Latest news with #AemetisBiogas
Yahoo
08-05-2025
- Business
- Yahoo
Aemetis Reports First Quarter 2025 Financial Results
California Ethanol passes $2 billion cumulative revenue milestone. Aemetis Biogas increased sales by 10,100 MMBtu compared with same quarter last year Sales of investment tax credits resulted in cash proceeds of $19.0 million during Q1 2025. India Biodiesel received letters of intent in April for an aggregate of $31 million of biodiesel sales to OMCs for delivery in May, June and July of 2025. CUPERTINO, Calif., May 08, 2025 (GLOBE NEWSWIRE) -- Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products that replace petroleum products and reduce greenhouse gas emissions, today announced its financial results for the three months ended March 31, 2025. 'Revenues during the first quarter of 2025 of $42.9 million reflect continued and strong execution by our California Ethanol and Dairy Renewable Natural Gas segments. After a pause in production and supply under the OMC contracts, our India Biodiesel segment is now approved to return to regular production levels,' said Todd Waltz, Chief Financial Officer of Aemetis. '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,' added Waltz. 'We are pleased with the continued growth of Aemetis Biogas production and continued progress with building a large centralized dairy digester to process waste from four dairies that is expected to be operational in the next few months,' said Eric McAfee, Chairman and CEO of Aemetis. 'Our continued focus on significantly improving cash flow from our California Ethanol segment by replacing fossil natural gas with lower carbon electricity is now underway with the fabrication of the equipment for the mechanical vapor recompression project.' Today, Aemetis will host an earnings review call at 11:00 a.m. Pacific time (PT). Live Participant Dial In (Toll Free): +1-877-545-0523 entry code 761021Live Participant Dial In (International): +1-973-528-0016 entry code 761021Webcast URL: For details on the call, please visit Financial Results for the Three Months Ended March 31, 2025 Total revenues during the first quarter of 2025 were $42.9 million compared to $72.6 million for the first quarter of 2024. Delays with the receipt of contracts in India from the government-owned Oil Marketing Companies accounted for the decline in revenue. New OMC letters of intent for $31 million were issued in April 2025 and we started shipments in April. Our Keyes ethanol plant increased revenues by $1.7 million due principally to an increase in the average price of Ethanol from $1.79 during 2024 to $1.98 during the first quarter of 2025. Our Dairy Natural Gas segment sold 70,900 MMBtu of renewable natural gas, an increase of 10,100 MMBtu from the same quarter last year. Gross loss for the first quarter of 2025 was $5.1 million, compared to a $0.6 million loss during the first quarter of 2024. Selling, general and administrative expenses increased by $1.6 million to $10.5 million during the first quarter of 2025 compared to $8.9 million during the same period in 2024, driven primarily from legal and other transaction costs associated with receiving $18 million of cash proceeds from tax credit sales during the first quarter. Operating loss was $15.6 million for the first quarter of 2025, compared to operating loss of $9.5 million for the same period in 2024. Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased to $13.7 million during the first quarter of 2025 compared to $10.5 million during the first quarter of 2024. Additionally, Aemetis Biogas recognized $2.3 million of accretion of Series A preferred units during the first quarter of 2025 compared to $3.3 million during the first quarter of 2024. Income tax expense included a benefit from the sale of $7.0 million of Investment Tax Credits during the first quarter of 2025. Net loss was $24.5 million for the first quarter of 2025, compared to net loss of $24.2 million for the first quarter of 2024. Cash at the end of the first quarter of 2025 was $500 thousand compared to $900 thousand at the close of the fourth quarter of 2024. We recorded investments in capital projects related to the reduction of the carbon intensity of Aemetis ethanol and construction of dairy digesters of $1.8 million for the first quarter of 2025. Additionally, payments of $15.4 million were applied to the repayment of debt during the first quarter. About Aemetis Headquartered in Cupertino, California, Aemetis is a renewable natural gas and renewable fuel company focused on the operation, acquisition, development, and commercialization of innovative technologies that replace petroleum 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 an 80 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin. Aemetis is developing a sustainable aviation fuel and renewable diesel fuel biorefinery in California, renewable hydrogen, and hydroelectric power to produce low carbon intensity renewable jet and diesel fuel. For additional information about Aemetis, please visit Company Investor RelationsMedia Contact:Todd Waltz(408) 213-0940investors@ External Investor RelationsContact:Kirin SmithPCG Advisory Group(646) 863-6519ksmith@ 