Aemetis Reports Revenues of $66 Million for the Second Quarter 2024
Rhea-AI Summary
Aemetis (NASDAQ: AMTX) reported Q2 2024 revenues of $66.6 million, a 48% increase from Q2 2023. The California Ethanol business generated $40.1 million, India Biodiesel $28.8 million, and Dairy Renewable Natural Gas (RNG) $1.6 million. The company's Dairy RNG business now has the capacity to produce over 300,000 MMBtu of RNG annually. Aemetis commissioned a new Solar Microgrid with battery storage and received a $10.5 million IRA tax credit allocation for a Mechanical Vapor Recompression system. Despite revenue growth, the company reported a net loss of $29.2 million for Q2 2024, compared to $25.3 million in Q2 2023. Cash at the end of Q2 2024 was $234,000, down from $2.7 million at the end of Q4 2023.
Positive
- Revenues increased 48% year-over-year to $66.6 million in Q2 2024
- Dairy RNG business reached capacity to produce over 300,000 MMBtu of RNG annually
- Received $10.5 million IRA tax credit allocation for Mechanical Vapor Recompression system
- Commissioned new Solar Microgrid with battery storage to reduce utility costs
Negative
- Net loss increased to $29.2 million in Q2 2024 from $25.3 million in Q2 2023
- Gross loss of $1.8 million in Q2 2024 compared to $2.0 million profit in Q2 2023
- Cash decreased to $234,000 at end of Q2 2024 from $2.7 million at end of Q4 2023
- Operating loss increased to $13.6 million in Q2 2024 from $7.8 million in Q2 2023
News Market Reaction 1 Alert
On the day this news was published, AMTX declined 17.13%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Revenues Increased
CUPERTINO, CA, Aug. 01, 2024 (GLOBE NEWSWIRE) -- 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
“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
“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
Gross loss for the second quarter of 2024 was
Selling, general and administrative expenses were
Operating loss was
Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased to
Net loss was
Cash at the end of the second quarter of 2024 was
Financial Results for the Six Months Ended June 30, 2024
Revenues were
Gross loss for the first half of 2023 was
Selling, general and administrative expenses were
Operating loss was
Interest expense was
Net loss for the first half of 2024 was
Investments in capital projects of
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.
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
(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 | 24 | 11 | 24 | 23 | |||||||||||
| Income tax expense | 385 | 1,066 | 1,263 | 818 | |||||||||||
| Total adjustments | 23,280 | 21,017 | 42,749 | 39,844 | |||||||||||
| Adjusted EBITDA | $ | (5,894 | ) | $ | (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 | |||||
FAQ
What was Aemetis' revenue for Q2 2024?
How much revenue did Aemetis' Dairy RNG business generate in Q2 2024?
What was Aemetis' (AMTX) net loss for Q2 2024?
How much IRA tax credit did Aemetis receive for its Mechanical Vapor Recompression system?
