Aemetis Reports Revenues of $81 Million for the Third Quarter 2024
Aemetis (NASDAQ: AMTX) reported Q3 2024 revenues of $81.4 million, a 19% increase from Q3 2023. Revenue breakdown: California Ethanol business generated $45.0 million, India Biodiesel business $32.2 million, and Dairy Renewable Natural Gas (RNG) business $4.2 million. The company reported a gross profit of $3.9 million and a net loss of $17.9 million. The Keyes plant produced 15.5 million gallons of ethanol, while the Dairy Natural Gas segment sold 85,993 MMBtu from nine operating dairy digesters. The company's cash position at quarter-end was $296 thousand, with $4.5 million invested in capital projects during Q3 2024.
Aemetis (NASDAQ: AMTX) ha riportato ricavi per il terzo trimestre del 2024 pari a 81,4 milioni di dollari, con un incremento del 19% rispetto al terzo trimestre del 2023. Suddivisione dei ricavi: l'attività di etanolo in California ha generato 45,0 milioni di dollari, l'attività di biodiesel in India 32,2 milioni di dollari e l'attività di gas naturale rinnovabile (RNG) derivato dai prodotti lattiero-caseari 4,2 milioni di dollari. L'azienda ha registrato un utile lordo di 3,9 milioni di dollari e una perdita netta di 17,9 milioni di dollari. L'impianto Keyes ha prodotto 15,5 milioni di galloni di etanolo, mentre il segmento del gas naturale dai prodotti lattiero-caseari ha venduto 85.993 MMBtu da nove digestori operativi. La posizione di cassa dell'azienda alla fine del trimestre era di 296 mila dollari, con 4,5 milioni di dollari investiti in progetti di capitale durante il terzo trimestre del 2024.
Aemetis (NASDAQ: AMTX) reportó ingresos de $81.4 millones en el tercer trimestre de 2024, un aumento del 19% en comparación con el tercer trimestre de 2023. Desglose de ingresos: el negocio de etanol en California generó 45.0 millones de dólares, el negocio de biodiésel en India 32.2 millones de dólares y el negocio de gas natural renovable (RNG) de productos lácteos 4.2 millones de dólares. La compañía reportó una ganancia bruta de 3.9 millones de dólares y una pérdida neta de 17.9 millones de dólares. La planta Keyes produjo 15.5 millones de galones de etanol, mientras que el segmento de gas natural de lácteos vendió 85,993 MMBtu de nueve digestores lácteos en operación. La posición de efectivo de la compañía al final del trimestre era de 296 mil dólares, con 4.5 millones de dólares invertidos en proyectos de capital durante el tercer trimestre de 2024.
Aemetis (NASDAQ: AMTX)는 2024년 3분기에 8,140만 달러의 수익을 보고했으며, 이는 2023년 3분기 대비 19% 증가한 수치입니다. 수익 분해: 캘리포니아 에탄올 사업은 4,500만 달러, 인도 바이오디젤 사업은 3,220만 달러, 그리고 유제품 재생 가능 천연가스(RNG) 사업은 420만 달러를 생성했습니다. 회사는 390만 달러의 총 이익과 1,790만 달러의 순손실을 기록했습니다. 키예스 공장은 1,550만 갤런의 에탄올을 생산했으며, 유제품 천연가스 부문은 9개의 운영 중인 유제품 소화기에서 85,993 MMBtu를 판매했습니다. 분기 말 회사의 현금 위치는 29만 6천 달러였으며, 2024년 3분기 동안 자본 프로젝트에 450만 달러를 투자했습니다.
Aemetis (NASDAQ: AMTX) a annoncé des revenus de 81,4 millions de dollars pour le troisième trimestre 2024, soit une augmentation de 19 % par rapport au troisième trimestre 2023. Répartition des revenus : l'activité d'éthanol en Californie a généré 45,0 millions de dollars, l'activité de biodiesel en Inde 32,2 millions de dollars et l'activité de gaz naturel renouvelable (RNG) provenant des produits laitiers 4,2 millions de dollars. L'entreprise a enregistré un bénéfice brut de 3,9 millions de dollars et une perte nette de 17,9 millions de dollars. L'usine de Keyes a produit 15,5 millions de gallons d'éthanol, tandis que le segment du gaz naturel laitier a vendu 85,993 MMBtu provenant de neuf digesteurs laitiers en fonctionnement. La position de trésorerie de l'entreprise à la fin du trimestre était de 296 000 dollars, avec 4,5 millions de dollars investis dans des projets d'investissement au cours du troisième trimestre 2024.