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 and amortization expense, income tax expense or benefit, 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; trends in market conditions with respect to prices for inputs for our products versus prices for our products; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our Dairy Renewable Natural Gas segment; our ability to fund, develop and operate our Sustainable Aviation Fuel, Renewable Diesel, and Carbon Capture and Sequestration projects, including obtaining required permits; our ability to receive awarded grants by meeting all of the required conditions, including meeting the minimum contributions; our ability to fund, develop and operate our sustainable aviation fuel and renewable biodiesel projects; our intention to repurchase the Series A preferred units relating to our Aemetis Biogas subsidiary and the expected valuation premium thereof; and our ability to raise additional capital. 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 Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filed documents. 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 (unaudited, in thousands, except per share data) For the three months ended March 31, 2025 2024 Revenues $ 42,886 $ 72,634 Cost of goods sold 47,966 73,246 Gross loss (5,080 ) (612 ) Selling, general and administrative expenses 10,475 8,850 Operating loss (15,555 ) (9,462 ) Other expense (income): Interest expense Interest rate expense 11,018 9,092 Debt related fees and amortization expense 2,675 1,421 Accretion and other expenses of Series A preferred units 2,279 3,311 Other (income) expense (215 ) 67 Loss before income taxes (31,312 ) (23,353 ) Income tax expense (benefit) (6,783 ) 878 Net loss $ (24,529 ) $ (24,231 ) Net loss per common share Basic $ (0.47 ) $ (0.58 ) Diluted $ (0.47 ) $ (0.58 ) Weighted average shares outstanding Basic 52,584 41,889 Diluted 52,584 41,889 AEMETIS, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (in thousands) March 31, 2025 December 31, 2024 (Unaudited) Assets Current assets: Cash and cash equivalents $ 499 $ 898 Accounts receivable 1,043 1,805 Inventories 22,930 25,442 Tax credit sale receivable - 12,300 Prepaid and other current assets 4,021 4,251 Total current assets 28,493 44,696 Property, plant and equipment, net 199,435 199,392 Other assets 14,590 15,214 Total assets $ 242,518 $ 259,302 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 32,115 $ 33,139 Current portion of long term debt 93,669 63,745 Short term borrowings 25,878 26,789 Other current liabilities 22,939 20,295 Total current liabilities 174,601 143,968 Total long term liabilities 348,612 379,262 Stockholders' deficit: Common stock 54 51 Additional paid-in capital 313,075 305,329 Accumulated deficit (587,471 ) (562,942 ) Accumulated other comprehensive loss (6,353 ) (6,366 ) Total stockholders' deficit (280,695 ) (263,928 ) Total liabilities and stockholders' deficit $ 242,518 $ 259,302 AEMETIS, INC. RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS) (unaudited, in thousands) For the three months ended March 31, EBITDA Calculation 2025 2024 Net income (loss) $ (24,529 ) $ (24,231 ) Adjustments Interest and amortization expense 13,705 10,525 Depreciation expense 2,357 1,798 Accretion of Series A preferred units 2,279 3,311 Share-based compensation 2,308 2,969 Income tax expense (benefit) (6,783 ) 878 Total adjustments 13,866 19,481 Adjusted EBITDA $ (10,663 ) $ (4,750 ) AEMETIS, INC. PRODUCTION AND PRICE PERFORMANCE (unaudited) Three Months ended March 31, 2025 2024 California Ethanol Ethanol Gallons sold (in millions) 14.1 14.1 Average sales price/gallon $ 1.98 $ 1.79 Percent of nameplate capacity 103 % 103 % WDG Tons sold (in thousands) 93 94 Average sales price/ton $ 86 $ 98 Delivered Cost of Corn Bushels ground (in millions) 4.8 4.9 Average delivered cost / bushel $ 6.63 $ 6.33 California Dairy Renewable Natural Gas Renewable Natural Gas MMBtu sold (in thousands) 70.9 60.8 Average price per MMBtu $ 3.65 $ 4.02 MMBtu stored as inventory 33.1 46.8 RINs RINs sold (in thousands) 388.2 766.4 Average price per RIN $ 2.64 $ 3.08 LCFS LCFS credits sold (in thousands) 16.0 18.0 Average price per LCFS credit $ 72.50 $ 66.00 India Biodiesel Biodiesel Metric tons sold (in thousands) 0 27.5 Average Sales Price/Metric ton $ - $ 1,127 Percent of Nameplate Capacity 0 % 73.4 % Refined Glycerin Metric tons sold (in thousands) 0.0 2.4 Average Sales Price/Metric ton $ - $ 551 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
13-03-2025
- Business
- Associated Press
Aemetis Reports 2024 Fourth Quarter and Year-End Results
