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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): August 1, 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 August 1, 2024, Aemetis, Inc. (the “Company”) issued a press release announcing its earnings for the three and six months ended June 30, 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 August 1, 2024, the Company issued a press release, posted to its web site at www.aemetis.com, announcing its earnings for the three and six months ended June 30, 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.
   
August 1, 2024
By:
/s/ Eric A. McAfee
 
 
Name:
Eric A. McAfee
 
Title:
Chief Executive Officer
 
 
(Principal Executive Officer)
 
 
EX-99.1 2 ex_706452.htm EXHIBIT 99.1 ex_706452.htm

Exhibit 99.1

 

ex_706452img001.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 Revenues of $66 Million for the Second Quarter 2024

Revenues increased 48% over the Second Quarter of 2023

 

CUPERTINO, Calif. – August 1, 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 and six months ended June 30, 2024.

 

Revenues of $66.6 million for the second quarter of 2024 reflect strong execution by all three of the company’s operating segments, with the California Ethanol business generating $40.1 million in revenues, the India Biodiesel business generating $28.8 million in revenues, and the Dairy Renewable Natural Gas (RNG) business generating $1.6 million in revenues.

 

“The ongoing construction and operation of dairy digesters with the current capacity to produce more than 300,000 MMBtu of renewable natural gas annually by the Dairy RNG business marks an important cash flow milestone for Aemetis, representing a reliable source of increased future revenues,” stated Todd Waltz, Chief Financial Officer of Aemetis. “We anticipate substantial additional revenues from the operational dairies and those dairies under construction when we receive LCFS provisional pathway approvals and when we receive the federal Inflation Reduction Act Section 45Z production tax credits for RNG production beginning in January 2025,” added Waltz.

 

The California Ethanol business commissioned a new Solar Microgrid with battery storage that will strengthen future cash flows by reducing electric utility costs and optimizing storage and load shedding during peak rate hours.

 

The Ethanol business also received an allocation of $10.5 million of IRA tax credits from the U.S. Department of Energy and the Internal Revenue Service under the first phase of IRA Section 48C awards to support the installation of a Mechanical Vapor Recompression system that is expected to reduce the Keyes facility natural gas usage by approximately 80%, significantly reducing the carbon intensity of the fuel ethanol produced and generating an associated increase in revenues. Detailed engineering for MVR is completed, and the company has begun procurement of the MVR equipment.

 







 

“Complementing the revenue growth in our US businesses, our India Biofuel business announced the appointment of a Managing Director and Chief Executive Officer demonstrating our commitment to the expansion of the India business and our pursuit of an IPO of this subsidiary,” 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.

 

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 807848
Live Participant Dial In (International): +1-973-528-0011 entry code 807848

Webcast URL:  https://www.webcaster4.com/Webcast/Page/2211/50872

 

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

 



 

Financial Results for the Three Months Ended June 30, 2024

 

Revenues during the second quarter of 2024 were $66.6 million compared to $45.1 million for the second quarter of 2023. Our Keyes plant operated during the entire quarter compared to its extended maintenance cycle during a portion of the second quarter of 2023. Our Dairy Natural Gas segment produced 89,400 MMBtu from eight operating dairy digesters and reported $1.6 million of revenue, and our ninth digester began producing biogas at the end of the second quarter. Our India Biodiesel business recognized $24.8 million of revenue primarily from sales to the India Oil Marketing Companies.

 

Gross loss for the second quarter of 2024 was $1.8 million, compared to a $2.0 million profit during the second quarter of 2023.

 

Selling, general and administrative expenses were $11.8 million during the second quarter of 2024 from $9.7 million during the same period in 2023, driven primarily by the recognition of a loss on asset disposals of $3.6 million.

 

Operating loss was $13.6 million for the second quarter of 2024, compared to operating loss of $7.8 million for the same period in 2023.

 

Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased to $11.7 million during the second quarter of 2024 compared to $9.6 million during the second quarter of 2023. Additionally, Aemetis Biogas recognized $3.5 million of accretion of Series A preferred units during the second quarter of 2024 compared to $6.9 million during the second quarter of 2023.

 

Net loss was $29.2 million for the second quarter of 2024, compared to $25.3 million for the second quarter of 2023.

 

Cash at the end of the second quarter of 2024 was $234 thousand 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 $5.4 million for the second quarter of 2024.

 

Financial Results for the Six Months Ended June 30, 2024

 

Revenues were $139.2 million for the first half of 2024, compared to $47.3 million for the first half of 2023, primarily occurring from our 2023 extended maintenance cycle which allowed for the acceleration of the implementation of several important efficiency upgrades at the Keyes plant.

 

Gross loss for the first half of 2023 was $2.4 million, compared to a gross profit of $0.7 million during the first half of 2023.

 

Selling, general and administrative expenses were $20.7 million during the first half of 2024, compared to $20.6 million during the first half of 2023, including $4.0 million of fixed costs of goods sold charged to selling, general and administrative during the Keyes plant maintenance period during the first half of 2023 and the recognition of a loss on asset disposals of $3.6 million during the first half of 2024.

 







 

Operating loss was $23.1 million for the first half of 2024, compared to $19.9 million for the first half of 2023.

 

Interest expense was $22.2 million during the first half of 2024, excluding accretion and other expenses of Series A preferred units in our Aemetis Biogas LLC subsidiary, compared to interest expense of $18.7 million during the first half of 2023. Additionally, our Aemetis Biogas LLC subsidiary recognized $6.8 million of accretion and other expenses in connection with preference payments on its preferred stock during the first half of 2024 compared to $12.4 million during the first half of 2023.

 

Net loss for the first half of 2024 was $53.4 million, compared to a net loss of $51.7 million during the same period of 2023.

