via NewMediaWire -
Aemetis,
Inc. (NASDAQ: AMTX), a renewable natural gas and renewable
fuels company focused on negative carbon intensity products, today
announced its financial results for the three and six months ended
June 30, 2023.
“Revenues of $45.1 million for the second
quarter of 2023 reflect our India Biodiesel segment fulfilling
$33.6 million of supply contracts from the three Oil Marketing
Companies combined with the restart of the Keyes plant in late May
as we completed the maintenance cycle which allowed for the
acceleration of the implementation of several important ethanol
plant efficiency upgrades,” said Todd Waltz, Chief Financial
Officer of Aemetis. “Investments in capital projects were
$9.8 million for the first half of 2023 as our engineering and
construction teams moved forward with the initiatives outlined in
our Five-Year Plan,” added Waltz.
“We are pleased with the many milestones
accomplished during the first half of 2023 regarding the Aemetis
Biogas assets brought into service including seven biogas digesters
and a 40-mile biogas pipeline; our India team fulfilling India
government OMC biodiesel sales contracts at our India plant; land
and air permitting progress for the Riverbank SAF/RD plant;
permitting progress for the Aemetis Carbon Capture business that
resulted in the first CO2 characterization well permit issued by
the State of California; solar, ZEBREX, MVR and other energy
efficiency projects at the Keyes ethanol plant supported by $16.7
million of California Energy Commission and PG&E utility
grants; and restarting the Keyes plant in late May during a period
of high margins for the ethanol industry,” said Eric McAfee,
Chairman and CEO of Aemetis.
We invite investors to review the Aemetis
Corporate Presentation on the Aemetis home page prior to the
earnings call. On Thursday, August 3, 2023, Aemetis will host an
earnings review call at 11:00 a.m. Pacific time (PT).
Live Participant Dial In (Toll Free):
+1-888-506-0062 enter code 340104Live Participant Dial In
(International): +1-973-528-0011 enter code 340104Webcast
URL:
https://www.webcaster4.com/Webcast/Page/2211/48845
For details on the call, please visit
http://www.aemetis.com/investors/conference-calls/
Financial Results for the Three Months
Ended June 30, 2023
Revenues during the second quarter of 2023 were
$45.1 million compared to $65.9 million for the second quarter of
2022, principally driven by $33.6 million of sales from India
Biodiesel. Our California Ethanol operations restarted after an
extended maintenance cycle which allowed for the acceleration of
the implementation of several important ethanol plant efficiency
upgrades, allowing for the generation of $11.3 million of revenues
during late May and June. Delivered corn price decreased
significantly from an average price of $10.21 per bushel during the
second quarter of 2022 to $6.84 per bushel during the second
quarter of 2023.
Gross profit for the second quarter of 2023 was
$2.0 million, a significant improvement compared to a $0.2 million
gross loss during the second quarter of 2022.
Selling, general and administrative expenses
were $9.7 million during the second quarter of 2023, compared to
$7.4 million during the second quarter of 2022, including $1.3
million for fixed costs of goods sold that were allocated to
selling, general and administrative during the Keyes plant
maintenance period. SG&A included $1.8 million of non-cash
expense related to stock options and other consideration issued
under stock incentive plans.
Operating loss was $7.8 million and $7.7 million
each for the second quarter of 2023 and 2022.
Interest expense during the second quarter of
2023 was $9.6 million, excluding accretion and other expenses in
connection with Series A preferred units in our Aemetis Biogas LLC
subsidiary, compared to $6.7 million during the second quarter of
2022. Additionally, our Aemetis Biogas LLC subsidiary recognized
$6.9 million of accretion and other expenses in connection with
preference payments on its preferred stock during the second
quarter of 2023 compared to $1.5 million during the second quarter
of 2022.
Net loss was $25.3 million for the second
quarter of 2023, compared to a net loss of $209 thousand for the
second quarter of 2022, including the impact in 2022 of a grant of
$14.2 million received from the United States Department of
Agriculture (“USDA”) Biofuel Producer Program and the release of a
litigation reserve of $1.4 million.