Annual Revenues Increased 43% to $268 million India biodiesel annual revenues increased 20% to $93 million. India biodiesel annual production capacity increased 33% from 60 mgy to 80 mgy. California ethanol annual revenues increased 55% to $162 million. Aemetis Biogas increased annual revenues by 139%. Aemetis Biogas increased annual production capacity by 80%. Solar and biogas dairy digester projects finished in 2024 resulted in cash proceeds of $19.4 million during Q1 2025 from the sale of investment tax credits. CUPERTINO, CA - March 13, 2025 ( NEWMEDIAWIRE) - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products, today announced its financial results for the fourth quarter and year ending December 31, 2024. 'Revenues for the full year of 2024 were $268 million, an increase of $81 million compared to 2023, driven by significant growth in every business segment,' said Todd Waltz, Chief Financial Officer of Aemetis. 'Capital expenditures for carbon intensity reduction and the expansion of biogas production capacity were $20.3 million for 2024 as our engineering and construction teams moved forward with low carbon initiatives that we expect to complete this year and next,' added Waltz. Aemetis is pleased with the key achievements during 2024, reflecting our commitment to innovation, sustainability, and growth in the renewable energy sector. Notable milestones include: Solar Microgrid Installation: Completed the installation of a $12 million, 1.9 MW solar microgrid with battery storage at our California ethanol plant, resulting in reductions in energy costs and the carbon intensity of our ethanol production. California Low Carbon Fuel Standard (LCFS) Credits: Initiated the generation and sale of LCFS credits by our Renewable Natural Gas business. Sustainable Aviation Fuel and Renewable Diesel Plant: Received the Authority to Construct air permits needed to develop a 90 million gallon per year sustainable aviation fuel and renewable diesel production facility at the Riverbank Industrial Complex. IRA Section 48C Tax Credit Allocation: Received an allocation of $10.5 million in IRA Section 48C Tax Credits for the installation of a Mechanical Vapor Recompression system at our ethanol plant, in addition to $6 million in California Energy Commission grants and $3.2 million in PG&E grants. India Business Expansion: Appointed a new CEO to lead growth initiatives for our India subsidiary, with a focus on advancing toward an initial public offering (IPO) for the India business. Biodiesel Production Capacity: Increased biodiesel production capacity in India from 60 million gallons per year to 80 million gallons per year, further enhancing our global renewable energy footprint. Biogas Production Increase: Completed construction of four new dairy digesters, which, along with seven already operating digesters and one digester nearing completion, are expected to have a production capacity of 550,000 MMBtu of renewable natural gas (RNG) per year. These accomplishments demonstrate Aemetis' successful progress in advancing sustainable energy solutions and contributing towards a lower-carbon economy. 'In addition to achieving important operational milestones during 2024 in all of our business segments, we began generating valuable 45Z tax credits in January 2025, and E15 ethanol blends have already been approved by the EPA for eight states with approval for 49 states expected by the end of 2025,' said Eric McAfee, Chairman and CEO of Aemetis. 'Expanding domestic, lower cost energy that provides revenues to farmers and strengthens rural areas is the core of our mission at Aemetis, so we are pleased to see policy support from the White House and Congress for our growth plans.' 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 194622 For the presentation and details on the call, please visit Financial Results for the Three Months Ended December 31, 2024 Revenues were $47.0 million for the fourth quarter of 2024, a decrease from $70.8 million for the fourth quarter of 2023. The ethanol and alcohol gallons sold were slightly higher at 15.7 million gallons during the fourth quarter of 2024 compared to 15.0 million gallons during the fourth quarter of 2024. Average selling price fell from $2.20 during the fourth quarter of 2023 to $1.93 during the fourth quarter of 2024, together impacting revenues by $4.2 million. Biodiesel sales fell from $22 million during the fourth quarter of 2023 to $3 million due to gap in the OMC tender offers during the fourth quarter of 2024. Cost of Goods Sold decreased from $70 million during the fourth quarter of 2023 to $49 million during the fourth quarter of 2024, due to a gap in the OMC tender offers India Biodiesel segment. Gross loss for the fourth quarter of 2024 was $2.0 million, compared to a gross profit of $864 thousand during the same period in 2023. Selling, general and administrative expenses rose from $9.8 million during the fourth quarter of 2023 to $11.4 million during the fourth quarter of 2024. Operating loss was $13.5 million for the fourth quarter of 2024, compared to an operating loss of $9.0 million during the fourth quarter of 2023. Net loss was $16.2 million for the fourth quarter of 2024, compared to a net loss of $25.4 million for the fourth quarter of 2023. Income tax benefit reflects the sale of $12.3 million of tax credits at the end of the fourth quarter of 2024. Cash at the end of the fourth quarter of 2024 was $898 thousand, compared to $2.7 million at the end of the fourth quarter of 2023. Financial Results for the Twelve Months Ended December 31, 2024 Revenues were $268 million for the twelve months ended December 31, 2024, compared to $187 million for 2023 with all three segments reporting increases, specifically, California Ethanol increased by $57.7 million from operating during