Aemetis Reports Second Quarter 2023 Financial Results
India Biodiesel Generates Revenues of
CUPERTINO, CA, Aug. 03, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on negative carbon intensity products, today announced its financial results for the three and six months ended June 30, 2023.
“Revenues of
“We are pleased with the many milestones accomplished during the first half of 2023 regarding the Aemetis Biogas assets brought into service including seven biogas digesters and a 40-mile biogas pipeline; our India team fulfilling India government OMC biodiesel sales contracts at our India plant; land and air permitting progress for the Riverbank SAF/RD plant; permitting progress for the Aemetis Carbon Capture business that resulted in the first CO2 characterization well permit issued by the State of California; solar, ZEBREX, MVR and other energy efficiency projects at the Keyes ethanol plant supported by
We invite investors to review the Aemetis Corporate Presentation on the Aemetis home page prior to the earnings call. On Thursday, August 3, 2023, 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 enter code 340104
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Webcast URL: https://www.webcaster4.com/Webcast/Page/2211/48845
For details on the call, please visit http://www.aemetis.com/investors/conference-calls/
Financial Results for the Three Months Ended June 30, 2023
Revenues during the second quarter of 2023 were
Gross profit for the second quarter of 2023 was
Selling, general and administrative expenses were
Operating loss was
Interest expense during the second quarter of 2023 was
Net loss was
Our India plant contributed
Cash at the end of the quarter was
Financial Results for the Six Months Ended June 30, 2023
Revenues were
Gross profit for the first half of 2023 was
Selling, general and administrative expenses were
Operating loss was
Interest expense was
Net loss for the first half of 2023 was
Investments in capital projects of
About Aemetis
Aemetis has a mission to transform renewable energy with below zero carbon intensity transportation fuels. Aemetis has launched the Carbon Zero production process to decarbonize the transportation sector using today’s infrastructure.
Aemetis Carbon Zero products include zero-carbon fuels that can "drop-in" to be used in airplanes, trucks, and ship fleets. Aemetis low-carbon fuels have substantially reduced carbon intensity compared to standard petroleum fossil-based fuels across their lifecycle.
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 petroleum-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. 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 sustainable aviation fuel (SAF) and renewable diesel fuel biorefineries in California to utilize distillers corn oil and other renewable oils to produce low carbon intensity renewable jet and diesel fuel using cellulosic hydrogen from waste orchard and forest wood, while pre-extracting cellulosic sugars from the waste wood to be processed into high value cellulosic ethanol at the Keyes plant. Aemetis holds a portfolio of patents and exclusive technology licenses to produce renewable fuels and biochemicals. 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 lease termination, gain on litigation, 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 and scale the licensed patented technology, 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 Carbon Zero plant at the Riverbank site, 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 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, 2022, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and June 30, 2023 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.
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 |
(Tables follow)
AEMETIS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share data)
Three months ended | Six months ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||
Revenues | $ | 45,112 | $ | 65,901 | $ | 47,263 | $ | 117,950 | ||||||||||||
Cost of goods sold | 43,156 | 66,115 | 46,602 | 121,249 | ||||||||||||||||
Gross profit (loss) | 1,956 | (214 | ) | 661 | (3,299 | ) | ||||||||||||||
Research and development expense | 37 | 51 | 79 | 87 | ||||||||||||||||
Selling, general and admin. expense | 9,709 | 7,421 | 20,495 | 14,727 | ||||||||||||||||
Operating loss | (7,790 | ) | (7,686 | ) | (19,913 | ) | (18,113 | ) | ||||||||||||
Interest expense | ||||||||||||||||||||
Interest rate expense | 8,299 | 4,928 | 15,377 | 9,363 | ||||||||||||||||
Debt related fees and Amortization expense | 1,330 | 1,740 | 3,299 | 3,566 | ||||||||||||||||