Our India plant contributed $5.1 million of
Adjusted EBITDA during the three months ended June 30, 2023, offset
by Adjusted EBITDA from the restart of the Keyes plant and other
operations, for a total company negative Adjusted EBITDA of $4.2
million for the second quarter of 2023.
Cash at the end of the quarter was $3.5 million,
compared to $4.3 million at the close of 2022.
Financial Results for the Six Months
Ended June 30, 2023
Revenues were $47.3 million for the first half
of 2023, compared to $118.0 million for the first half of 2022,
primarily generated from India Biofuels supplying fuel under
contracts with India government oil marketing companies and offset
by the extended maintenance cycle which allowed for the
acceleration of the implementation of several important ethanol
plant efficiency upgrades at the Keyes plant during the first half
of 2023.
Gross profit for the first half of 2023 was $661
thousand, a significant improvement compared to a gross loss of
$3.3 million during the first half of 2022.
Selling, general and administrative expenses
were $20.5 million during the first half of 2023, compared to $14.7
million during the first half of 2022, including $4.0 million of
fixed costs of goods sold charged to selling, general and
administrative during the Keyes plant maintenance period.
Operating loss was $19.9 million for the first
half of 2023, compared to $18.1 million for the first half of
2022.
Interest expense was $18.7 million during the
first half of 2023, excluding accretion and other expenses of
Series A preferred units in our Aemetis Biogas LLC subsidiary,
compared to interest expense of $12.9 million during the first half
of 2022. Additionally, our Aemetis Biogas LLC subsidiary recognized
$12.4 million of accretion and other expenses in connection with
preference payments on its preferred stock during the first half of
2023 compared to $3.1 million during the first half of 2022.
Net loss for the first half of 2023 was $51.7
million and Adjusted EBITDA was negative $11.8 million during the
ethanol plant maintenance, upgrade and restart process, compared to
a net loss of $18.5 million and Adjusted EBITDA of $3 million
during the same period of 2022. Included in net income for 2022 is
the receipt of a grant of $14.2 million from the United States
Department of Agriculture (“USDA”) Biofuel Producer Program and the
release of a litigation reserve of $1.4 million.
Investments in capital projects of $9.8 million
were made during the first half of 2023. Investments in
capital projects related to Aemetis Biogas were $7.8 million.
Investments in capital projects related to the reduction of the
carbon intensity of Aemetis ethanol and other initiatives were $2.0
million.
About
Aemetis
Aemetis has a mission to transform renewable
energy with below zero carbon intensity transportation fuels.
Aemetis has launched the Carbon Zero production process to
decarbonize the transportation sector using today’s
infrastructure.
Aemetis Carbon Zero products include zero-carbon
fuels that can "drop-in" to be used in airplanes, trucks, and ship
fleets. Aemetis low-carbon fuels have substantially reduced carbon
intensity compared to standard petroleum fossil-based fuels across
their lifecycle.
Headquartered in Cupertino, California, Aemetis
is a renewable natural gas, renewable fuel and biochemicals company
focused on the acquisition, development and commercialization of
innovative technologies that replace petroleum-based products and
reduce greenhouse gas emissions. Founded in 2006, Aemetis has
completed Phase 1 and is expanding a California biogas digester
network and pipeline system to convert dairy waste gas into
Renewable Natural Gas. Aemetis owns and operates a 65 million
gallon per year ethanol production facility in California’s Central
Valley near Modesto that supplies about 80 dairies with animal
feed. Aemetis also owns and operates a 50 million gallon per year
production facility on the East Coast of India producing high
quality distilled biodiesel and refined glycerin for customers in
India and Europe. Aemetis is developing the Carbon Zero sustainable
aviation fuel (SAF) and renewable diesel fuel biorefineries in
California to utilize distillers corn oil and other renewable oils
to produce low carbon intensity renewable jet and diesel fuel using
cellulosic hydrogen from waste orchard and forest wood, while
pre-extracting cellulosic sugars from the waste wood to be
processed into high value cellulosic ethanol at the Keyes plant.
