this earnings report was a positive outcome for 2020, a year in which more than 50 ethanol plants were shut down at various times due to gasoline demand decreases and corn price increases, while the Aemetis plant operated continuously throughout the year. During this same time, we upgraded production equipment to supply high grade alcohol into the sanitizer alcohol market," McAfee stated.
"We focused on keeping a safe working environment for our employees and on building carbon intensity reduction projects that grew value for shareholders significantly through
"We also made major steps toward receiving the Authority to Construct air permit for the Aemetis "Carbon Zero" integrated biorefinery in Riverbank, California. The Carbon Zero project is designed to further optimize the economics of the Keyes plant by using the 142-acre Riverbank site to build a plant to utilize distillers corn oil from the Keyes ethanol plant along with below-zero carbon intensity Cellulosic Hydrogen from waste orchard wood to produce Renewable Jet and Diesel," said McAfee.
"We are excited with the progress made during the many challenges we faced in 2020, and thank our employees for their focus, hard work, and ability to transition to new markets. We look forward to building on this success in 2021 as we complete additional important milestones in dairy RNG, Renewable Jet and Diesel Fuel, India biodiesel government contracts, and Ethanol margin improvements from carbon intensity reduction, and continue to implement the Five Year Plan we announced in early March," McAfee stated.
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 823496
Live Participant Dial In (International): +1-973-528-0011 entry code 823496
Webcast URL: https://www.webcaster4.com/Webcast/Page/2211/40258
For the presentation and details on the call, please visit http://www.aemetis.com/investors/conference-calls/
Financial Results for the Three Months Ended December 31, 2020
Revenues were
Gross loss for the three months ended December 31, 2020 was
Selling, general and administrative expenses decreased to
Operating loss was
Net loss was
Cash at the end of the fourth quarter of 2020 was
Financial Results for the Twelve Months Ended December 31, 2020
Revenues were
Gross profit for the twelve months ended December 31, 2020 was
Selling, general and administrative expenses decreased to
Operating loss increased to
Net loss was
About Aemetis
Headquartered in Cupertino, California, Aemetis is a renewable natural gas, renewable fuel and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace carbon-based products and reduce greenhouse gas emissions. Founded in 2006, Aemetis has completed Phase 1 and is expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas (RNG). 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 also owns and operates a 50 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 Carbon Zero renewable jet and diesel fuel integrated biorefineries in California to utilize distillers corn oil from ethanol plants to produce low carbon intensity renewable jet and diesel fuel using cellulosic hydrogen from waste orchard wood and other negative carbon intensity biomass, and pre-extract cellulosic sugars from the waste biomass to be processed into high value cellulosic ethanol at the Keyes plant. Aemetis holds a portfolio of patents and related technology licenses for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit www.aemetis.com.
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, expectations regarding development of our waste wood ethanol and biogas businesses in North America. Words or phrases such as "anticipates," "may," "will," "should," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "showing signs," "targets," "view," "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, 2020 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
(In thousands, except per share data, unaudited)
| Three months ended | Year ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues | $ | 37,330 | $ | 52,102 | $ | 165,557 | $ | 201,998 | ||||||||
Cost of goods sold | 40,702 | 46,308 | 154,532 | 189,300 | ||||||||||||
Gross profit (loss) | (3,372 | ) | 5,794 | 11,025 | 12,698 | |||||||||||
Research and development expenses | 38 | 45 | 213 | 205 | ||||||||||||
Selling, general and administrative expenses | 4,334 | 4,709 | 16,882 | 17,424 | ||||||||||||
Operating profit (loss) | (7,744 | ) | 1,040 | (6,070 | ) | (4,931 | ) | |||||||||
Interest rate expense | 5,987 | 5,517 | 22,943 | 21,089 | ||||||||||||
Amortization expense | 823 | 1,101 | 3,401 | 4,666 | ||||||||||||
Accretion of Series A preferred | 586 | 748 | 4,673 | 2,257 | ||||||||||||