 

Investments in capital projects of $9.0 million were made during the first half of 2024, including investments in capital projects related to Aemetis Biogas of $7.1 million.

 

 

 

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 a 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 June 30, 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

(unaudited, in thousands, except per share data)

 

   

For the three months ended

June 30,

   

For the six months ended

June 30,

 
   

2024

   

2023

   

2024

   

2023

 

Revenues

  $ 66,561     $ 45,112     $ 139,195     $ 47,263  

Cost of goods sold

    68,367       43,156       141,613       46,602  

Gross profit (loss)

    (1,806 )     1,956       (2,418 )     661  
                                 

Selling, general and administrative expenses

    11,800       9,746       20,650       20,574  

Operating loss

    (13,606 )     (7,790 )     (23,068 )     (19,913 )
                                 

Other expense (income):

                               

Interest expense

                               

Interest rate expense

    9,904       8,299       18,996       15,377  

Debt related fees and amortization expense

    1,820       1,330       3,241       3,299  

Accretion and other expenses of Series A preferred units

    3,477       6,885       6,788       12,449  

Other income/expense

    (18 )     (91 )     49       (167 )

Loss before income taxes

    (28,789 )     (24,213 )     (52,142 )     (50,871 )

Income tax expense

    385       1,066       1,263       818  

Net loss

  $ (29,174 )   $ (25,279 )   $ (53,405 )   $ (51,689 )
                                 

Net loss per common share

                               

Basic

  $ (0.66 )   $ (0.68 )   $ (1.24 )   $ (1.40 )

Diluted

  $ (0.66 )   $ (0.68 )   $ (1.24 )   $ (1.40 )
                                 

Weighted average shares outstanding

                               

Basic

    44,417       37,179       43,153       36,804  

Diluted

    44,417       37,179       43,153       36,804  

 



 

AEMETIS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

 

   

June 30, 2024

   

December 31, 2023

 
   

(Unaudited)

         

Assets

               

Current assets:

               
Cash and cash equivalents   $ 234     $ 2,667  
Accounts receivable     8,764       8,633  
Inventories     10,244       18,291  
Prepaid and other current assets     4,613       6,809  

Total current assets

    23,855       36,400  
                 
Property, plant and equipment, net     194,042       195,108  
Other assets     14,191       11,898  

Total assets

  $ 232,088     $ 243,406  
                 

Liabilities and stockholders' deficit

               

Current liabilities:

               
Accounts payable   $ 28,769     $ 32,132  
Current portion of long term debt     55,766       13,585  
Short term borrowings     18,822       23,443  
Other current liabilities     17,496       15,229  

Total current liabilities

    120,853       84,389  
                 

Total long term liabilities

    360,187       375,994  
                 

Stockholders' deficit:

               
Common stock     46       41  
Additional paid-in capital     285,519       264,058  
Accumulated deficit     (528,810 )     (475,405 )
Accumulated other comprehensive loss     (5,707 )     (5,671 )

Total stockholders' deficit

    (248,952 )     (216,977 )

Total liabilities and stockholders' deficit

  $ 232,088     $ 243,406  

 



 

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS)

(unaudited, in thousands)

 

   

For the three months ended
June 30,

   

For the six months ended
June 30,

 

EBITDA Calculation

 

2024

   

2023

   

2024

   

2023

 
                                 

Net loss

  $ (29,174 )   $ (25,279 )     (53,405 )     (51,689 )

Adjustments

                               

Interest and amortization expense

    11,724       9,629       22,237       18,676  

Depreciation expense

    2,049       1,671       3,847       3,461  

Accretion of Series A preferred units

    3,477       6,885       6,788       12,449  

Loss on asset disposal

    3,644       -       3,644       -  

Share-based compensation

    1,977       1,755       4,946       4,417  

Intangibles amortization expense

    12       11       24       23  

Income tax expense

    385       1,066       1,263       818  

Total adjustments

    23,268       21,017       42,749       39,844  
                                 

Adjusted EBITDA

  $ (5,906 )   $ (4,262 )     (10,656 )     (11,845 )

 

 

PRODUCTION AND PRICE PERFORMANCE

(unaudited)

 

   

Three Months ended
June 30,

   

Six Months ended
June 30,

 
   

2024

   

2023

   

2024

   

2023

 

Ethanol

                               

Gallons sold (in millions)

    14.8       2.8       28.9       2.9  

Average sales price/gallon

  $ 1.99     $ 3.12     $ 1.89     $ 3.08  

Percent of nameplate capacity

    108 %     20 %     105 %     11 %

WDG

                               

Tons sold (in thousands)

    105       24.3       199       24.3  

Average sales price/ton

  $ 89     $ 105     $ 93     $ 105  

Delivered Cost of Corn

                               

Bushels ground (in millions)

    5.2       1.4       10.1       1.4  

Average delivered cost / bushel

  $ 6.36     $ 6.84     $ 6.35     $ 7.17  

Dairy Renewable Natural Gas

                               

MMBtu produced (in thousands)

    89.4       54.1       149.7       75.4  

MMBtu stored as inventory (in thousands)

    80.7       86.7       80.7       77.7  

MMBtu sold (in thousands)

    88.0       54.1       148.8       75.4  

Biodiesel

                               

Metric tons sold (in thousands)

 

20.4

      25.7       47.5       26.7  

Average Sales Price/Metric ton

  $ 1,162     $ 1,276     $ 1,150     $ 1,210  

Percent of Nameplate Capacity

    54.4 %     68.6 %     63.4 %     35.5 %

Refined Glycerin

                               

Metric tons sold (in thousands)

    1.5       1.1       3.9       1.5  

Average Sales Price/Metric ton

  $ 635     $ 662     $ 584     $ 676