Aemetis holds a portfolio of patents and exclusive technology
licenses to produce renewable fuels and biochemicals. For
additional information about Aemetis, please visit
www.aemetis.com
NON-GAAP FINANCIAL
INFORMATION
We have provided non-GAAP measures as a
supplement to financial results based on GAAP. A reconciliation of
the non-GAAP measures to the most directly comparable GAAP measures
is included in the accompanying supplemental data. Adjusted EBITDA
is defined as net income/(loss) plus (to the extent deducted in
calculating such net income) interest expense, income tax expense,
intangible and other amortization expense, accretion expense,
depreciation expense, loss on lease termination, gain on
litigation, and share-based compensation expense.
Adjusted EBITDA is not calculated in accordance
with GAAP and should not be considered as an alternative to net
income/(loss), operating income or any other performance measures
derived in accordance with GAAP or to cash flows from operating,
investing or financing activities as an indicator of cash flows or
as a measure of liquidity. Adjusted EBITDA is presented solely as a
supplemental disclosure because management believes that it is a
useful performance measure that is widely used within the industry
in which we operate. In addition, management uses Adjusted EBITDA
for reviewing financial results and for budgeting and planning
purposes. EBITDA measures are not calculated in the same manner by
all companies and, accordingly, may not be an appropriate measure
for comparison.
Safe Harbor Statement
This news release contains forward-looking
statements, including statements regarding our assumptions,
projections, expectations, targets, intentions or beliefs about
future events or other statements that are not historical
facts. Forward-looking statements in this news release
include, without limitation, statements relating to our five-year
growth plan, future growth in revenue, expansion into new markets,
our ability to commercialize and scale the licensed patented
technology, the ability to obtain sufficiently low Carbon Intensity
scores to achieve below zero carbon intensity transportation fuels,
the development of the Aemetis Biogas Dairy project, the
development of the Aemetis Carbon Zero plant at the Riverbank site,
the upgrades to the Aemetis Keyes ethanol plant, the development of
the Aemetis Carbon Capture projects, and the ability to access the
funding required to execute on project construction and operations.
Words or phrases such as “anticipates,” “may,” “will,”
“should,” “believes,” “estimates,” “expects,” “intends,” “plans,”
“predicts,” “projects,” “showing signs,” “targets,” “will likely
result,” “will continue” or similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are based on current assumptions and predictions and are
subject to numerous risks and uncertainties. Actual results or
events could differ materially from those set forth or implied by
such forward-looking statements and related assumptions due to
certain factors, including, without limitation, competition in the
ethanol, biodiesel and other industries in which we operate,
commodity market risks including those that may result from current
weather conditions, financial market risks, customer adoption,
counter-party risks, risks associated with changes to federal
policy or regulation, and other risks detailed in our reports filed
with the Securities and Exchange Commission, including our Annual
Report on Form 10-K for the year ended December 31, 2022, our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2023
and June 30, 2023 and in our subsequent filings with the SEC. We
are not obligated, and do not intend, to update any of these
forward-looking statements at any time unless an update is required
by applicable securities laws.
External Investor
Relations Contact:Kirin SmithPCG Advisory Group(646)
863-6519ksmith@pcgadvisory.com |
|
|
Company Investor
Relations/Media Contact:Todd
Waltz(408) 213-0940investors@aemetis.com |
(Tables follow)
AEMETIS,
INC.CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS(unaudited,
in thousands except per share data)
|
Three months ended |
|
Six months ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Revenues |
$ |
45,112 |
|
|
$ |
65,901 |
|
|
$ |
47,263 |
|
|
$ |
117,950 |
|
|
|
|
Cost of goods sold |
|
43,156 |
|
|
|
66,115 |
|
|
|
46,602 |
|
|
|
121,249 |
|
|
|
|
Gross profit (loss) |
|
1,956 |
|
|
|
(214 |
) |
|
|
661 |
|
|
|
(3,299 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expense |
|
37 |
|
|
|
51 |
|
|
|
79 |
|
|
|
87 |
|
|
|
|
Selling, general and admin.
