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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): May 4, 2023
 
Aemetis, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
 
001-36475
 
26-1407544
(State or other jurisdiction of
incorporation)
 
(Commission File Number)
 
(IRS Employer Identification
No.)
 
20400 Stevens Creek Blvd., Suite 700
Cupertino, CA 95014
(Address of principal executive offices) (Zip Code)
 
Registrant's telephone number, including area code:
(408) 213-0940
 
(Former name or former address, if changed since last report.)
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.001
AMTX
NASDAQ Stock Market
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
☐ Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( 240.12b-2 of this chapter)
 
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 


 
Item 2.02 Results of Operations and Financial Condition.
 
On May 4, 2023, Aemetis, Inc. (the “Company”) issued a press release announcing its earnings for the three months ended March 31, 2023.
 
The press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
 
This Form 8-K and Exhibit 99.1 hereto shall be deemed “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any registration statement of the issuer.
 
Item 7.01 Regulation FD Material.
 
On May 4, 2023, the Company issued a press release, posted to its web site at www.aemetis.com, announcing its earnings for the three months ended March 31, 2023, a copy of which is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
 
Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits.
 
 
     
EXHIBIT NUMBER
 
DESCRIPTION
     
Exhibit 99.1
 
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)
 


 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
       
 
AEMETIS, INC.
   
 
By:
\s\ Eric A. McAfee
 
 
Name:
Eric A. McAfee
 
Title:
Chief Executive Officer
May 4, 2023
 
(Principal Executive Officer)
 
 
EX-99.1 2 ex_513372.htm EXHIBIT 99.1 EARNINGS RELEASE ex_513372.htm

Exhibit 99.1

 

ex_513372img001.jpg

 

External Investor Relations Contact:

Kirin Smith

PCG Advisory Group

(646) 863-6519

ksmith@pcgadvisory.com

   

Company Investor Relations/

Media Contact:

Todd Waltz

 (408) 213-0940

investors@aemetis.com

 

Aemetis Reports First Quarter 2023 Financial Results

 

 

CUPERTINO, Calif. – May 4, 2023 - 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 months ended March 31, 2023.

 

“Revenues for the first quarter of 2023 reflect our decision in late 2022 to idle the Keyes plant due to a 500% increase in energy cost brought about by insufficient natural gas storage in the Western United States, California in particular, and the resulting price spike that made continuing operations uneconomic. From December through mid-March, exorbitant pricing for natural gas would have resulted in a $12 million loss for the ethanol business, so management made the difficult but necessary decision to temporarily idle production and focus the plant staff on implementing a significant maintenance turnaround and mechanical reconfiguration related to the company’s energy efficiency projects,” said Todd Waltz, Chief Financial Officer of Aemetis.  “Investments in capital projects related to the reduction of the carbon intensity of Aemetis ethanol were $7.6 million for the first quarter 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 milestones accomplished during the first quarter of 2023 regarding our energy efficiency projects as well as bringing the six dairy digesters, a 40 mile biogas pipeline and RNG facility with utility interconnect into service in late January. Due to high natural gas prices in California during the first quarter, we took the opportunity to complete significant maintenance and upgrades to the Keys ethanol plant,” said Eric McAfee, Chairman and CEO of Aemetis.  “With natural gas now at a reasonable pricing range and the maintenance turn-around complete, we expect to restart the plant during the second quarter of 2023.”

 

The energy efficiency and Renewable Natural Gas milestones reflect our execution of the projects under our Five-Year Plan that produce negative carbon intensity products to rapidly grow value for Aemetis shareholders. We invite investors to review the Aemetis Corporate Presentation on the Aemetis home page prior to the earnings call.

 

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 387005
Live Participant Dial In (International): +1-973-528-0011 entry code 387005

 

Webcast URL:  https://www.webcaster4.com/Webcast/Page/2211/48314

 

For details on the call, please visit http://www.aemetis.com/investors/conference-calls/



 

 

 

Financial Results for the Three Months Ended March 31, 2023

 

Revenues during the first quarter of 2023 decreased to $2.2 million compared to $52.0 million for the first quarter of 2022. Our North America division entered an extended maintenance cycle during the last two weeks of December 2022 which extended through the end of the first quarter, allowing for acceleration of several important ethanol plant energy efficiency upgrades. Working on plant maintenance and upgrades during Q1 enabled the plant to avoid the high natural gas prices in Northern California during the first quarter driven by cold weather. The Dairy Natural Gas segment produced 21,300 MMBtu from 6 dairy digesters and the RNG was placed in underground storage to preserve the carbon credits. India Biodiesel recognized $1.5 million of revenue from private customers.

 

Gross loss for the first quarter of 2023 was $1.3 million, compared to a $3.1 million loss during the first quarter of 2022.

 

Selling, general and administrative expenses increased to $10.8 million during the first quarter of 2023 from $7.3 million during the same period in 2022, driven primarily by $2.7 million of fixed costs of goods sold charged to selling, general and administrative during the idle time.

