Aemetis Reports First Quarter 2025 Financial Results
- California Ethanol division reached $2 billion cumulative revenue milestone
- Biogas sales increased by 10,100 MMBtu compared to previous year
- Secured $31 million in letters of intent for India Biodiesel segment
- Received $19.0 million from investment tax credit sales
- Ethanol prices increased from $1.79 to $1.98 per gallon
- Revenue declined to $42.9M from $72.6M year-over-year
- Net loss increased to $24.5M from $24.2M year-over-year
- Cash position decreased to $500K from $900K in Q4 2024
- Interest expense increased to $13.7M from $10.5M year-over-year
- Gross loss widened to $5.1M from $0.6M year-over-year
Insights
Aemetis reports significant revenue decline and widening losses, but new orders and pending regulatory approvals offer recovery potential.
Aemetis' Q1 2025 revenue of
The company's near-term outlook contains a mix of challenges and potential catalysts. Cash reserves stood at just
Despite overall revenue declines, there are notable operational bright spots. The California Ethanol segment increased revenue by
The $31 million in new letters of intent for the India Biodiesel segment represents a critical near-term opportunity that could substantially improve Q2 and Q3 performance. Additionally, management highlighted two significant pending catalysts: LCFS provisional pathway approvals that could "approximately double" LCFS revenues, and federal Inflation Reduction Act Section 45Z production tax credits.
The company continues to invest strategically in carbon intensity reduction projects, with
While the current financial metrics present significant challenges, particularly the minimal cash reserves, the combination of new India orders, operational improvements in established segments, and pending regulatory approvals provide reasonable pathways for potential recovery in subsequent quarters. Investors should closely monitor whether these positive catalysts materialize as expected, as they will likely determine Aemetis' financial trajectory through the remainder of 2025.
- California Ethanol passes
$2 billion cumulative revenue milestone. - Aemetis Biogas increased sales by 10,100 MMBtu compared with same quarter last year
- Sales of investment tax credits resulted in cash proceeds of
$19.0 million during Q1 2025. - India Biodiesel received letters of intent in April for an aggregate of
$31 million of biodiesel sales to OMCs for delivery in May, June and July of 2025.
CUPERTINO, Calif., May 08, 2025 (GLOBE NEWSWIRE) -- Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products that replace petroleum products and reduce greenhouse gas emissions, today announced its financial results for the three months ended March 31, 2025.
“Revenues during the first quarter of 2025 of
“We are pleased with the continued growth of Aemetis Biogas production and continued progress with building a large centralized dairy digester to process waste from four dairies that is expected to be operational in the next few months,” said Eric McAfee, Chairman and CEO of Aemetis. “Our continued focus on significantly improving cash flow from our California Ethanol segment by replacing fossil natural gas with lower carbon electricity is now underway with the fabrication of the equipment for the mechanical vapor recompression project.”
Today, Aemetis will host an earnings review call at 11:00 a.m. Pacific time (PT).
Live Participant Dial In (Toll Free): +1-877-545-0523 entry code 761021
Live Participant Dial In (International): +1-973-528-0016 entry code 761021
Webcast URL: https://www.webcaster4.com/Webcast/Page/2211/52416
For details on the call, please visit http://www.aemetis.com/investors/conference-calls/
Financial Results for the Three Months Ended March 31, 2025
Total revenues during the first quarter of 2025 were
Gross loss for the first quarter of 2025 was
Selling, general and administrative expenses increased by
Operating loss was
Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased to
Income tax expense included a benefit from the sale of
Net loss was
Cash at the end of the first quarter of 2025 was
About Aemetis
Headquartered in Cupertino, California, Aemetis is a renewable natural gas and renewable fuel company focused on the operation, acquisition, development, and commercialization of innovative technologies that replace petroleum 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 an 80 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin. Aemetis is developing a sustainable aviation fuel and renewable diesel fuel biorefinery in California, renewable hydrogen, and hydroelectric power to produce low carbon intensity renewable jet and diesel fuel. For additional information about Aemetis, please visit www.aemetis.com.