expense |
|
9,709 |
|
|
|
7,421 |
|
|
|
20,495 |
|
|
|
14,727 |
|
|
|
|
Operating loss |
|
(7,790 |
) |
|
|
(7,686 |
) |
|
|
(19,913 |
) |
|
|
(18,113 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
Interest rate expense |
|
8,299 |
|
|
|
4,928 |
|
|
|
15,377 |
|
|
|
9,363 |
|
|
|
|
Debt related fees and Amortization expense |
|
1,330 |
|
|
|
1,740 |
|
|
|
3,299 |
|
|
|
3,566 |
|
|
|
|
Accretion and other expenses of Series A preferred units |
|
6,885 |
|
|
|
1,506 |
|
|
|
12,449 |
|
|
|
3,146 |
|
|
|
|
Gain on litigation |
|
- |
|
|
|
(1,400 |
) |
|
|
- |
|
|
|
(1,400 |
) |
|
|
|
Other income |
|
(91 |
) |
|
|
(14,254 |
) |
|
|
(167 |
) |
|
|
(14,295 |
) |
|
|
|
Loss before income taxes |
|
(24,213 |
) |
|
|
(206 |
) |
|
|
(50,871 |
) |
|
|
(18,493 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
1,066 |
|
|
|
3 |
|
|
|
818 |
|
|
|
10 |
|
|
|
|
Net loss |
$ |
(25,279 |
) |
|
$ |
(209 |
) |
|
$ |
(51,689 |
) |
|
$ |
(18,503 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.68 |
) |
|
$ |
(0.01 |
) |
|
$ |
(1.40 |
) |
|
$ |
(0.54 |
) |
|
|
|
Diluted |
$ |
(0.68 |
) |
|
$ |
(0.01 |
) |
|
$ |
(1.40 |
) |
|
$ |
(0.54 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
|
|
Basic |
|
37,179 |
|
|
|
34,536 |
|
|
|
36,804 |
|
|
|
34,128 |
|
|
|
|
Diluted |
|
37,179 |
|
|
|
34,536 |
|
|
|
36,804 |
|
|
|
34,128 |
|
|
|
|
AEMETIS,
INC.CONSOLIDATED CONDENSED BALANCE
SHEETS(unaudited,
in thousands)
|
June 30,
2023 |
|
December 31,
2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
3,494 |
|
|
$ |
4,313 |
|
Accounts receivable |
|
6,157 |
|
|
|
1,264 |
|
Inventories |
|
7,463 |
|
|
|
4,658 |
|
Prepaid and other current assets |
|
3,794 |
|
|
|
7,901 |
|
Total current assets |
|
20,908 |
|
|
|
18,136 |
|
|
|
|
|
Property, plant and
equipment, net |
|
182,783 |
|
|
|
180,441 |
|
Other assets |
|
8,894 |
|
|
|
8,537 |
|
Total
assets |
$ |
212,585 |
|
|
$ |
207,114 |
|
|
|
|
|
Liabilities and
stockholders' deficit |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
30,306 |
|
|
$ |
26,168 |
|
Current portion of long-term debt |
|
21,458 |
|
|
|
12,465 |
|
Short term borrowings |
|
41,396 |
|
|
|
36,754 |
|
Mandatorily redeemable Series B stock |
|
4,289 |
|
|
|
4,082 |
|
Accrued property taxes and other liabilities |
|
11,472 |
|
|
|
8,812 |
|
Total current liabilities |
|
108,921 |
|
|
|
88,281 |
|
|
|
|
|
Total long term
liabilities |
|
342,601 |
|
|
|
320,687 |
|
|
|
|
|
Total stockholders'
deficit: |
|
|
|
|
|
|
|
Series B convertible preferred stock |
|
1 |
|
|
|
1 |
|
Common stock |
|
38 |
|
|
|
36 |
|
Additional paid-in capital |
|
247,017 |
|
|
|
232,546 |
|
Accumulated deficit |
|
(480,674 |
) |
|
|
(428,985 |
) |
