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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): November 12, 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 November 12, 2024, Aemetis, Inc. (the “Company”) issued a press release announcing its earnings for the three and nine months ended September 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 November 12, 2024, the Company issued a press release, posted to its web site at www.aemetis.com, announcing its earnings for the three and nine months ended September 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.
   
 
By:
/s/ Eric A. McAfee
 
 
Name:
Eric A. McAfee
 
Title:
Chief Executive Officer
November 12, 2024
 
(Principal Executive Officer)
 
 
EX-99.1 2 ex_745779.htm EXHIBIT 99.1 ex_745779.htm

Exhibit 99.1

 

ex_745779img001.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 $81 Million for the Third Quarter 2024

Revenues increased 19% over the Third Quarter of 2023

 

CUPERTINO, Calif. – November 12, 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 nine months ended September 30, 2024.

 

Revenues of $81.4 million for the third quarter of 2024 reflect strong execution by all three of the company’s operating segments, with the California Ethanol business generating $45.0 million in revenues, the India Biodiesel business generating $32.2 million in revenues, and the Dairy Renewable Natural Gas (RNG) business generating $4.2 million in revenues.

 

“Each of the Aemetis segments increased revenue during the third quarter of 2024 compared to the second quarter of 2024, reflecting underlying strength and growth,” stated Todd Waltz, Chief Financial Officer of Aemetis. “Additionally, we anticipate substantial revenue growth from our operating dairies and new dairies under construction when we receive LCFS provisional pathway approvals as well as federal Inflation Reduction Act (IRA) 45Z production tax credits for RNG,” added Waltz.

 

“The approval of 20 years of Low Carbon Fuel Standard mandates last Friday by CARB is a major milestone for renewable fuels that directly increases revenues and earnings from each of our U.S. businesses and projects in ethanol, biogas, SAF/RD and carbon sequestration,” said Eric McAfee, Chairman and CEO of Aemetis.  “In addition to solid growth in our U.S. businesses, our India subsidiary generated $112 million of revenues driven by the one-year, cost-plus contract with government-owned oil marketing companies that ended in Q3 2024, and we appointed a Chief Executive Officer for the India business who is leading our work towards an IPO of the subsidiary.”

 

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 139838
Live Participant Dial In (International): +1-973-528-0011 entry code 139838

 

Webcast URL:  https://www.webcaster4.com/Webcast/Page/2211/51559

 

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



 

Financial Results for the Three Months Ended September 30, 2024

 

Revenues during the third quarter of 2024 were $81.4 million compared to $68.7 million for the third quarter of 2023. Our Keyes plant recognized $45.0 million of revenue during the third quarter with the production of 15.5 million gallons of ethanol. Our Dairy Natural Gas segment sold 85,993 MMBtu from nine operating dairy digesters and also sold 935 thousand RINs and 20 thousand metric tons of LCFS credits to report $4.2 million of revenue during the third quarter. Our India Biodiesel business recognized $32.2 million of revenue primarily from sales to the India Oil Marketing Companies.

 

Gross profit for the third quarter of 2024 was $3.9 million, compared to a $492 thousand profit during the third quarter of 2023.

 

Selling, general and administrative expenses were $7.8 million during the third quarter of 2024 compared to $9.0 million during the same period in 2023, the decrease in spending was driven primarily by professional services associated with the sale of tax credits during the third quarter of 2023.

 

Operating loss was $3.9 million for the third quarter of 2024, compared to operating loss of $8.5 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 third quarter of 2024 compared to $10.2 million during the third quarter of 2023. Additionally, Aemetis Biogas recognized $3.3 million of accretion of Series A preferred units during the third quarter of 2024 compared to $7.7 million during the third quarter of 2023.

 

Net loss was $17.9 million for the third quarter of 2024, compared to net income of $30.7 million for the third quarter of 2023.

 

Cash at the end of the third quarter of 2024 was $296 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 $4.5 million for the third quarter of 2024.

