Aemetis Reports Revenues of $81 Million for the Third Quarter 2024
Rhea-AI Summary
Aemetis (NASDAQ: AMTX) reported Q3 2024 revenues of $81.4 million, a 19% increase from Q3 2023. Revenue breakdown: California Ethanol business generated $45.0 million, India Biodiesel business $32.2 million, and Dairy Renewable Natural Gas (RNG) business $4.2 million. The company reported a gross profit of $3.9 million and a net loss of $17.9 million. The Keyes plant produced 15.5 million gallons of ethanol, while the Dairy Natural Gas segment sold 85,993 MMBtu from nine operating dairy digesters. The company's cash position at quarter-end was $296 thousand, with $4.5 million invested in capital projects during Q3 2024.
Positive
- Revenue increased 19% year-over-year to $81.4 million
- Gross profit improved to $3.9 million from $492,000 in Q3 2023
- Operating loss decreased to $3.9 million from $8.5 million in Q3 2023
- SG&A expenses decreased to $7.8 million from $9.0 million in Q3 2023
Negative
- Net loss of $17.9 million compared to net income of $30.7 million in Q3 2023
- Interest expense increased to $11.7 million from $10.2 million in Q3 2023
- Cash position decreased to $296,000 from $2.7 million at end of Q4 2023
- Year-to-date net loss increased to $71.3 million from $21.0 million in 2023
News Market Reaction
On the day this news was published, AMTX gained 28.69%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Revenues Increased
CUPERTINO, Calif., Nov. 12, 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 nine months ended September 30, 2024.
Revenues of
“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
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
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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
Gross profit for the third 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 third quarter of 2024 was
Financial Results for the Nine Months Ended September 30, 2024
Revenues were
Gross profit for the first three quarters of 2024 was
Selling, general and administrative expenses were
Operating loss was
Interest expense was
Net loss for the first three quarters 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, 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.
External Investor Relations
Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.com
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 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 | ||||||||
FAQ
What was Aemetis (AMTX) revenue in Q3 2024?
How much ethanol did Aemetis (AMTX) Keyes plant produce in Q3 2024?
What was Aemetis (AMTX) net loss in Q3 2024?
How much revenue did Aemetis (AMTX) India Biodiesel business generate in Q3 2024?
