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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 9, 2024
 
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 9, 2024, Aemetis, Inc. (the “Company”) issued a press release announcing its earnings for the three months ended March 31, 2024.
 
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 9, 2024, 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, 2024, 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 9, 2024
 
(Principal Executive Officer)
 
 
EX-99.1 2 ex_670507.htm EXHIBIT 99.1 ex_670507.htm

Exhibit 99.1

 

ex_670507img001.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 2024 Financial Results

 

CUPERTINO, Calif. – May 9, 2024 - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products that replace fossil fuels, today announced its financial results for the three months ended March 31, 2024.

 

“Revenues during the first quarter of 2024 of $72.6 million reflect strong execution by all three of our operating segments with revenues of $36.1 million from California Ethanol, $32.7 million from India Biodiesel and $3.8 million from Dairy Renewable Natural Gas. The India Biodiesel and Dairy Renewable Natural Gas segments generated positive EBITDA and the ethanol business trended positively as winter ended,” said Todd Waltz, Chief Financial Officer of Aemetis.  “The first sale of Low Carbon Fuel Standard (LCFS) credits by the Dairy RNG business during the quarter marks an important cash flow milestone, since we are now generating revenues from sales of RNG fuel, California LCFS credits, and federal Renewable Fuel Standard environmental attributes. We look forward to substantial additional revenues when we receive the LCFS provisional pathway approvals that are expected to approximately double our LCFS revenues and receive the federal Inflation Reduction Act Section 45Z production tax credits beginning in January 2025,” added Waltz.

 

“Complementing the revenue growth in our operating businesses, our Riverbank Sustainable Aviation Fuel project received the final Authority to Construct air permits during the quarter for a 78 million gallon per year SAF production facility to supply fuel for the aviation market,” said Eric McAfee, Chairman and CEO of Aemetis.  “We received approval by the federal government for $200 million of new EB-5 funding from foreign investors at about a 3% interest rate for subordinated debt capital to support the construction and operation of the dairy RNG, SAF and CO2 sequestration businesses.”

 

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 893234
Live Participant Dial In (International): +1-973-528-0011 entry code 893234

 

Webcast URL:  https://www.webcaster4.com/Webcast/Page/2211/50500

 

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



 

Financial Results for the Three Months Ended March 31, 2024

 

Revenues during the first quarter of 2024 were $72.6 million compared to $2.2 million for the first quarter of 2023. Our Keyes plant returned to full operations after completing its extended maintenance cycle during the first quarter of 2023. Our Dairy Natural Gas segment produced 60,300 MMBtu from eight operating dairy digesters, sold its first LCFS credits and reported $3.8 million of revenue. Our India Biodiesel recognized $32.7 million of revenue primarily from sales to the India Oil Marketing Companies.

 

Gross loss for the first quarter of 2024 was $0.6 million, compared to a $1.3 million loss during the first quarter of 2023.

 

Selling, general and administrative expenses decreased to $8.9 million during the first quarter of 2024 from $10.8 million during the same period in 2023, driven primarily by fixed costs of goods sold charged to selling, general and administrative due to the extended maintenance during the first quarter of 2023.

 

Operating loss was $9.5 million for the first quarter of 2024, compared to operating loss of $12.1 million for the same period in 2023.

 

Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased to $10.5 million during the first quarter of 2024 compared to $9.0 million during the first quarter of 2023. Additionally, Aemetis Biogas recognized $3.3 million of accretion of Series A preferred units during the first quarter of 2024 compared to $5.6 million during the first quarter of 2023.

 

Net loss was $24.2 million for the first quarter of 2024, compared to net loss of $26.4 million for the first quarter of 2023.

 

Cash at the end of the first quarter of 2024 was $1.6 million compared to $2.7 million at the close of the fourth quarter of 2023. We recorded investments in capital projects related to the reduction of the carbon intensity of Aemetis ethanol and construction of dairy digesters of $3.6 million for the first quarter of 2024.

