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Cowboy Clean Fuels and Mercuria Announce Landmark Offtake Agreement for Carbon-Negative Renewable Natural Gas

Yahoo

12-05-2025

Business
Yahoo

Cowboy Clean Fuels and Mercuria Announce Landmark Offtake Agreement for Carbon-Negative Renewable Natural Gas

GILLETTE, Wyo., May 12, 2025 /PRNewswire/ -- Cowboy Clean Fuels (CCF), a Wyoming-based climate tech and energy transition company, today announced a groundbreaking offtake agreement with Mercuria, one of the world's leading independent energy and commodity trading groups. This partnership marks the first commercial agreement for the sale of Renewable Natural Gas (RNG) generated under CCF's pioneering BiCRS+RNG Methodology at the company's Triangle Unit Project near Gillette, Wyoming. Under the agreement, Mercuria will purchase the Environmental Attributes (EAs) associated with Cowboy's carbon-negative RNG and distribute them through its global network of energy transition customers. The agreement covers an initial term of 10 years and represents the offtake of 5 million MMBTU equivalent EAs. "Cowboy is excited to partner with Mercuria, who we consider the global leader in energy and environmental commodities," said Ryan Waddington, CEO of Cowboy Clean Fuels. "This landmark agreement supporting offtake from our first commercial project is a game-changer for our company, and we look forward to working with Mercuria for years and years to come." Founded in 2020, Cowboy Clean Fuels converts readily available agricultural byproducts into carbon dioxide and renewable methane using a natural biogenic process in deep geologic coal formations, leveraging existing Coal Bed Methane (CBM) infrastructure in the Powder River Basin. The result is a carbon-negative fuel with a verified zero-to-negative Carbon Intensity—offering a scalable solution for hard-to-decarbonize sectors such as manufacturing, clean transportation, and AI-powered data centers. Mercuria, headquartered in Geneva and operating globally since 2004, is known for its leadership in advancing the energy transition. With a dedicated team of environmental products specialists, Mercuria provides tailored decarbonization solutions to help companies achieve their net zero goals. "Mercuria has been looking for the next generation of RNG projects and technology to support the next phase of growth in the global RNG market," said Harrison Clay, Head of Biogas, Mercuria. "When we found Cowboy, we immediately recognized they had the technology and growth potential necessary to carve out a leadership position in this market. We are thrilled to be their go-to-market partner." With additional RNG projects in development across Wyoming's Powder River Basin and beyond, Cowboy Clean Fuels is positioned to become a leading supplier of carbon-neutral and carbon-negative fuels at scale. About Cowboy Clean Fuels Cowboy Clean Fuels is an advanced climate tech company leveraging coal bed methane infrastructure to produce carbon-negative Renewable Natural Gas and permanently sequester atmospheric CO₂. Founded in 2020, the company is headquartered in Wyoming's Powder River Basin. About Mercuria Mercuria is one of the world's largest integrated independent energy and commodity trading companies. With a commitment to the energy transition, Mercuria provides comprehensive solutions across environmental commodities, including RNG, biofuels, and carbon credits. View original content to download multimedia: SOURCE Cowboy Clean Fuels

Yahoo

12-05-2025

Business
Yahoo

Cowboy Clean Fuels and Mercuria Announce Landmark Offtake Agreement for Carbon-Negative Renewable Natural Gas