the full year, India Biodiesel increased $15.7 million from stronger OMC tender delivery volumes, and California Renewable Natural Gas increased $7.6 million from increased production, stronger sales of RINs and sales of LCFS credits. Cost of Goods Sold increased from $184.7 million during the twelve months ending December 31, 2023, to $268.2 million during the same period in 2024 in keeping with the change in revenues for each segment. Gross loss for the twelve months ended December 31, 2024, was $580 thousand, compared to a gross profit of $2.0 million during the same period in 2023. Our Dairy Renewable Natural Gas segment accounted for $5.4 million of gross profit principally from sales of environmental attributes for the year ended December 31, 2024. Selling, general and administrative expenses remained constant at $39.8 million during the twelve months ended December 31, 2024, compared to $39.4 million during the same period in 2023. Operating loss was $40.4 million for the twelve months ending December 31, 2024, compared to an operating loss of $37.4 million for the same period in 2023. Interest expense was $46.6 million during the year ending December 31, 2024, excluding accretion and other expenses of Series A preferred units in our Aemetis Biogas LLC subsidiary, compared to interest expense of $39.5 million during the year ended December 31, 2023. Additionally, our Aemetis Biogas LLC subsidiary recognized $12.7 million of accretion and debt extinguishment costs in connection with redemption liabilities on its preferred stock during the year ended December 31, 2024, a 50% reduction compared to $25.3 million during the same period in 2023. Income tax benefit of $10.8 million during 2024 and $53.7 million during 2023 represent tax credit sales of $12.3 million and $55 million, respectively. Net loss was $87.5 million for the twelve months ending December 31, 2024, compared to a net loss of $46.4 million during the same period in 2023. Cash at the end of the fourth quarter of 2024 was $898 thousand compared to $2.7 million on December 31, 2023. Investments in our low carbon initiatives increased property, plant, and equipment by $20.3 million during the twelve months ending December 31, 2024. 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 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 an 80 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 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 and amortization expense, gain on debt extinguishment, USDA cash grants, income tax expense or benefit, intangible and other amortization expense, accretion expense, depreciation expense, loss on asset disposal 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, for budgeting and planning purposes and as a non-GAAP liquidity measure. Adjusted EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison between companies. 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; trends in market conditions with respect to prices for inputs for our products versus prices for our products; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our Dairy Renewable Natural Gas segment; our ability to fund, develop and operate our Sustainable Aviation Fuel, Renewable Diesel, and Carbon Capture and Sequestration projects, including obtaining required permits; our ability to receive awarded grants by meeting all of the required conditions, including meeting the minimum contributions; our ability to fund, develop and operate our sustainable aviation fuel and renewable biodiesel projects; our intention to repurchase the Series A preferred units relating to our Aemetis Biogas subsidiary and the expected valuation premium thereof; and our ability to raise additional capital. 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 Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filed documents. 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: (646) 863-6519 [email protected] Company Contact: Todd Waltz Chief Financial Officer (408) 213-0925 (Tables follow) AEMETIS, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (In thousands, except per share data) For the three months ended December 31, For the years ended December 31, 2024 2023 2024 2023 Revenues $ 47,004 $ 70,764 $ 267,640 $ 186,717 Cost of goods sold 49,044 69,900 268,220 184,700 Gross profit (loss) (2,040) 864 (580) 2,017 Selling, general and administrative expenses 11,436 9,823 39,836 39,418 Operating loss (13,476) (8,959) (40,416) (37,401) Other expense (income): Interest expense Interest rate expense 11,066 8,869 40,158 32,995 Debt related fees and amortization expense 1,571 1,792 6,463 6,524 Accretion and other expenses of Series A preferred units 2,643 5,125 12,698 25,313 Other income (190) (57) (1,366) (2,077) Loss before income taxes (28,566) (24,688) (98,369) (100,156) Income tax expense (benefit) (12,369) 754 (10,832) (53,736) Net loss $ (16,197) $ (25,442) $ (87,537) $ (46,420) Net loss per common share Basic $ (0.36) $ (0.64) $ (1.91) $ (1.22) Diluted $ (0.36) $ (0.64) $ (1.91) $ (1.22) Weighted average shares outstanding Basic 45,612 39,674 45,902 38,061 Diluted 45,612 39,674 45,902 38,061 