 

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 a 60 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 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, 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 our development projects, 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 Sustainable Aviation Fuel plant in Riverbank, 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 development, 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, 2023, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 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)

 

   

For the three months

ended March 31,

 
   

2024

   

2023

 

Revenues

  $ 72,634     $ 2,151  

Cost of goods sold

    73,246       3,446  

Gross profit (loss)

    (612 )     (1,295 )
                 

Selling, general and administrative expenses

    8,850       10,828  

Operating loss

    (9,462 )     (12,123 )
                 

Other expense (income):

               

Interest expense

               

Interest rate expense

    9,092       7,078  

Debt related fees and amortization expense

    1,421       1,969  

Accretion and other expenses of Series A preferred units

    3,311       5,564  

Other income/expense

    67       (76 )

Loss before income taxes

    (23,353 )     (26,658 )

Income tax expense

    878       (248 )

Net loss

  $ (24,231 )   $ (26,410 )
                 

Net loss per common share

               

Basic

  $ (0.58 )   $ (0.73 )

Diluted

  $ (0.58 )   $ (0.73 )
                 

Weighted average shares outstanding

               

Basic

    41,889       36,425  

Diluted

    41,889       36,425  

 



 

AEMETIS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

 

   

March 31, 2024

   

December 31, 2023

 
   

(Unaudited)

         

Assets

               

Current assets:

               

Cash and cash equivalents

  $ 1,629     $ 2,667  

Accounts receivable

    8,867       8,633  

Inventories

    16,011       18,291  

Prepaid and other current assets

    6,445       6,809  

Total current assets

    32,952       36,400  
                 

Property, plant and equipment, net

    197,737       195,108  

Other assets

    11,550       11,898  

Total assets

  $ 242,239     $ 243,406  
                 

Liabilities and stockholders' deficit

               

Current liabilities:

               

Accounts payable

  $ 29,789     $ 32,132  

Current portion of long term debt

    48,870       13,585  

Short term borrowings

    23,937       23,443  

Other current liabilities

    15,322       15,229  

Total current liabilities

    117,918       84,389  
                 

Total long term liabilities

    356,462       375,994  
                 

Stockholders' deficit:

               

Common stock

    43       41  

Additional paid-in capital

    273,167       264,058  

Accumulated deficit

    (499,636 )     (475,405 )

Accumulated other comprehensive loss

    (5,715 )     (5,671 )

Total stockholders' deficit

    (232,141 )     (216,977 )

Total liabilities and stockholders' deficit

  $ 242,239     $ 243,406  

 



 

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS)

(unaudited, in thousands)

 

   

For the three months ended
March 31,

 

EBITDA Calculation

 

2024

   

2023

 
                 

Net loss

  $ (24,231 )   $ (26,410 )

Adjustments

               

Interest and amortization expense

    10,513       9,047  

Depreciation expense

    1,798       1,790  

Accretion of Series A preferred units

    3,311       5,564  

Share-based compensation

    2,969       2,662  

Intangibles amortization expense

    12       12  

Income tax expense (benefit)

    878       (248 )

Total adjustments

    19,481       18,827  
                 

Adjusted EBITDA

  $ (4,750 )   $ (7,583 )

 







 

PRODUCTION AND PRICE PERFORMANCE

(unaudited)

 

   

Three Months ended
March 31,

 
   

2024

   

2023

 

Ethanol

               

Gallons sold (in millions)

    14.1       0.1  

Average sales price/gallon

  $ 1.79     $ 2.50  

Percent of nameplate capacity

    103 %     1 %

WDG

               

Tons sold (in thousands)

    94       -  

Average sales price/ton

  $ 98     $ -  

Delivered Cost of Corn

               

Bushels ground (in millions)

    4.9       -  

Average delivered cost / bushel

  $ 6.33     $ -  

Dairy Renewable Natural Gas

               

MMBtu produced (in thousands)

    60.3       21.3  

MMBtu stored as inventory (in thousands)

    46.8       31.0  

MMBtu sold (in thousands)

    60.8       21.3  

Biodiesel

               

Metric tons sold (in thousands)

    27.5       1.0  

Average Sales Price/Metric ton

  $ 1,127     $ 1,250  

Percent of Nameplate Capacity

    73.4 %     0.6 %

Refined Glycerin

               

Metric tons sold (in thousands)

    2.4       0.3  

Average Sales Price/Metric ton

  $ 551     $ 750