Anaergia Reports Fourth Quarter and Fiscal 2024 Financial Results

Globe and Mail

31-03-2025

Business
Globe and Mail

Anaergia Reports Fourth Quarter and Fiscal 2024 Financial Results

Anaergia Inc. ('Anaergia', the 'Company', 'we', 'us' or 'our') (TSX:ANRG) (OTCQX:ANRGF), a Renewable Natural Gas ('RNG') technology company that offers integrated waste-to-value solutions to reduce greenhouse gases ('GHGs') by cost-effectively turning organic waste into RNG, fertilizer, and water, today announced its financial results for the three-month and the twelve-month periods ended December 31, 2024. All financial results are reported in Canadian dollars unless otherwise stated. "Since Marny invested in the Company, in July 2024, we have taken decisive steps to strengthen our financial foundation, refine our strategic direction, and rebuild investor confidence, and our latest financial results demonstrate that we are making meaningful progress," said Assaf Onn, CEO of Anaergia. 'Also, I am pleased to add that we are reintroducing disclosure of our Revenue Backlog*. Using a conservative definition, we have capital sales backlog of $90 million, plus operation and maintenance service backlog of $13.3 million, for a combined total backlog of $103.1 million as at year-end 2024. With the momentum of our recently announced project wins that are not yet disclosed in our backlog, and a strong funnel of potential future sales, we are confident in our strategic growth plan,' Mr. Onn added. Fourth Quarter 2024 Financial Results Financial highlights: Revenue for the fourth quarter of $34.1 million increased 1.9%, or $0.6 million, compared to Q4 2023 (Q4 2023: $33.4 million). For the year ended December 31, 2024, revenue of $111.6 million decreased 24.2% or $35.6 million, compared to Fiscal 2023 (Fiscal 2023: $147.2 million). The decrease was driven mainly due to Italian and North American Capital Sales projects being completed, some projects facing customer delays, and an interim delay in new capital sale project signing. Gross profit of $9.0 million for the fourth quarter of 2024 increased 157.8%, or $5.5 million, compared to results for the quarter in the prior year (Q4 2023: $3.5 million). For Fiscal 2024, gross profit of $25.6 million increased 29.9%, or $ 5.9 million, compared to Fiscal 2023 (Fiscal 2023: $19.7 million). The increase was mainly driven by management's ability to capture higher margin Capital Sales and Operation and Maintenance ('O&M') contracts as part of our capital light strategy, the continued progression and ramp of our margins on build-own-operate ('BOO') projects, as well as close monitoring of costs through the project construction phase. Net loss for the fourth quarter of 2024 was $15.4 million, a 54.7% improvement or $18.6 million compared to Q4 2024 (Q4 2023 $34.1 million). For the year ending December 31, 2024, the Net Loss was $55.9 million, an increase of 71% or $136.9 million from Fiscal 2023 (Q4 2023: $192.8 million). The net loss significantly improved primarily due to the prior year's loss on the disposal of Italian BOO HoldCo ('ITA') of $54.4 million and deconsolidation of Rialto Bioenergy Facility, LLC ('RBF') transaction of $35.7 million, both of which were partially offset by a $10.1 million gain on the sale of the Company's equity interests in a subsidiary that owned the Envo Biogas facility in Tønder, Denmark. These three transactions in 2023 were nonrecurring in nature. Adjusted EBITDA 1 Loss of $6.3 million for the fourth quarter of 2024 improved 18.2%, or $1.4 million, compared to Q4 2023 (Q4 2023: Adjusted EBITDA Loss of $7.7 million). For Fiscal 2024, Adjusted EBITDA Loss of $26.9 million improved 23.0%, or $8.0 million, compared to Fiscal 2023 (Fiscal 2023: Adjusted EBITDA Loss of $34.9 million). The improvement in adjusted EBITDA year over year was driven by higher gross margins and a reduction in selling, general and administrative expenses. Three months ended: 31-Dec-24 31-Dec-23 % Change (In thousands of Canadian dollars) Revenue 34,057 33,408 1.9 Gross profit 9,007 3,494 157.8 Gross profit % 26.4% 10.5% 15.9 percentage points Loss from operations (7,234) (35,931) 79.9 Net loss (15,416) (34,058) 54.7 Adjusted EBITDA 1 (6,311) (7,713) 18.2 Twelve months ended: 31-Dec-24 31-Dec-23 % Change (In thousands of Canadian dollars) Revenue 111,646 147,225 (24.2) Gross profit 25,633 19,729 29.9 Gross profit % 23.0% 13.4% 9.6 percentage points Loss from operations (40,036) (85,802) 53.3 Net loss (55,864) (192,791) 71.0 Adjusted EBITDA 1 (26,892) (34,914) 23.0 Statement of Financial Position: 31-Dec-24 31-Dec-23 (In thousands of Canadian dollars) Total Assets 233,327 278,667 Total Liabilities 180,122 205,077 Equity 53,205 73,590 For a more detailed discussion of Anaergia's results for the three-month and twelve-month periods ended December 31, 2024, please see the Company's financial statements and management's discussion & analysis, which are available at and on the Company's SEDAR+ page at Non-International Financial Reporting Standards ('IFRS') Measures This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures, including 'Adjusted EBITDA', 'EBITDA' and 'Revenue Backlog' to provide investors with supplemental measures. Management also uses non-IFRS measures internally in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our future debt service, capital expenditure and working capital requirements. Management believes these non-IFRS measures are important supplemental measures of operating performance because they eliminate items that have less bearing on operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS measures. Management believes such measures are useful as they allow for assessment of our operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Definitions of non-IFRS measures used in this press release are provided below. A reconciliation of the non-IFRS measures used in this press release to the most comparable IFRS measure can be found below under 'Reconciliation of Non-IFRS Measures'. ' Adjusted EBITDA ' is defined as EBITDA adjusted for our normalized proportionate interest in our BOO assets, one-time or non-recurring items, stock-based compensation expense, asset