 

Financial Results for the Nine Months Ended September 30, 2024

 

Revenues were $220.6 million for the first three quarters of 2024, compared to $116.0 million for the first three quarters of 2023. The increase in revenue in 2024 was due to strong performance from California Ethanol, India Biodiesel, and Dairy Renewable Natural Gas throughout the nine months of 2024 compared to the same period of 2023.

 

Gross profit for the first three quarters of 2024 was $1.5 million, compared to a gross profit of $1.2 million during the first three quarters of 2023.

 







 

Selling, general and administrative expenses were $28.4 million during the first three quarters of 2024, compared to $29.6 million during the first three quarters 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 2023 and the recognition of a loss on asset disposals of $3.6 million during 2024.

 

Operating loss was $26.9 million for the first three quarters of 2024, compared to $28.4 million for the first three quarters of 2023.

 

Interest expense was $34.0 million during the first three quarters of 2024, excluding accretion and other expenses of Series A preferred units in our Aemetis Biogas LLC subsidiary, compared to interest expense of $28.9 million during the first three quarters of 2023. Additionally, our Aemetis Biogas LLC subsidiary recognized $10.1 millions of accretion and other expenses in connection with preference payments on its preferred stock during the first three quarters of 2024 compared to $20.2 million during the first three quarters of 2023.

 

Net loss for the first three quarters of 2024 was $71.3 million, compared to a net loss of $21.0 million during the same period of 2023.

 

Investments in capital projects of $13.5 million were made during the first three quarters of 2024, including investments in capital projects related to Aemetis Biogas of $10.9 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, loss on asset disposal, gain on debt extinguishment, USDA cash grants and share-based compensation expense.

 

Safe Harbor Statement

 

This news release contains forward-looking statements, including statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements include, without limitation, projections of financial results in 2024 and future years; statements relating to the development, engineering, financing, construction and operation of the Aemetis ethanol, biodiesel, biogas, SAF and renewable diesel, and carbon sequestration facilities; and our ability to promote, develop and deploy technologies to produce renewable fuels and biochemicals. 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 our Annual Reports on Form 10-K, and in our other 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

September 30,

   

For the nine months ended

September 30,

 
   

2024

   

2023

   

2024

   

2023

 

Revenues

  $ 81,441     $ 68,690     $ 220,636     $ 115,953  

Cost of goods sold

    77,563       68,198       219,176       114,800  

Gross profit

    3,878       492       1,460       1,153  
                                 

Selling, general and administrative expenses

    7,750       9,021       28,400       29,595  

Operating loss

    (3,872 )     (8,529 )     (26,940 )     (28,442 )
                                 

Other expense (income):

                               

Interest expense

                               

Interest rate expense

    10,096       8,749       29,092       24,126  

Debt related fees and amortization expense

    1,651       1,433       4,892       4,732  

Accretion and other expenses of Series A preferred units

    3,267       7,739       10,055       20,188  

Other income

    (1,225 )     (1,853 )     (1,176 )     (2,020 )

Loss before income taxes

    (17,661 )     (24,597 )     (69,803 )     (75,468 )

Income tax expense (benefit)

    274       (55,308 )     1,537       (54,490 )

Net Income (loss)

  $ (17,935 )   $ 30,711     $ (71,340 )   $ (20,978 )
                                 

Net Income (loss) per common share

                               

Basic

  $ (0.38 )   $ 0.79     $ (1.60 )   $ (0.56 )

Diluted

  $ (0.38 )   $ 0.73     $ (1.60 )   $ (0.56 )
                                 

Weighted average shares outstanding

                               

Basic

    47,216       38,881       44,517       37,504  

Diluted

    47,216       41,841       44,517       37,504  

 



 

AEMETIS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

 

 

   

September 30, 2024

   

December 31, 2023

 
   

(Unaudited)

         

Assets

               

Current assets:

               