Aemetis (NASDAQ: AMTX) berichtete von Umsätzen im dritten Quartal 2024 in Höhe von 81,4 Millionen US-Dollar, was einem Anstieg von 19% im Vergleich zum dritten Quartal 2023 entspricht. Umsatzaufteilung: Das Ethanol-Geschäft in Kalifornien erzielte 45,0 Millionen US-Dollar, das Biodiesel-Geschäft in Indien 32,2 Millionen US-Dollar und das Geschäft mit erneuerbarem Erdgas (RNG) aus der Milchindustrie 4,2 Millionen US-Dollar. Das Unternehmen meldete einen Bruttogewinn von 3,9 Millionen US-Dollar und einen Nettverlust von 17,9 Millionen US-Dollar. Das Keyes-Werk produzierte 15,5 Millionen Gallonen Ethanol, während der Bereich der Milch-Erdgas-Produktion 85.993 MMBtu aus neun betriebenen Milchdigestoren verkaufte. Die Kassenposition des Unternehmens zum Quartalsende betrug 296.000 US-Dollar, mit 4,5 Millionen US-Dollar, die im dritten Quartal 2024 in Kapitalprojekte investiert wurden.
- Revenue increased 19% year-over-year to $81.4 million
- Gross profit improved to $3.9 million from $492,000 in Q3 2023
- Operating loss decreased to $3.9 million from $8.5 million in Q3 2023
- SG&A expenses decreased to $7.8 million from $9.0 million in Q3 2023
- Net loss of $17.9 million compared to net income of $30.7 million in Q3 2023
- Interest expense increased to $11.7 million from $10.2 million in Q3 2023
- Cash position decreased to $296,000 from $2.7 million at end of Q4 2023
- Year-to-date net loss increased to $71.3 million from $21.0 million in 2023
Insights
The Q3 2024 results show mixed signals. While revenues increased
The multi-segment growth strategy shows promise, with ethanol generating
Revenues Increased
CUPERTINO, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- 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 and nine months ended September 30, 2024.
Revenues of
“Each of the Aemetis segments increased revenue during the third quarter of 2024 compared to the second quarter of 2024, reflecting underlying strength and growth,” stated Todd Waltz, Chief Financial Officer of Aemetis. “Additionally, we anticipate substantial revenue growth from our operating dairies and new dairies under construction when we receive LCFS provisional pathway approvals as well as federal Inflation Reduction Act (IRA) 45Z production tax credits for RNG,” added Waltz.
“The approval of 20 years of Low Carbon Fuel Standard mandates last Friday by CARB is a major milestone for renewable fuels that directly increases revenues and earnings from each of our U.S. businesses and projects in ethanol, biogas, SAF/RD and carbon sequestration,” said Eric McAfee, Chairman and CEO of Aemetis. “In addition to solid growth in our U.S. businesses, our India subsidiary generated
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 139838
Live Participant Dial In (International): +1-973-528-0011 entry code 139838
Webcast URL: https://www.webcaster4.com/Webcast/Page/2211/51559
For details on the call, please visit http://www.aemetis.com/investors/conference-calls/
Financial Results for the Three Months Ended September 30, 2024
Revenues during the third quarter of 2024 were
Gross profit for the third quarter of 2024 was
Selling, general and administrative expenses were
Operating loss was
Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased to
Net loss was
Cash at the end of the third quarter of 2024 was
Financial Results for the Nine Months Ended September 30, 2024
Revenues were
Gross profit for the first three quarters of 2024 was
Selling, general and administrative expenses were
Operating loss was
Interest expense was
Net loss for the first three quarters of 2024 was
Investments in capital projects of
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 a 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, loss on asset disposal, gain on debt extinguishment, USDA cash grants and share-based compensation expense.