impairment charges and write downs, losses related to equity-accounted investees, significant one-time provisions, foreign exchange gains or losses, restructuring and severance costs, Enterprise Resource Planning ('ERP') customization and configuration costs, litigation and other claims settlements, gains and losses resulting from changes in certain balance sheet valuations (such as derivatives and warrants) and acquisition costs. ' EBITDA ' is defined as earnings before interest expenses, taxes and depreciation and amortization. The most comparable IFRS measure for EBITDA is net income (loss). ' Revenue Backlog ' is defined as the balance of unrecognized, undiscounted, consolidated revenues from signed contracts in our capital sales and O&M/services segments. For our Capital Sales contracts, we have modeled only projects that have been contracted. For our O&M/Services segment, while most of our in-hand contracts are 5-15 years in tenure, we have conservatively modeled for only 3 years of contracted revenue. See 'Reconciliation of Non-IFRS Measures' below for a reconciliation of the foregoing non-IFRS measures to their most directly comparable measures calculated in accordance with IFRS. Conference Call and Webcast Details A conference call to review the Company's financial results will take place at 9:00a.m. (ET) on Tuesday April 1, 2025. It will be hosted by management of Anaergia. An accompanying slide presentation will be posted to the Investor Relations section of the Company's website shortly before the call. To participate in the call, please sign up using the following pre-registration link to receive details on how to access the conference call: The webcast will be archived and available in the Investor Relations section of our website following the call. About Anaergia Anaergia is a pioneering technology company in the RNG sector, with over 250 patents dedicated to converting organic waste into sustainable solutions such as RNG, fertilizer, and water. We are committed to addressing a significant source of GHG through cost-effective processes. Our proprietary technologies, combined with our engineering expertise and vast experience in facility design, construction, and operation, position Anaergia as a leader in the RNG industry. With a proven track record of delivering hundreds of innovative projects over the past decade, we are well-equipped to tackle today's critical resource recovery challenges through diverse project delivery methods. As one of the few companies worldwide offering an integrated portfolio of end-to-end solutions, we effectively combine solid waste processing, wastewater treatment, organics recovery, high-efficiency anaerobic digestion, and biomethane production. Additionally, we operate RNG facilities owned by both third parties and Anaergia. This comprehensive approach not only reduces environmental impact but also significantly lowers costs associated with waste and wastewater treatment while mitigating GHG emissions. For further information please see: Forward-Looking Statements This press release contains 'forward-looking information' within the meaning of applicable securities laws. Forward-looking information may relate to future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, other future events or developments and may include, without limitation, information regarding our financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, plans and objectives. Particularly, information regarding our future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as 'may', 'will', 'would', 'should', 'could', 'expects', 'plans', 'intends', 'estimate', 'believes', 'likely', 'potential', 'continue', or 'future' or the negative or other variations of these words or other comparable words or phrases. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements in this press release include, among other things, statements relating to financial condition and results of operations; Company's strategic growth plan; and statements regarding the Company's Revenue Backlog and potential future sales. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that we considered appropriate and reasonable as of the date such statements were made. It is also subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the risk factors described in the Company's annual information form and management's discussion and analysis for the year ended December 31, 2024. Certain assumptions in respect of our ability to execute on our expansion plans; our ability to obtain or maintain existing financing on acceptable terms; and our ability of realizing the anticipated benefits of such are material factors underlying forward looking information and management's expectations. The purpose of the forward-looking statements in this press release is to provide the reader with a description of management's current expectations regarding the Company's financial performance and may not be appropriate for other purposes. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only to opinions, estimates and assumptions as of the date made. Furthermore, unless otherwise stated, the forward-looking statements contained in this press release are made as of the date of this press release, and we have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Twelve months ended: 31-Dec-24 31-Dec-23 (In thousands of Canadian dollars) Net income (loss) (55,864) (192,791) Finance income (cost) 5,493 3,333 Depreciation and amortization 5,650 6,069 Income tax (benefit) expense 6,465 (8,606) EBITDA (38,256) (191,995) RBF non-controlling interest - 1,544 Share-based compensation expense 2,174 1,941 Loss on RBF embedded derivative - 7,953 Loss on disposal of ITA - (665) Fibracast impairment 6,244 8,151 Asset impairment loss 1,939 29,727 Losses related to equity-accounted investees 1,062 6,726 Loss on control of RBF - 35,663 Expected credit loss on loans receivable from related parties - 60,236 Provision for customer claim - 1,002 Other (gains) losses (1,388) 4,586 ERP customization and configuration costs - 542 RIBF income tax transaction costs 2,416 - Severance costs 965 - Foreign exchange (gain) loss (2,048) (325) Adjusted EBITDA (26,892) (34,914)