Cash and cash equivalents

  $ 296     $ 2,667  

Accounts receivable

    8,027       8,633  

Inventories

    19,792       18,291  

Prepaid and other current assets

    6,785       6,809  

Total current assets

    34,900       36,400  
                 

Property, plant and equipment, net

    195,939       195,108  

Other assets

    16,586       11,898  

Total assets

  $ 247,425     $ 243,406  
                 

Liabilities and stockholders' deficit

               

Current liabilities:

               

Accounts payable

  $ 37,254     $ 32,132  

Current portion of long term debt

    55,797       13,585  

Short term borrowings

    21,418       23,443  

Other current liabilities

    17,773       15,229  

Total current liabilities

    132,242       84,389  
                 

Total long term liabilities

    374,092       375,994  
                 

Stockholders' deficit:

               

Common stock

    48       41  

Additional paid-in capital

    293,611       264,058  

Accumulated deficit

    (546,745 )     (475,405 )

Accumulated other comprehensive loss

    (5,823 )     (5,671 )

Total stockholders' deficit

    (258,909 )     (216,977 )

Total liabilities and stockholders' deficit

  $ 247,425     $ 243,406  

 



 

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS)

(unaudited, in thousands)

 

 

 

   

For the three months ended
September 30,

   

For the nine months ended
September 30,

 

EBITDA Calculation

 

2024

   

2023

   

2024

   

2023

 
                                 

Net income (loss)

  $ (17,935 )   $ 30,711       (71,340 )     (20,978 )

Adjustments

                               

Interest and amortization expense

    11,747       10,182       33,984       28,858  

Depreciation expense

    2,274       1,747       6,121       5,208  

Accretion of Series A preferred units

    3,267       7,739       10,055       20,188  

Loss on asset disposal

    -       -       3,644       -  

Gain on debt extinguishment

    (162 )     -       (162 )     -  

Share-based compensation

    1,982       1,806       6,928       6,223  

Intangibles amortization expense

    12       11       36       35  

USDA cash grants

    -       (1,774 )     -       (1,774 )

Income tax expense

    274       (55,308 )     1,537       (54,490 )

Total adjustments

    19,394       (35,597 )     62,143       4,248  
                                 

Adjusted EBITDA

  $ 1,459     $ (4,886 )     (9,197 )     (16,730 )

 







 

PRODUCTION AND PRICE PERFORMANCE

(unaudited)

 

 

   

Three Months ended
September 30,

   

Nine Months ended
September 30,

 
   

2024

   

2023

   

2024

   

2023

 

Ethanol

                               

Gallons sold (in millions)

    15.5       13.8       44.4       16.7  

Average sales price/gallon

  $ 2.12     $ 2.64     $ 1.97     $ 2.72  

Percent of nameplate capacity

    113 %     100 %     108 %     91 %

WDG

                               

Tons sold (in thousands)

    106       98.0       305       122.0  

Average sales price/ton

  $ 84     $ 96     $ 90     $ 98  

Delivered Cost of Corn

                               

Bushels ground (in millions)

    5.5       5.0       15.6       6.4  

Average delivered cost / bushel

  $ 6.07     $ 7.48     $ 6.25     $ 7.34  

Dairy Renewable Natural Gas

                               

MMBtu produced (in thousands)

    86.6       66.6       236.3       142.0  

MMBtu stored as inventory (in thousands)

    67.6       67.2       67.6       67.2  

MMBtu sold (in thousands)

    86.0       66.6       234.8       142.0  

Biodiesel

                               

Metric tons sold (in thousands)

    26.0       15.5       73.5       42.1  

Average Sales Price/Metric ton

  $ 1,198     $ 1,247     $

1,167

    $ 1,265  

Percent of Nameplate Capacity

    69.3 %     41.0 %     65.4 %     21.0 %

Refined Glycerin

                               

Metric tons sold (in thousands)

    1.5       1.4       5.4       2.9  

Average Sales Price/Metric ton

  $ 720     $ 623     $ 621     $ 651