AEMETIS, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands) December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 898 $ 2,667 Accounts receivable 1,805 8,633 Inventories 25,442 18,291 Tax credit sale receivable 12,300 - Prepaid and other current assets 4,251 6,809 Total current assets 44,696 36,400 Property, plant and equipment, net 199,392 195,108 Other assets 15,214 11,898 Total assets $ 259,302 $ 243,406 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 33,139 $ 32,132 Current portion of long term debt 63,745 13,585 Short term borrowings 26,789 23,443 Other current liabilities 20,295 15,229 Total current liabilities 143,968 84,389 Total long term liabilities 379,262 375,994 Stockholders' deficit: Common stock 51 41 Additional paid-in capital 305,329 264,058 Accumulated deficit (562,942) (475,405) Accumulated other comprehensive loss (6,366) (5,671) Total stockholders' deficit (263,928) (216,977) Total liabilities and stockholders' deficit $ 259,302 $ 243,406 RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME / (LOSS) (In thousands, unaudited) For the three months ended December 31, For the years ended December 31, EBITDA Calculation 2024 2023 2024 2023 Net income (loss) $ (16,197) $ (25,442) $ (87,537) $ (46,420) Adjustments Interest and amortization expense 12,637 10,661 46,621 39,519 Depreciation expense 2,220 1,725 8,341 6,933 Accretion of Series A preferred units 2,643 5,125 12,698 25,313 Loss on asset disposal 58 - 3,702 - Gain on debt extinguishment - - (162) - Share-based compensation 1,386 1,437 8,314 7,660 Intangibles amortization expense 10 36 46 72 USDA cash grants - - - (1,774) Income tax expense (benefit) (12,369) 754 (10,832) (53,736) Total adjustments 6,585 19,738 68,728 23,987 Adjusted EBITDA $ (9,612) $ (5,704) $ (18,809) $ (22,433) PRODUCTION AND PRICE PERFORMANCE (unaudited) Three Months ended December 31, Years ended December 31, 2024 2023 2024 2023 California Ethanol Ethanol Gallons sold (in millions) 15.7 15.0 60.6 32.1 Average sales price/gallon $ 1.93 $ 2.20 $ 1.96 $ 2.44 Percent of nameplate capacity 114 % 109 % 110 % 58 % WDG Tons sold (in thousands) 105.7 102.6 410.6 225.3 Average sales price/ton $ 83 $ 97 $ 88 $ 97 Delivered Cost of Corn Bushels ground (in millions) 5.4 5.2 21.0 11.5 Average delivered cost / bushel $ 6.08 $ 6.70 $ 6.21 $ 7.11 California Dairy Renewable Natural Gas Renewable Natural Gas MMBtu sold (in thousands) 67.1 52.2 301.9 194.2 Average price per MMBtu $ 3.45 $ 5.03 $ 3.01 $ 5.12 MMBtu available to dispense 24.6 68.0 24.6 68.0 RINs RINs sold (in thousands) 987.3 1130.0 3,029.9 1400.7 Average price per RIN $ 2.7 $ 3.3 $ 3.0 $ 3.2 LCFS LCFS credits sold (in thousands) 8.5 - 51.5 - Average price per LCFS credit $ 64.8 $ - $ 56.7 $ - India Biodiesel Biodiesel Metric tons sold (in thousands) 0.7 18.3 74.2 60.5 Average Sales Price/Metric ton $ 1,227 $ 1,157 $ 1,168 $ 1,232 Percent of Nameplate Capacity 1.8 % 49.0 % 49.5 % 40.0 % Refined Glycerin Metric tons sold (in thousands) 1.1 1.3 6.5 4.2 Average Sales Price/Metric ton $ 761 $ 616 $ 645 $ 640
Yahoo
13-03-2025
- Business
- Yahoo
Aemetis Reports 2024 Fourth Quarter and Year-End Results
Annual Revenues Increased 43% to $268 million India biodiesel annual revenues increased 20% to $93 million. India biodiesel annual production capacity increased 33% from 60 mgy to 80 mgy. California ethanol annual revenues increased 55% to $162 million. Aemetis Biogas increased annual revenues by 139%. Aemetis Biogas increased annual production capacity by 80%. Solar and biogas dairy digester projects finished in 2024 resulted in cash proceeds of $19.4 million during Q1 2025 from the sale of investment tax credits. CUPERTINO, CA - March 13, 2025 (NEWMEDIAWIRE) - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products, today announced its financial results for the fourth quarter and year ending December 31, 2024. "Revenues for the full year of 2024 were $268 million, an increase of $81 million compared to 2023, driven by significant growth in every business segment," said Todd Waltz, Chief Financial Officer of Aemetis. "Capital expenditures for carbon intensity reduction and the expansion of biogas production capacity were $20.3 million for 2024 as our engineering and construction teams moved forward with low carbon initiatives that we expect to complete this year and next," added Waltz. Aemetis is pleased with the key achievements during 2024, reflecting our commitment to innovation, sustainability, and growth in the renewable energy sector. Notable milestones include: Solar Microgrid Installation: Completed the installation of a $12 million, 1.9 MW solar microgrid with battery storage at our California ethanol plant, resulting in reductions in energy costs and the carbon intensity of our ethanol production. California Low Carbon Fuel Standard (LCFS) Credits: Initiated the generation and sale of LCFS credits by our Renewable Natural Gas business. Sustainable Aviation Fuel and Renewable Diesel Plant: Received the Authority to Construct air permits needed to develop a 90 million gallon per year sustainable aviation fuel and renewable diesel production facility at the Riverbank Industrial Complex. IRA Section 48C Tax Credit Allocation: Received an allocation of $10.5 million in IRA