Accretion and other expenses of Series A preferred units | 6,885 | 1,506 | 12,449 | 3,146 | ||||||||||||||||
Gain on litigation | - | (1,400 | ) | - | (1,400 | ) | ||||||||||||||
Other income | (91 | ) | (14,254 | ) | (167 | ) | (14,295 | ) | ||||||||||||
Loss before income taxes | (24,213 | ) | (206 | ) | (50,871 | ) | (18,493 | ) | ||||||||||||
Income tax expense | 1,066 | 3 | 818 | 10 | ||||||||||||||||
Net loss | $ | (25,279 | ) | $ | (209 | ) | $ | (51,689 | ) | $ | (18,503 | ) | ||||||||
Net loss per common share | ||||||||||||||||||||
Basic | $ | (0.68 | ) | $ | (0.01 | ) | $ | (1.40 | ) | $ | (0.54 | ) | ||||||||
Diluted | $ | (0.68 | ) | $ | (0.01 | ) | $ | (1.40 | ) | $ | (0.54 | ) | ||||||||
Weighted average shares outstanding | ||||||||||||||||||||
Basic | 37,179 | 34,536 | 36,804 | 34,128 | ||||||||||||||||
Diluted | 37,179 | 34,536 | 36,804 | 34,128 |
AEMETIS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(unaudited, in thousands)
June 30, 2023 | December 31, 2022 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 3,494 | $ | 4,313 | |||||
Accounts receivable | 6,157 | 1,264 | |||||||
Inventories | 7,463 | 4,658 | |||||||
Prepaid and other current assets | 3,794 | 7,901 | |||||||
Total current assets | 20,908 | 18,136 | |||||||
Property, plant and equipment, net | 182,783 | 180,441 | |||||||
Other assets | 8,894 | 8,537 | |||||||
Total assets | $ | 212,585 | $ | 207,114 | |||||
Liabilities and stockholders' deficit | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 30,306 | $ | 26,168 | |||||
Current portion of long-term debt | 21,458 | 12,465 | |||||||
Short term borrowings | 41,396 | 36,754 | |||||||
Mandatorily redeemable Series B stock | 4,289 | 4,082 | |||||||
Accrued property taxes and other liabilities | 11,472 | 8,812 | |||||||
Total current liabilities | 108,921 | 88,281 | |||||||
Total long term liabilities | 342,601 | 320,687 | |||||||
Total stockholders' deficit: | |||||||||
Series B convertible preferred stock | 1 | 1 | |||||||
Common stock | 38 | 36 | |||||||
Additional paid-in capital | 247,017 | 232,546 | |||||||
Accumulated deficit | (480,674 | ) | (428,985 | ) | |||||
Accumulated other comprehensive loss | (5,319 | ) | (5,452 | ) | |||||
Total stockholders' deficit | (238,937 | ) | (201,854 | ) | |||||
Total liabilities and stockholders' deficit | $ | 212,585 | $ | 207,114 | |||||
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS
(unaudited, in thousands)
Three Months Ended | Six Months Ended June 30, | |||||||||||||||||
June 30, | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||
Net loss | $ | (25,279 | ) | $ | (209 | ) | $ | (51,689 | ) | $ | (18,503 | ) | ||||||
Adjustments: | ||||||||||||||||||
Interest expense | 9,629 | 6,668 | 18,676 | 12,929 | ||||||||||||||
Depreciation expense | 1,671 | 1,325 | 3,461 | 2,661 | ||||||||||||||
Accretion and other expenses of Series A preferred units | 6,885 | 1,506 | 12,449 | 3,146 | ||||||||||||||
Share-based compensation | 1,755 | 1,349 | 4,417 | 3,389 | ||||||||||||||
Intangibles and other amortization | 11 | 11 | 23 | 23 | ||||||||||||||
Loss on lease termination | - | 736 | - | 736 | ||||||||||||||
Gain on litigation | - | (1,400 | ) | - | (1,400 | ) | ||||||||||||
Income tax expense | 1,066 | 3 | 818 | 10 | ||||||||||||||
Total adjustments | 21,017 | 10,198 | 39,844 | 21,494 | ||||||||||||||
Adjusted EBITDA | $ | (4,262 | ) | $ | 9,989 | $ | (11,845 | ) | $ | 2,991 |
PRODUCTION AND PRICE PERFORMANCE
(unaudited)
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Ethanol | |||||||||||||||||||||
Gallons sold (in millions) | 2.8 | 15.2 | 2.9 | 29.9 | |||||||||||||||||
Average sales price/gallon | $ | 3.12 | $ | 3.13 | $ | 3.08 | $ | 2.86 | |||||||||||||
Percentage of nameplate capacity | 20 | % | 111 | % | 11 | % | 109 | % | |||||||||||||
WDG | |||||||||||||||||||||
Tons sold (in thousands) | 24.3 | 104.0 | 24.3 | 204.4 | |||||||||||||||||
Average sales price/ton | $ | 105 | $ | 146 | $ | 105 | $ | 130 | |||||||||||||
Delivered cost of corn | |||||||||||||||||||||
Bushels ground (in millions) | 1.4 | 5.3 | 1.4 | 10.4 | |||||||||||||||||
Average delivered cost / bushel | $ | 6.84 | $ | 10.21 | $ | 7.17 | $ | 9.50 | |||||||||||||
Dairy Renewable Natural Gas | |||||||||||||||||||||
MMBtu produced (in thousands) | 54.1 | 14.9 | 75.4 | 28.9 | |||||||||||||||||
MMBtu stored as inventory (in thousands) | 86.7 | ||||||||||||||||||||
Biodiesel | |||||||||||||||||||||
Metric tons sold (in thousands) | 25.7 | - | 28.1 | - | |||||||||||||||||
Average sales price per metric ton | $ | 1,276 | - | $ | 1,210 | - |