Accumulated other comprehensive loss |
|
(5,319 |
) |
|
|
(5,452 |
) |
Total stockholders'
deficit |
|
(238,937 |
) |
|
|
(201,854 |
) |
Total liabilities and
stockholders' deficit |
$ |
212,585 |
|
|
$ |
207,114 |
|
|
|
|
|
|
RECONCILIATION OF ADJUSTED EBITDA TO NET
LOSS(unaudited,
in thousands)
|
Three Months Ended |
|
Six Months EndedJune 30, |
|
|
June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Net loss |
$ |
(25,279 |
) |
|
$ |
(209 |
) |
|
$ |
(51,689 |
) |
|
$ |
(18,503 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
Interest expense |
|
9,629 |
|
|
|
6,668 |
|
|
|
18,676 |
|
|
|
12,929 |
|
|
Depreciation expense |
|
1,671 |
|
|
|
1,325 |
|
|
|
3,461 |
|
|
|
2,661 |
|
|
Accretion and other expenses of Series A preferred units |
|
6,885 |
|
|
|
1,506 |
|
|
|
12,449 |
|
|
|
3,146 |
|
|
Share-based compensation |
|
1,755 |
|
|
|
1,349 |
|
|
|
4,417 |
|
|
|
3,389 |
|
|
Intangibles and other amortization |
|
11 |
|
|
|
11 |
|
|
|
23 |
|
|
|
23 |
|
|
Loss on lease termination |
|
- |
|
|
|
736 |
|
|
|
- |
|
|
|
736 |
|
|
Gain on litigation |
|
- |
|
|
|
(1,400 |
) |
|
|
- |
|
|
|
(1,400 |
) |
|
Income tax expense |
|
1,066 |
|
|
|
3 |
|
|
|
818 |
|
|
|
10 |
|
|
Total
adjustments |
|
21,017 |
|
|
|
10,198 |
|
|
|
39,844 |
|
|
|
21,494 |
|
|
Adjusted
EBITDA |
$ |
(4,262 |
) |
|
$ |
9,989 |
|
|
$ |
(11,845 |
) |
|
$ |
2,991 |
|
|
PRODUCTION AND PRICE
PERFORMANCE(unaudited)
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
2022 |
|
Ethanol |
|
|
|
|
|
|
|
|
|
Gallons sold (in
millions) |
|
2.8 |
|
|
|
15.2 |
|
|
|
2.9 |
|
|
|
29.9 |
|
|
|
Average sales
price/gallon |
$ |
3.12 |
|
|
$ |
3.13 |
|
|
$ |
3.08 |
|
|
$ |
2.86 |
|
|
|
Percentage of nameplate
capacity |
|
20 |
% |
|
|
111 |
% |
|
|
11 |
% |
|
|
109 |
% |
|
|
WDG |
|
|
|
|
|
|
|
|
|
Tons sold (in thousands) |
|
24.3 |
|
|
|
104.0 |
|
|
|
24.3 |
|
|
|
204.4 |
|
|
|
Average sales price/ton |
$ |
105 |
|
|
$ |
146 |
|
|
$ |
105 |
|
|
$ |
130 |
|
|
|
Delivered cost of
corn |
|
|
|
|
|
|
|
|
|
Bushels ground (in
millions) |
|
1.4 |
|
|
|
5.3 |
|
|
|
1.4 |
|
|
|
10.4 |
|
|
|
Average delivered cost /
bushel |
$ |
6.84 |
|
|
$ |
10.21 |
|
|
$ |
7.17 |
|
|
$ |
9.50 |
|
|
|
Dairy Renewable
Natural Gas |
|
|
|
|
|
|
|
|
|
MMBtu produced (in
thousands) |
|
54.1 |
|
|
|
14.9 |
|
|
|
75.4 |
|
|
|
28.9 |
|
|
|
MMBtu stored as inventory (in
thousands) |
|
86.7 |
|
|
|
|
|
|
|
|
|
Biodiesel |
|
|
|
|
|
|
|
|
|
Metric tons sold (in
thousands) |
|
25.7 |
|
|
|
- |
|
|
|
28.1 |
|
|
|
- |
|
|
|
Average sales price per metric
ton |
$ |
1,276 |
|
|
|
- |
|
|
$ |
1,210 |
|
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Aemetis (NASDAQ:AMTX)
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