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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
Yahoo
14-02-2025
- Business
- Yahoo
Aemetis Ethanol Plant Passes $2 Billion Revenues Milestone; Expects $40 Million Annually From Energy Efficiency Project
CUPERTINO, CA - February 14, 2025 (NEWMEDIAWIRE) - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company operating in the U.S. and India, today announced that cumulative revenues generated by the Aemetis ethanol plant in California passed the $2 billion milestone. The company also expects improved cash flows from the Mechanical Vapor Recompression (MVR) energy efficiency project that is scheduled to be operational in the first half of 2026. Located near Modesto, California, the Aemetis Keyes 65 million gallon per year capacity ethanol plant has been operating since 2011, delivering more than 768 million gallons of ethanol ($1.6 billion revenues) to the California market and 5.2 million tons of wet distillers grain ($400 million revenues) that has fed more than 100,000 dairy cows at about 80 dairies a lower cost, high value animal feed. In addition to ethanol and distillers grain, the plant delivered 144 million pounds of distillers corn oil ($55 million revenues), primarily used as animal feed and commonly used as a feedstock to produce renewable fuels. The plant also delivered 89,000 tons of syrup ($5 million revenues), used as animal feed. A key energy efficiency project at the Aemetis ethanol plant is the installation of a $25 million MVR system that will compress vapors with high capacity turbofans powered by lower carbon electricity, reducing the current use of fossil natural gas as process energy fuel. The fabrication of the equipment for the MVR project is currently underway, with installation planned for Q4 2025 and full operations in the first half of 2026. Recent updates in the calculation of the value of energy efficiency projects at ethanol plants have increased the estimated cash flow improvement expected from the MVR project. By using lower carbon electricity, the quantity of natural gas consumed and the cost of natural gas will be reduced by an estimated 80%, partially offset by an increased cost of electricity. The 2 megawatt solar installation at the Keyes plant provides low carbon electricity that supports the decreased carbon intensity of plant operations. Importantly, converting from natural gas to electricity will significantly reduce the carbon intensity of ethanol produced by the Aemetis plant. Based on the Treasury guidance provided in January, the MVR energy efficiency project will decrease the Section 45Z carbon intensity of the ethanol plant by about 15 points, improving the Keyes plant cash flow by an estimated $0.33 per gallon, or approximately $22 million per year. In addition to 45Z revenues, the lower carbon intensity provided by the MVR system will increase the California Low Carbon Fuel Standard (LCFS) credits generated by the plant, with the reduction in carbon intensity expected from the MVR project expected to increase revenues by $.09 per gallon at current LCFS credit prices of $72 per metric ton. CARB's recent updates to its LCFS regulations include significant reductions in the LCFS benchmark carbon intensity that are expected to create greater demand and lower supply of LCFS credits and to increase LCFS credit prices. At LCFS credit prices of $150 per metric ton, the MVR project would generate about $0.18 per gallon of additional revenues, or approximately a $12 million revenue increase per year. Combined, the increase in LCFS credits, new 45Z revenues, and a significant reduction in energy costs are expected to provide more than $40 million per year of improved cash flow from the Aemetis ethanol plant starting in 2026 as a result of the MVR energy efficiency project. 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 RelationsContact:Kirin SmithPCG Advisory Group(646) 863-6519ksmith@ Company Investor Relations/Media Contact:Todd Waltz(408) 213-0940investors@ Sign in to access your portfolio
Associated Press
14-02-2025
- Business
- Associated Press
Aemetis Ethanol Plant Passes $2 Billion Revenues Milestone; Expects $40 Million Annually From Energy Efficiency Project
From 2011 to early 2025, Aemetis delivered 768 million gallons of ethanol and 5.2 million tons of distillers grain that fed more than 100,000 dairy cows at about 80 dairies CUPERTINO, CA - February 14, 2025 ( NEWMEDIAWIRE) - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company operating in the U.S. and India, today announced that cumulative revenues generated by the Aemetis ethanol plant in California passed the $2 billion milestone. The company also expects improved cash flows from the Mechanical Vapor Recompression (MVR) energy efficiency project that is scheduled to be operational in the first half of 2026. Located near Modesto, California, the Aemetis Keyes 65 million gallon per year capacity ethanol plant has been operating since 2011, delivering more than 768 million gallons of ethanol ($1.6 billion revenues) to the California market and 5.2 million tons of wet distillers grain ($400 million revenues) that has fed more than 100,000 dairy cows at about 80 dairies a lower cost, high value animal feed. In addition to ethanol and distillers grain, the plant delivered 144 million pounds of distillers corn oil ($55 million revenues), primarily used as animal feed and commonly used as a feedstock to produce renewable fuels. The plant also delivered 89,000 tons of syrup ($5 million revenues), used as animal feed. A key energy efficiency project at the Aemetis ethanol plant is the installation of a $25 million MVR system that will compress vapors with high capacity turbofans powered by lower carbon electricity, reducing the current use of fossil natural gas as process energy fuel. The fabrication of the equipment for the MVR project is currently underway, with installation planned for Q4 2025 and full operations in the first half of 2026. Recent updates in the calculation of the value of energy efficiency projects at ethanol plants have increased the estimated cash flow improvement expected from the MVR project. By using lower carbon electricity, the quantity of natural gas consumed and the cost of natural gas will be reduced by an estimated 80%, partially offset by an increased cost of electricity. The 2 megawatt solar installation at the Keyes plant provides low carbon electricity that supports the decreased carbon intensity of plant operations. Importantly, converting from natural gas to electricity will significantly reduce the carbon intensity of ethanol produced by the Aemetis plant. Based on the Treasury guidance provided in January, the MVR energy efficiency project will decrease the Section 45Z carbon intensity of the ethanol plant by about 15 points, improving the Keyes plant cash flow by an estimated $0.33 per gallon, or approximately $22 million per year. In addition to 45Z revenues, the lower carbon intensity provided by the MVR system will increase the California Low Carbon Fuel Standard (LCFS) credits generated by the plant, with the reduction in carbon intensity expected from the MVR project expected to increase revenues by $.09 per gallon at current LCFS credit prices of $72 per metric ton. CARB's recent updates to its LCFS regulations include significant reductions in the LCFS benchmark carbon intensity that are expected to create greater demand and lower supply of LCFS credits and to increase LCFS credit prices. At LCFS credit prices of $150 per metric ton, the MVR project would generate about $0.18 per gallon of additional revenues, or approximately a $12 million revenue increase per year. Combined, the increase in LCFS credits, new 45Z revenues, and a significant reduction in energy costs are expected to provide more than $40 million per year of improved cash flow from the Aemetis ethanol plant starting in 2026 as a result of the MVR energy efficiency project. 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: Kirin Smith (646) 863-6519 Company Investor Relations/ Media Contact: Todd Waltz (408) 213-0940