Safe Harbor Statement
This news release contains forward-looking statements, including statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements include, without limitation, projections of financial results in 2024 and future years; statements relating to the development, engineering, financing, construction and operation of the Aemetis ethanol, biodiesel, biogas, SAF and renewable diesel, and carbon sequestration facilities; and our ability to promote, develop and deploy technologies to produce renewable fuels and biochemicals. 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 Reports on Form 10-K, and in our other 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.
External Investor Relations
Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.com
Investor Relations/
Media Contact:
Todd Waltz
(408) 213-0940
investors@aemetis.com
(Tables follow)
AEMETIS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | $ | 81,441 | $ | 68,690 | $ | 220,636 | $ | 115,953 | ||||||||
| Cost of goods sold | 77,563 | 68,198 | 219,176 | 114,800 | ||||||||||||
| Gross profit | 3,878 | 492 | 1,460 | 1,153 | ||||||||||||
| Selling, general and administrative expenses | 7,750 | 9,021 | 28,400 | 29,595 | ||||||||||||
| Operating loss | (3,872 | ) | (8,529 | ) | (26,940 | ) | (28,442 | ) | ||||||||
| Other expense (income): | ||||||||||||||||
| Interest expense | ||||||||||||||||
| Interest rate expense | 10,096 | 8,749 | 29,092 | 24,126 | ||||||||||||
| Debt related fees and amortization expense | 1,651 | 1,433 | 4,892 | 4,732 | ||||||||||||
| Accretion and other expenses of Series A preferred units | 3,267 | 7,739 | 10,055 | 20,188 | ||||||||||||
| Other income | (1,225 | ) | (1,853 | ) | (1,176 | ) | (2,020 | ) | ||||||||
| Loss before income taxes | (17,661 | ) | (24,597 | ) | (69,803 | ) | (75,468 | ) | ||||||||
| Income tax expense (benefit) | 274 | (55,308 | ) | 1,537 | (54,490 | ) | ||||||||||
| Net Income (loss) | $ | (17,935 | ) | $ | 30,711 | $ | (71,340 | ) | $ | (20,978 | ) | |||||
| Net Income (loss) per common share | ||||||||||||||||
| Basic | $ | (0.38 | ) | $ | 0.79 | $ | (1.60 | ) | $ | (0.56 | ) | |||||
| Diluted | $ | (0.38 | ) | $ | 0.73 | $ | (1.60 | ) | $ | (0.56 | ) | |||||
| Weighted average shares outstanding | ||||||||||||||||
| Basic | 47,216 | 38,881 | 44,517 | 37,504 | ||||||||||||
| Diluted | 47,216 | 41,841 | 44,517 | 37,504 | ||||||||||||
AEMETIS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
| September 30, 2024 | December 31, 2023 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 296 | $ | 2,667 | ||||
| Accounts receivable | 8,027 | 8,633 | ||||||
| Inventories | 19,792 | 18,291 | ||||||
| Prepaid and other current assets | 6,785 | 6,809 | ||||||
| Total current assets | 34,900 | 36,400 | ||||||
| Property, plant and equipment, net | 195,939 | 195,108 | ||||||
| Other assets | 16,586 | 11,898 | ||||||
| Total assets | $ | 247,425 | $ | 243,406 | ||||
| Liabilities and stockholders' deficit | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 37,254 | $ | 32,132 | ||||
| Current portion of long term debt | 55,797 | 13,585 | ||||||
| Short term borrowings | 21,418 | 23,443 | ||||||
| Other current liabilities | 17,773 | 15,229 | ||||||
| Total current liabilities | 132,242 | 84,389 | ||||||
| Total long term liabilities | 374,092 | 375,994 | ||||||