Company Investor Relations
Media Contact:
Todd Waltz
(408) 213-0940
investors@aemetis.com
External Investor Relations
Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.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 and amortization expense, income tax expense or benefit, 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; trends in market conditions with respect to prices for inputs for our products versus prices for our products; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our Dairy Renewable Natural Gas segment; our ability to fund, develop and operate our Sustainable Aviation Fuel, Renewable Diesel, and Carbon Capture and Sequestration projects, including obtaining required permits; our ability to receive awarded grants by meeting all of the required conditions, including meeting the minimum contributions; our ability to fund, develop and operate our sustainable aviation fuel and renewable biodiesel projects; our intention to repurchase the Series A preferred units relating to our Aemetis Biogas subsidiary and the expected valuation premium thereof; and our ability to raise additional capital. 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 Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filed documents. 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 March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Revenues | $ | 42,886 | $ | 72,634 | |||||||
| Cost of goods sold | 47,966 | 73,246 | |||||||||
| Gross loss | (5,080 | ) | (612 | ) | |||||||
| Selling, general and administrative expenses | 10,475 | 8,850 | |||||||||
| Operating loss | (15,555 | ) | (9,462 | ) | |||||||
| Other expense (income): | |||||||||||
| Interest expense | |||||||||||
| Interest rate expense | 11,018 | 9,092 | |||||||||
| Debt related fees and amortization expense | 2,675 | 1,421 | |||||||||
| Accretion and other expenses of Series A preferred units | 2,279 | 3,311 | |||||||||
| Other (income) expense | (215 | ) | 67 | ||||||||
| Loss before income taxes | (31,312 | ) | (23,353 | ) | |||||||
| Income tax expense (benefit) | (6,783 | ) | 878 | ||||||||
| Net loss | $ | (24,529 | ) | $ | (24,231 | ) | |||||
| Net loss per common share | |||||||||||
| Basic | $ | (0.47 | ) | $ | (0.58 | ) | |||||
| Diluted | $ | (0.47 | ) | $ | (0.58 | ) | |||||
| Weighted average shares outstanding | |||||||||||
| Basic | 52,584 | 41,889 | |||||||||
| Diluted | 52,584 | 41,889 | |||||||||
| AEMETIS, INC. | ||||||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||||||
| (in thousands) | ||||||||||||
| March 31, 2025 | December 31, 2024 | |||||||||||
| (Unaudited) | ||||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 499 | $ | 898 | ||||||||
| Accounts receivable | 1,043 | 1,805 | ||||||||||
| Inventories | 22,930 | 25,442 | ||||||||||
| Tax credit sale receivable | - | 12,300 | ||||||||||
| Prepaid and other current assets | 4,021 | 4,251 | ||||||||||
| Total current assets | 28,493 | 44,696 | ||||||||||
| Property, plant and equipment, net | 199,435 | 199,392 | ||||||||||
| Other assets | 14,590 | 15,214 | ||||||||||
| Total assets | $ | 242,518 | $ | 259,302 | ||||||||
| Liabilities and stockholders' deficit | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 32,115 | $ | 33,139 | ||||||||
| Current portion of long term debt | 93,669 | 63,745 | ||||||||||
| Short term borrowings | 25,878 | 26,789 | ||||||||||
| Other current liabilities | 22,939 | 20,295 | ||||||||||
| Total current liabilities | 174,601 | 143,968 | ||||||||||
| Total long term liabilities | 348,612 | 379,262 | ||||||||||
| Stockholders' deficit: | ||||||||||||
| Common stock | 54 | 51 | ||||||||||
| Additional paid-in capital | 313,075 | 305,329 | ||||||||||
| Accumulated deficit | (587,471 | ) | (562,942 | ) | ||||||||
| Accumulated other comprehensive loss | (6,353 | ) | (6,366 | ) | ||||||||
| Total stockholders' deficit | (280,695 | ) | (263,928 | ) | ||||||||
| Total liabilities and stockholders' deficit | $ | 242,518 | $ | 259,302 | ||||||||
| AEMETIS, INC. | ||||||||||
| RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS) | ||||||||||
| (unaudited, in thousands) | ||||||||||
| For the three months ended March 31, | ||||||||||
| EBITDA Calculation | 2025 | 2024 | ||||||||
| Net income (loss) | $ | (24,529 | ) | $ | (24,231 | ) | ||||
| Adjustments | ||||||||||
| Interest and amortization expense | 13,705 | 10,525 | ||||||||
| Depreciation expense | 2,357 | 1,798 | ||||||||
| Accretion of Series A preferred units | 2,279 | 3,311 | ||||||||
| Share-based compensation | 2,308 | 2,969 | ||||||||
| Income tax expense (benefit) | (6,783 | ) | 878 | |||||||
| Total adjustments | 13,866 | 19,481 | ||||||||
| Adjusted EBITDA | $ | (10,663 | ) | $ | (4,750 | ) | ||||
| AEMETIS, INC. | ||||||||
| PRODUCTION AND PRICE PERFORMANCE | ||||||||
| (unaudited) | ||||||||
| Three Months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| California Ethanol | ||||||||
| Ethanol | ||||||||
| Gallons sold (in millions) | 14.1 | 14.1 | ||||||
| Average sales price/gallon | $ | 1.98 | $ | 1.79 | ||||
| Percent of nameplate capacity | 103 | % | 103 | % | ||||
| WDG | ||||||||
| Tons sold (in thousands) | 93 | 94 | ||||||
| Average sales price/ton | $ | 86 | $ | 98 | ||||
| Delivered Cost of Corn | ||||||||
| Bushels ground (in millions) | 4.8 | 4.9 | ||||||
| Average delivered cost / bushel | $ | 6.63 | $ | 6.33 | ||||
| California Dairy Renewable Natural Gas | ||||||||
| Renewable Natural Gas | ||||||||
| MMBtu sold (in thousands) | 70.9 | 60.8 | ||||||
| Average price per MMBtu | $ | 3.65 | $ | 4.02 | ||||
| MMBtu stored as inventory | 33.1 | 46.8 | ||||||
| RINs | ||||||||
| RINs sold (in thousands) | 388.2 | 766.4 | ||||||
| Average price per RIN | $ | 2.64 | $ | 3.08 | ||||
| LCFS | ||||||||
| LCFS credits sold (in thousands) | 16.0 | 18.0 | ||||||
| Average price per LCFS credit | $ | 72.50 | $ | 66.00 | ||||
| India Biodiesel | ||||||||
| Biodiesel | ||||||||
| Metric tons sold (in thousands) | 0 | 27.5 | ||||||
| Average Sales Price/Metric ton | $ | - | $ | 1,127 | ||||
| Percent of Nameplate Capacity | 0 | % | 73.4 | % | ||||
| Refined Glycerin | ||||||||
| Metric tons sold (in thousands) | 0.0 | 2.4 | ||||||
| Average Sales Price/Metric ton | $ | - | $ | 551 | ||||
FAQ
What were Aemetis (AMTX) Q1 2025 revenue and earnings?
How much did Aemetis (AMTX) receive from investment tax credit sales in Q1 2025?
What is the value of new orders received by Aemetis India Biodiesel segment?
How much renewable natural gas did Aemetis Biogas sell in Q1 2025?
What was Aemetis (AMTX) cash position at the end of Q1 2025?