Loss contingency on litigation | 6,200 | |||||||||||||||
Other expense/(income) | 155 | 204 | 548 | (797 | ) | |||||||||||
Loss before income taxes | (15,295 | ) | (6,530 | ) | (37,635 | ) | (38,346 | ) | ||||||||
Income tax expense (benefit) | (713 | ) | 1,124 | (976 | ) | 1,131 | ||||||||||
Net loss | $ | (14,582 | ) | $ | (7,654 | ) | $ | (36,659 | ) | $ | (39,477 | ) | ||||
Non controlling interest | - | (929 | ) | - | (3,761 | ) | ||||||||||
Net loss attributable to Aemetis | $ | (14,582 | ) | $ | (6,725 | ) | $ | (36,659 | ) | $ | (35,716 | ) | ||||
Net loss per common share | ||||||||||||||||
Basic | $ | (0.67 | ) | $ | (0.33 | ) | $ | (1.74 | ) | $ | (1.75 | ) | ||||
Diluted | $ | (0.67 | ) | $ | (0.33 | ) | $ | (1.74 | ) | $ | (1.75 | ) | ||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 21,845 | 20,570 | 21,012 | 20,467 | ||||||||||||
Diluted | 21,845 | 20,570 | 21,012 | 20,467 | ||||||||||||
AEMETIS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands, unaudited)
| Year ended December 31, | ||||||||
| 2020 | 2019 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 592 | $ | 656 | ||||
Accounts receivable | 1,821 | 2,036 | ||||||
Inventories | 3,969 | 6,518 | ||||||
Prepaid and other current assets | 2,301 | 3,366 | ||||||
Total current assets | 8,683 | 12,576 | ||||||
Property, plant and equipment, net | 109,880 | 84,226 | ||||||
Other assets | 6,576 | 3,094 | ||||||
Total assets | $ | 125,139 | $ | 99,896 | ||||
Liabilities and stockholders' deficit | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 20,739 | $ | 15,968 | ||||
Current portion of long term debt | 44,974 | 5,792 | ||||||
Short term borrowings | 14,541 | 16,948 | ||||||
Mandatorily redeemable Series B convertible preferred stock | 3,252 | 3,149 | ||||||
Accrued property taxes and other liabilities | 18,729 | 15,962 | ||||||
Total current liabilities | 102,235 | 57,819 | ||||||
Total long term liabilities | 207,648 | 196,449 | ||||||
Stockholders' deficit: | ||||||||
Series B convertible preferred stock | 1 | 1 | ||||||
Common stock | 23 | 21 | ||||||
Additional paid-in capital | 93,426 | 86,852 | ||||||
Accumulated deficit | (274,080 | ) | (237,421 | ) | ||||
Accumulated other comprehensive loss | (4,114 | ) | (3,825 | ) | ||||
Total stockholders' deficit | (184,744 | ) | (154,372 | ) | ||||
Total liabilities and stockholders' deficit | $ | 125,139 | $ | 99,896 | ||||
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME / (LOSS)
(In thousands, unaudited)
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
Net loss attributable to Aemetis, Inc. | $ | (14,582 | ) | $ | (6,725 | ) | $ | (36,659 | ) | $ | (35,716 | ) | ||||
Adjustments: | ||||||||||||||||
Interest expense | 6,810 | 5,800 | 26,344 | 22,420 | ||||||||||||
Depreciation expense | 1,379 | 1,097 | 4,894 | 4,434 | ||||||||||||
Accretion of Series A preferred | 586 | 748 | 4,673 | 2,257 | ||||||||||||
Share-based-compensation | 169 | 144 | 995 | 774 | ||||||||||||
Intangibles and other expense | 12 | 12 | 48 | 48 | ||||||||||||
Loss contingency on litigation | 6,200 | |||||||||||||||
Income tax expense (benefit) | (713 | ) | 1,124 | (976 | ) | 1,131 | ||||||||||
Total adjustments | 8,243 | 8,925 | 35,978 | 37,264 | ||||||||||||
Adjusted EBITDA | $ | (6,339 | ) | $ | 2,200 | $ | (681 | ) | $ | 1,548 | ||||||
PRODUCTION AND PRICE PERFORMANCE
(unaudited)
| Three months ended | Year ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
Ethanol and high grade alcohol | ||||||||||||||||
Gallons Sold (in millions) | 15.4 | 16.6 | 60.2 | 64.7 | ||||||||||||
Average Sales Price/Gallon | $ | 1.60 | $ | 1.82 | $ | 1.84 | $ | 1.77 | ||||||||
Percent of nameplate capacity | 112 | % | 120 | % | 112 | % | 118 | % | ||||||||
WDG | ||||||||||||||||
Tons Sold (in thousands) | 101 | 108 | 393 | 428 | ||||||||||||
Average Sales Price/Ton | $ | 90 | $ | 78 | $ | 81 | $ | 81 | ||||||||
Delivered Cost of Corn | ||||||||||||||||
Bushels ground (in millions) | 5.3 | 5.8 | 21.1 | 22.7 | ||||||||||||
Average delivered cost / bushel | $ | 5.61 | $ | 5.02 | $ | 5.05 | $ | 5.28 | ||||||||
Biodiesel | ||||||||||||||||
Metric tons sold (in thousands) | 1.7 | 11.9 | 16.0 | 47.0 | ||||||||||||
Average Sales Price/Metric ton | $ | 879 | $ | 861 | $ | 863 | $ | 904 | ||||||||
Percent of Nameplate Capacity | 5 | % | 32 | % | 10 | % | 31 | % | ||||||||
Refined Glycerin | ||||||||||||||||
Metric tons sold (in thousands) | 0.3 | 1.2 | 1.4 | 5.2 | ||||||||||||
Average Sales Price/Metric ton | $ | 803 | $ | 508 | $ | 814 | $ | 543 | ||||||||
SOURCE: Aemetis, Inc.
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