Cost of gas rates to remain the same for FortisBC customers

Yahoo

14-03-2025

Business
Yahoo

Cost of gas rates to remain the same for FortisBC customers

SURREY, BC, March 14, 2025 /CNW/ - FortisBC Energy Inc. (FortisBC) has received approval from the British Columbia Utilities Commission (BCUC) to maintain the cost of gas rate for its customers at $2.230 per gigajoule (GJ). Some customers1 subscribed to the voluntary Renewable Natural Gas2 (RNG) program will see a rate increase, which will be offset by a change to the biomethane credit. The BCUC reviews FortisBC's cost of gas and voluntary RNG program rates every three months and will review them next in June. "We know that energy costs matter to the families and businesses we serve in British Columbia," said Sarah Nelson, director of customer service. "While most of our gas customers won't see a change in rates, we're here to help if you have any questions about your bill. Our dedicated customer service team is ready to provide energy-saving tips, answer billing questions and offer personalized solutions to meet your needs." FortisBC acquires gas at market-based prices, and factors like supply and demand, weather and economic conditions affect the price of gas in North America. FortisBC does not mark up the cost of natural gas, so customers pay what it pays. To help keep rates affordable for its customers, FortisBC purchases gas in the summer when prices are lower and stores it so that lower-cost gas is available to customers in winter months when they need it most. In addition, FortisBC sells any surplus gas back to the market to further offset costs and passes those savings on to its customers. On April 1, the Government of British Columbia's carbon tax on natural gas and propane will increase. FortisBC collects the carbon tax on behalf of the province and submits it to them. FortisBC does not gain any revenue from these charges. Customers subscribing to the voluntary RNG program receive a carbon tax credit (called the biomethane credit) on the portion of their energy designated as RNG. As of April 1, some customers subscribed to the voluntary RNG program will see a rate increase from $13.22 per GJ to $13.96 per GJ. However, this will be offset by a change to the biomethane credit. Customers who have questions about their bill are encouraged to reach out. FortisBC's customer service team can answer billing questions, provide information about energy-saving tips and offer payment plan solutions that fit individual needs. _______________________________ 1 Excluding customers using RNG under the vehicle voluntary RNG Rate Schedules 3VRNG, 5VRNG, and 46 or commercial and industrial customers using RNG under Rate Schedule 11RNG, which are also reviewed by the BCUC. 2 Renewable Natural Gas (also called RNG or biomethane) is produced in a different manner than conventional natural gas. It is derived from biogas, which is produced from decomposing organic waste from landfills, agricultural waste and wastewater from treatment facilities. The biogas is captured and cleaned to create RNG. When RNG is added to North America's natural gas system, it mixes with conventional natural gas. This means we're unable to direct RNG to a specific customer. But the more RNG is added to the gas system, the less conventional natural gas is needed, thereby reducing the use of fossil fuels and overall greenhouse gas emissions. For more information about rates and the components that make up a FortisBC gas bill, visit About FortisBC Energy Inc. FortisBC Energy Inc. is a regulated utility focused on providing safe, reliable and affordable energy, including natural gas, Renewable Natural Gas and propane. FortisBC Energy Inc. employs around 2,143 British Columbians and serves approximately 1,086,500 customers across British Columbia. FortisBC Energy Inc. owns and operates two liquefied natural gas storage facilities and approximately 51,600 kilometres of gas transmission and distribution lines. FortisBC Energy Inc. is a subsidiary of Fortis Inc., a leader in the North American regulated electricity and gas utility industry. FortisBC Energy Inc. uses the FortisBC name and logo under license from Fortis Inc. For further information on FortisBC Energy Inc., visit For further information on Fortis Inc., visit BACKGROUNDER Historical data for Mainland and Vancouver Island (including North and South Interior, Whistler) Items on a residential gas customer's bill Daily or monthly basic charge The basic charge is a flat fee that partially recovers the fixed costs of FortisBC's system, whether or not a customer is using any gas, as long as they are connected to the system. Delivery charge The delivery charge is based on consumption and pays for the cost of safely and reliably delivering gas through FortisBC's system to a customer's home or business. This helps cover the costs of maintaining the gas distribution system, provides a return to FortisBC's investors and funds improvements to meet customers' needs. Delivery charges are reviewed annually by the BCUC. Storage and transport charge The storage and transport charge is what FortisBC pays to other companies to store and transport gas through their pipelines and infrastructure. FortisBC does not mark up the cost of storage and transport, and it is reviewed quarterly and set annually by the BCUC. Cost of gas rates Every three months, FortisBC reviews the cost of gas and voluntary RNG program rates with the BCUC to make sure rates passed on to customers cover the cost of the commodity purchased on their behalf. FortisBC does not mark up the cost of natural gas, so customers pay what it pays. Factors affecting the market price of gas in North America include weather, supply and demand and economic conditions. Other charges and taxes Other charges and taxes include the B.C. carbon tax, B.C. clean energy levy, Goods and Services Tax and, in some municipalities, a municipal operating fee. These charges are set by various levels of government and collected by FortisBC on their behalf. FortisBC does not gain revenue from these charges. SOURCE FortisBC Energy Inc. View original content to download multimedia:

Aemetis Reports 2024 Fourth Quarter and Year-End Results

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

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