Section 48C Tax Credits for the installation of a Mechanical Vapor Recompression system at our ethanol plant, in addition to $6 million in California Energy Commission grants and $3.2 million in PG&E grants. India Business Expansion: Appointed a new CEO to lead growth initiatives for our India subsidiary, with a focus on advancing toward an initial public offering (IPO) for the India business. Biodiesel Production Capacity: Increased biodiesel production capacity in India from 60 million gallons per year to 80 million gallons per year, further enhancing our global renewable energy footprint. Biogas Production Increase: Completed construction of four new dairy digesters, which, along with seven already operating digesters and one digester nearing completion, are expected to have a production capacity of 550,000 MMBtu of renewable natural gas (RNG) per year. These accomplishments demonstrate Aemetis' successful progress in advancing sustainable energy solutions and contributing towards a lower-carbon economy. "In addition to achieving important operational milestones during 2024 in all of our business segments, we began generating valuable 45Z tax credits in January 2025, and E15 ethanol blends have already been approved by the EPA for eight states with approval for 49 states expected by the end of 2025," said Eric McAfee, Chairman and CEO of Aemetis. "Expanding domestic, lower cost energy that provides revenues to farmers and strengthens rural areas is the core of our mission at Aemetis, so we are pleased to see policy support from the White House and Congress for our growth plans." 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 194622Live Participant Dial In (International): +1-973-528-0011 entry code 194622Webcast URL: For the presentation and details on the call, please visit . Financial Results for the Three Months Ended December 31, 2024 Revenues were $47.0 million for the fourth quarter of 2024, a decrease from $70.8 million for the fourth quarter of 2023. The ethanol and alcohol gallons sold were slightly higher at 15.7 million gallons during the fourth quarter of 2024 compared to 15.0 million gallons during the fourth quarter of 2024. Average selling price fell from $2.20 during the fourth quarter of 2023 to $1.93 during the fourth quarter of 2024, together impacting revenues by $4.2 million. Biodiesel sales fell from $22 million during the fourth quarter of 2023 to $3 million due to gap in the OMC tender offers during the fourth quarter of 2024. Cost of Goods Sold decreased from $70 million during the fourth quarter of 2023 to $49 million during the fourth quarter of 2024, due to a gap in the OMC tender offers India Biodiesel segment. Gross loss for the fourth quarter of 2024 was $2.0 million, compared to a gross profit of $864 thousand during the same period in 2023. Selling, general and administrative expenses rose from $9.8 million during the fourth quarter of 2023 to $11.4 million during the fourth quarter of 2024. Operating loss was $13.5 million for the fourth quarter of 2024, compared to an operating loss of $9.0 million during the fourth quarter of 2023. Net loss was $16.2 million for the fourth quarter of 2024, compared to a net loss of $25.4 million for the fourth quarter of 2023. Income tax benefit reflects the sale of $12.3 million of tax credits at the end of the fourth quarter of 2024. Cash at the end of the fourth quarter of 2024 was $898 thousand, compared to $2.7 million at the end of the fourth quarter of 2023. Financial Results for the Twelve Months Ended December 31, 2024 Revenues were $268 million for the twelve months ended December 31, 2024, compared to $187 million for 2023 with all three segments reporting increases, specifically, California Ethanol increased by $57.7 million from operating during the full year, India Biodiesel increased $15.7 million from stronger OMC tender delivery volumes, and California Renewable Natural Gas increased $7.6 million from increased production, stronger sales of RINs and sales of LCFS credits. Cost of Goods Sold increased from $184.7 million during the twelve months ending December 31, 2023, to $268.2 million during the same period in 2024 in keeping with the change in revenues for each segment. Gross loss for the twelve months ended December 31, 2024, was $580 thousand, compared to a gross profit of $2.0 million during the same period in 2023. Our Dairy Renewable Natural Gas segment accounted for $5.4 million of gross profit principally from sales of environmental attributes for the year ended December 31, 2024. Selling, general and administrative expenses remained constant at $39.8 million during the twelve months ended December 31, 2024, compared to $39.4 million during the same period in 2023. Operating loss was $40.4 million for the twelve months ending December 31, 2024, compared to an operating loss of $37.4 million for the same period in 2023. Interest expense was $46.6 million during the year ending December 31, 2024, excluding accretion and other expenses of Series A preferred units in our Aemetis Biogas LLC subsidiary, compared to interest expense of $39.5 million during the year ended December 31, 2023. Additionally, our Aemetis Biogas LLC subsidiary