 

Operating loss was $12.1 million for the first quarter of 2023, compared to operating loss of $10.4 million for the same period in 2022.

 

Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased to $9.0 million during the first quarter of 2023 compared to $6.3 million during the first quarter of 2022. Additionally, our Aemetis Biogas initiative recognized $5.6 million of accretion of preference payments during the first quarter of 2023 compared to $1.6 million during the first quarter of 2022.

 

Net loss was $26.4 million for the first quarter of 2023, compared to net loss of $18.3 million for the first quarter of 2022.

 

Cash at the end of the first quarter of 2023 was $4.1 million compared to $4.3 million at the close of the fourth quarter of 2022. Investments in capital projects related to the reduction of the carbon intensity of Aemetis ethanol were $7.6 million for the first quarter of 2023.

 

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, truck, 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 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, 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, 2022 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.

 

 

(Tables follow)

 



 

 

 

AEMETIS, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited, in thousands except per share data)

   
 

Three months ended

 

March 31, 2023

 

March 31, 2022

       

Revenues

$ 2,151

 

$ 52,049

Cost of goods sold

    3,446

 

    55,134

Gross loss

      (1,295)

 

      (3,085)

       

Research and development expenses

           42

 

           36

Selling, general and administrative expenses

      10,786

 

      7,306

       

Operating loss

    (12,123)

 

    (10,427)

       

Other expense/(income)

     

Interest rate expense

    7,078

 

    4,435

Debt related fees and amortization expense

    1,969

 

    1,826

Accretion of Series A preferred units

5,564

 

1,640

Other income

    (76)

 

    (41)

       

Loss before income taxes

    (26,658)

 

    (18,287)

       

Income tax expense (benefit)

            (248)

 

            7

       

Net loss

$ (26,410)

 

$ (18,294)

       

Net loss per common share

     

Basic

($0.73)

 

($0.54)

Diluted

($0.73)

 

($0.54)

       

Weighted average shares outstanding

     

Basic

    36,425

 

    33,714

Diluted

    36,425

 

    33,714

 



 

 

AEMETIS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

 

 

March 31, 2023

(Unaudited)

 

December 31, 2022

Assets

     

Current assets:

     

Cash and cash equivalents

$ 4,131

 

$ 4,313

Accounts receivable

261

 

1,264

Inventories

12,538

 

4,658

Prepaid and other current assets

4,294

 

7,901

Total current assets

21,224

 

18,136

       

   Property, plant and equipment, net

180,808

 

180,441

Other assets

8,349

 

8,537

Total assets

$ 210,381

 

$ 207,114

 

     

Liabilities and stockholders' deficit

     

Current liabilities:

     

Accounts payable 

$ 28,508

 

$ 26,168

Current portion of long-term debt

175,675

 

12,465

Short term borrowings

45,282

 

36,754

Mandatorily redeemable Series B stock

4,182

 

4,082

Accrued property taxes and other liabilities

8,237

 

8,812

Total current liabilities

261,884

 

88,281

       

Total long term liabilities

170,917

 

320,687

       

Total stockholders' deficit:

     
       

    Series B convertible preferred stock

1

 

1

    Common stock

37

 

36

    Additional paid-in capital

238,272

 

232,546

    Accumulated deficit

(455,395)

 

(428,985)

    Accumulated other comprehensive loss

(5,335)

 

(5,452)

Total stockholders' deficit

(222,420)

 

(201,854)

Total liabilities and stockholders' deficit

$ 210,381

 

$ 207,114

       


 

 

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS)

(unaudited, in thousands)

 

Three months ended

 

March 31,

 

2023

 

2022

       

Net loss

$ (26,410)

 

$ (18,294)

Adjustments:

     

Interest expense

9,047

 

6,261

Depreciation expense

1,790

 

1,336

Accretion of Series A preferred units

5,564

 

1,640

Share-based compensation

2,662

 

2,040

Intangibles and other amortization expense

12

 

12

Income tax expense

(248)

 

7

Total adjustments

18,827

 

11,296

Adjusted EBITDA

$ (7,583)

 

$ (6,998)

 

 

PRODUCTION AND PRICE PERFORMANCE

(unaudited)

 

Three months ended

March 31,

 

2023

 

2022

Ethanol

     

Gallons sold (in millions)

0.1

 

14.7

Average sales price/gallon

$2.50

 

$2.58

Percent of nameplate capacity

1%

 

107%

WDG

     

Tons sold (in thousands)

-

 

100

Average sales price/ton

$ -

 

$115

Delivered Cost of Corn

     

Bushels ground (in millions)

-

 

5.0

Average delivered cost / bushel

$ -

 

$8.75

Dairy Renewable Natural Gas

     

MMBtu produced (in thousands)

21.3

 

                            14.0

MMBtu stored as inventory (in thousands)

31.0

 

-

Biodiesel

     

Metric tons sold (in thousands)

1.0

 

             -