| Stockholders' deficit: | ||||||||
| Common stock | 48 | 41 | ||||||
| Additional paid-in capital | 293,611 | 264,058 | ||||||
| Accumulated deficit | (546,745 | ) | (475,405 | ) | ||||
| Accumulated other comprehensive loss | (5,823 | ) | (5,671 | ) | ||||
| Total stockholders' deficit | (258,909 | ) | (216,977 | ) | ||||
| Total liabilities and stockholders' deficit | $ | 247,425 | $ | 243,406 | ||||
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS)
(unaudited, in thousands)
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| EBITDA Calculation | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) | $ | (17,935 | ) | $ | 30,711 | (71,340 | ) | (20,978 | ) | |||||||
| Adjustments | ||||||||||||||||
| Interest and amortization expense | 11,747 | 10,182 | 33,984 | 28,858 | ||||||||||||
| Depreciation expense | 2,274 | 1,747 | 6,121 | 5,208 | ||||||||||||
| Accretion of Series A preferred units | 3,267 | 7,739 | 10,055 | 20,188 | ||||||||||||
| Loss on asset disposal | - | - | 3,644 | - | ||||||||||||
| Gain on debt extinguishment | (162 | ) | - | (162 | ) | - | ||||||||||
| Share-based compensation | 1,982 | 1,806 | 6,928 | 6,223 | ||||||||||||
| Intangibles amortization expense | 12 | 11 | 36 | 35 | ||||||||||||
| USDA cash grants | - | (1,774 | ) | - | (1,774 | ) | ||||||||||
| Income tax expense | 274 | (55,308 | ) | 1,537 | (54,490 | ) | ||||||||||
| Total adjustments | 19,394 | (35,597 | ) | 62,143 | 4,248 | |||||||||||
| Adjusted EBITDA | $ | 1,459 | $ | (4,886 | ) | (9,197 | ) | (16,730 | ) | |||||||
PRODUCTION AND PRICE PERFORMANCE
(unaudited)
| Three Months ended September 30, | Nine Months ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Ethanol | ||||||||||||||||
| Gallons sold (in millions) | 15.5 | 13.8 | 44.4 | 16.7 | ||||||||||||
| Average sales price/gallon | $ | 2.12 | $ | 2.64 | $ | 1.97 | $ | 2.72 | ||||||||
| Percent of nameplate capacity | 113 | % | 100 | % | 108 | % | 91 | % | ||||||||
| WDG | ||||||||||||||||
| Tons sold (in thousands) | 106 | 98.0 | 305 | 122.0 | ||||||||||||
| Average sales price/ton | $ | 84 | $ | 96 | $ | 90 | $ | 98 | ||||||||
| Delivered Cost of Corn | ||||||||||||||||
| Bushels ground (in millions) | 5.5 | 5.0 | 15.6 | 6.4 | ||||||||||||
| Average delivered cost / bushel | $ | 6.07 | $ | 7.48 | $ | 6.25 | $ | 7.34 | ||||||||
| Dairy Renewable Natural Gas | ||||||||||||||||
| MMBtu produced (in thousands) | 86.6 | 66.6 | 236.3 | 142.0 | ||||||||||||
| MMBtu stored as inventory (in thousands) | 67.6 | 67.2 | 67.6 | 67.2 | ||||||||||||
| MMBtu sold (in thousands) | 86.0 | 66.6 | 234.8 | 142.0 | ||||||||||||
| Biodiesel | ||||||||||||||||
| Metric tons sold (in thousands) | 26.0 | 15.5 | 73.5 | 42.1 | ||||||||||||
| Average Sales Price/Metric ton | $ | 1,198 | $ | 1,247 | $ | 1,167 | $ | 1,265 | ||||||||
| Percent of Nameplate Capacity | 69.3 | % | 41.0 | % | 65.4 | % | 21.0 | % | ||||||||
| Refined Glycerin | ||||||||||||||||
| Metric tons sold (in thousands) | 1.5 | 1.4 | 5.4 | 2.9 | ||||||||||||
| Average Sales Price/Metric ton | $ | 720 | $ | 623 | $ | 621 | $ | 651 | ||||||||
FAQ
What was Aemetis (AMTX) revenue in Q3 2024?
How much ethanol did Aemetis (AMTX) Keyes plant produce in Q3 2024?
What was Aemetis (AMTX) net loss in Q3 2024?
How much revenue did Aemetis (AMTX) India Biodiesel business generate in Q3 2024?