recognized $12.7 million of accretion and debt extinguishment costs in connection with redemption liabilities on its preferred stock during the year ended December 31, 2024, a 50% reduction compared to $25.3 million during the same period in 2023. Income tax benefit of $10.8 million during 2024 and $53.7 million during 2023 represent tax credit sales of $12.3 million and $55 million, respectively. Net loss was $87.5 million for the twelve months ending December 31, 2024, compared to a net loss of $46.4 million during the same period in 2023. Cash at the end of the fourth quarter of 2024 was $898 thousand compared to $2.7 million on December 31, 2023. Investments in our low carbon initiatives increased property, plant, and equipment by $20.3 million during the twelve months ending December 31, 2024. 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 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 an 80 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 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 and amortization expense, gain on debt extinguishment, USDA cash grants, income tax expense or benefit, intangible and other amortization expense, accretion expense, depreciation expense, loss on asset disposal 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, for budgeting and planning purposes and as a non-GAAP liquidity measure. Adjusted EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison between companies. 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; trends in market conditions with respect to prices for inputs for our products versus prices for our products; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our Dairy Renewable Natural Gas segment; our ability to fund, develop and operate our Sustainable Aviation Fuel, Renewable Diesel, and Carbon Capture and Sequestration projects, including obtaining required permits; our ability to receive awarded grants by meeting all of the required conditions, including meeting the minimum contributions; our ability to fund, develop and operate our sustainable aviation fuel and renewable biodiesel projects; our intention to repurchase the Series A preferred units relating to our Aemetis Biogas subsidiary and the expected valuation premium thereof; and our ability to raise additional capital. 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 Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filed documents. 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 SmithPCG Advisory Group(646) 863-6519ksmith@ Company Contact:Todd WaltzChief Financial Officer(408) 213-0925twaltz@ (Tables follow) AEMETIS, CONDENSED STATEMENTS OF OPERATIONS(In thousands, except per share data) For the three months ended December 31, For the years ended December 31, 2024 2023 2024 2023 Revenues $ 47,004 $ 70,764 $ 267,640 $ 186,717 Cost of goods sold 49,044 69,900 268,220 184,700 Gross profit (loss) (2,040) 864 (580) 2,017 Selling, general and administrative expenses 11,436 9,823 39,836 39,418 Operating loss (13,476) (8,959) (40,416) (37,401) Other expense (income): Interest expense Interest rate expense 11,066 8,869 40,158 32,995 Debt related fees and amortization expense 1,571 1,792 6,463 6,524 Accretion and other expenses of Series A preferred units 2,643 5,125 12,698 25,313 Other income (190) (57) (1,366) (2,077) Loss before income taxes (28,566) (24,688) (98,369) (100,156) Income tax expense (benefit) (12,369) 754 (10,832) (53,736) Net loss $ (16,197) $ (25,442) $ (87,537) $ (46,420) Net loss per common share Basic $ (0.36) $ (0.64) $ (1.91) $ (1.22) Diluted $ (0.36) $ (0.64) $ (1.91) $ (1.22) Weighted average shares outstanding Basic 45,612 39,674 45,902 38,061 Diluted 45,612 39,674 45,902 38,061 AEMETIS, CONDENSED BALANCE SHEETS(In thousands) December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 898 $ 2,667 Accounts receivable 1,805 8,633 Inventories 25,442 18,291 Tax credit sale receivable 12,300 - Prepaid and other current assets 4,251 6,809 Total current assets 44,696 36,400 Property, plant and equipment, net 199,392 195,108 Other assets 15,214 11,898 Total assets $ 259,302 $ 243,406 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 33,139 $ 32,132 Current portion of long term debt 63,745 13,585 Short term borrowings 26,789 23,443 Other current liabilities 20,295 15,229 Total current liabilities 143,968 84,389 Total long term liabilities 379,262 375,994 Stockholders' deficit: Common stock 51 41 Additional paid-in capital 305,329 264,058 Accumulated deficit (562,942) (475,405) Accumulated other comprehensive loss (6,366) (5,671) Total stockholders' deficit (263,928) (216,977) Total liabilities and stockholders' deficit $ 259,302 $ 243,406 RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME / (LOSS) (In thousands, unaudited) For the three months endedDecember 31, For the years endedDecember 31, EBITDA Calculation 2024 2023 2024 2023 Net income (loss) $ (16,197) $ (25,442) $ (87,537) $ (46,420) Adjustments Interest and amortization expense 12,637 10,661 46,621 39,519 Depreciation expense 2,220 1,725 8,341 6,933 Accretion of Series A preferred units 2,643 5,125 12,698 25,313 Loss on asset disposal 58 - 3,702 - Gain on debt extinguishment - - (162) - Share-based compensation 1,386 1,437 8,314 7,660 Intangibles amortization expense 10 36 46 72 USDA cash grants - - - (1,774) Income tax expense (benefit) (12,369) 754 (10,832) (53,736) Total adjustments 6,585 19,738 68,728 23,987 Adjusted EBITDA $ (9,612) $ (5,704) $ (18,809) $ (22,433) PRODUCTION AND PRICE PERFORMANCE(unaudited) Three Months endedDecember 31, Years endedDecember 31, 2024 2023 2024 2023 California Ethanol Ethanol Gallons sold (in millions) 15.7 15.0 60.6 32.1 Average sales price/gallon $ 1.93 $ 2.20 $ 1.96 $ 2.44 Percent of nameplate capacity 114 % 109 % 110 % 58 % WDG Tons sold (in thousands) 105.7 102.6 410.6 225.3 Average sales price/ton $ 83 $ 97 $ 88 $ 97 Delivered Cost of Corn Bushels ground (in millions) 5.4 5.2 21.0 11.5 Average delivered cost / bushel $ 6.08 $ 6.70 $ 6.21 $ 7.11 California Dairy Renewable Natural Gas Renewable Natural Gas MMBtu sold (in thousands) 67.1 52.2 301.9 194.2 Average price per MMBtu $ 3.45 $ 5.03 $ 3.01 $ 5.12 MMBtu available to dispense 24.6 68.0 24.6 68.0 RINs RINs sold (in thousands) 987.3 1130.0 3,029.9 1400.7 Average price per RIN $ 2.7 $ 3.3 $ 3.0 $ 3.2 LCFS LCFS credits sold (in thousands) 8.5 - 51.5 - Average price per LCFS credit $ 64.8 $ - $ 56.7 $ - India Biodiesel Biodiesel Metric tons sold (in thousands) 0.7 18.3 74.2 60.5 Average Sales Price/Metric ton $ 1,227 $ 1,157 $ 1,168 $ 1,232 Percent of Nameplate Capacity 1.8 % 49.0 % 49.5 % 40.0 % Refined Glycerin Metric tons sold (in thousands) 1.1 1.3 6.5 4.2 Average Sales Price/Metric ton $ 761 $ 616 $ 645 $ 640 View the original release on Sign in to access your portfolio
Associated Press
26-02-2025
- Business
- Associated Press
Aemetis Biogas Receives Proceeds from Sale of $7.7 Million of Investment Tax Credits
Investment tax credits were generated by renewable natural gas project investments CUPERTINO, CA - February 26, 2025 ( NEWMEDIAWIRE) - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company, announced today the receipt of $6 million of cash, after transaction costs, from the sale of $7.7 million of Inflation Reduction Act (IRA) investment tax credits generated by the construction of dairy biogas digesters by the Aemetis Biogas subsidiary of the company. The investment tax credits were sold to a corporate purchaser that had previously agreed to purchase the tax credits as a part of a multi-closing purchase arrangement. The IRA was signed into law in August 2022 and provides transferable federal income tax credits for investments in certain renewable fuel projects, as well as production tax credits for low carbon intensity renewable fuels. Aemetis generated IRA Section 48 investment tax credits from its investment in dairy biogas digesters constructed and placed in service by Aemetis in Q4 2024. 'The $6 million of net cash proceeds received by Aemetis yesterday is in addition to $11 million of cash proceeds from tax credits sold last month, funding domestic energy production projects and reducing dependence on imported crude oil,' stated Eric McAfee, Chairman and CEO of Aemetis. 'The next sales of investment tax credits will be generated by biogas digester and pipeline projects that are currently under construction and expected to be completed in Q2 2025.' The Aemetis Keyes ethanol plant supplies about two million pounds of animal feed daily to feed more than 100,000 dairy cows at about 80 dairies in the local area. To capture methane at dairies and produce renewable natural gas (RNG), Aemetis is operating twelve dairy digesters, 36 miles of biogas pipeline, a central biogas to RNG production facility, and a PG&E utility gas pipeline interconnection. Aemetis expects to produce 550,000 MMBtu of RNG per year from its existing projects combined with those planned for completion in Q2. Approximately 25% of methane emissions in California are emitted by dairy waste lagoons that do not have methane capture systems such as those installed by Aemetis. When fully built, the Aemetis Biogas project plans to capture methane from the waste produced by more than 150,000 cows at dairy farms in California and produce 1,650,000 MMBtu of renewable natural gas from captured dairy methane each year. When fully operational, the Aemetis Biogas project in California is designed to reduce greenhouse gas emissions equivalent to an estimated 6.8 million metric tons of carbon dioxide over ten years. 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 an 80 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 acquired the 125-acre former Army Ammunition Production Plant site in Riverbank, California to develop a carbon sequestration project and a sustainable aviation fuel (SAF) and renewable diesel fuel biorefinery 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 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 2025 and future years; statements relating to the development, engineering, financing, construction and operation of the Aemetis ethanol, biogas, biodiesel, SAF and renewable diesel, and carbon sequestration facilities; and our ability to promote, develop, finance, 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: PCG Advisory Group (646) 863-6519 Company Investor Relations/ Media Contact: Todd Waltz
