Financial Data and Key Metrics Changes - Revenues decreased to $42.9 million from $72.6 million year-over-year, primarily due to delayed biodiesel contracts in India [3] - Operating loss was $15.6 million, reflecting a $1.6 million increase in SG&A expenses, mainly from legal and transaction costs related to the sale of investment tax credits [4] - Net loss remained roughly flat at $24.5 million compared to Q1 last year [4] - Cash at the end of the quarter was $500,000 after $15.4 million of debt repayment and $1.8 million invested in carbon intensity reduction and dairy RNG expansion [5] Business Line Data and Key Metrics Changes - Dairy RNG business is scaling gas production, expecting to reach 550,000 MMBtu production capacity this year and grow to 1,000,000 MMBtu annually by the end of 2026 [5] - Ethanol plant revenue increased by $1.7 million due to stronger ethanol pricing, with expectations for margin expansion from recent EPA approval of summer E15 blending [4][6] - RNG volumes increased by 17% year-over-year [4] Market Data and Key Metrics Changes - The California Low Carbon Fuel Standard (LCFS) amendments are expected to significantly increase credit prices as supply tightens and demand increases [10] - Aemetis anticipates generating over $60 million annually from LCFS credits once provisional pathways are approved [10] Company Strategy and Development Direction - The company is preparing for an IPO of its India subsidiary, targeting late 2025 or early 2026, and evaluating expansion into RNG and ethanol production in India [7] - Aemetis is focused on sustainable aviation fuel projects and has received necessary permits for a 90 million gallon per year facility [8] - The company is positioned to benefit from federal and state policies enhancing the value of low carbon fuel operations [9] Management's Comments on Operating Environment and Future Outlook - Management expects multiple revenue streams from India, LCFS credits, and federal tax incentives to ramp up as the year progresses, positioning for a stronger second half of 2025 [5] - The company anticipates significant ramp-up in RNG revenues starting in Q3, driven by LCFS pathway approvals and volume growth [14] - Management expressed optimism regarding ethanol margins supported by policy tailwinds and reduced costs from the NVR project beginning in 2026 [14] Other Important Information - Aemetis received $19 million in cash proceeds from the sale of investment tax credits in Q1 2025 and expects additional sales in 2025 [12] - The company is actively working on marketing production tax credits, which will significantly increase its ability to pay down debt during 2025 and 2026 [23] Q&A Session Summary Question: Impact of tariffs on RNG production for 2025 and 2026 - Management indicated that the RNG value chain is primarily domestic, with no direct impact anticipated from tariffs [18] Question: Improvement in the balance sheet and debt outlook for 2025 - Management highlighted the repayment of $15.5 million of debt in Q1 and anticipated continued repayments through the year, supported by increased LCFS revenues and an upcoming IPO [21][22] Question: Dairy RNG OpEx trends - Management expects a dramatic decrease in OpEx per MMBtu as production increases, with current costs affected by startup phases and seasonal factors [28][29] Question: Ethanol segment EBITDA outlook - Management noted that ethanol margins are improving, driven by E15 approval and expected demand increases during the summer [30][32] Question: India business expansion and potential RNG and ethanol opportunities - Management confirmed ongoing exploration of RNG and ethanol opportunities in India, supported by government policies favoring these sectors [39][40] Question: Potential hiccups due to geopolitical issues in India - Management stated that current geopolitical tensions have not impacted their operations or supply chain [42] Question: Opportunities for cheaper debt from EB-5 financing - Management confirmed approval for $200 million in EB-5 financing with net interest costs below 3%, indicating a proactive approach to securing investors [46] Question: Update on 45Z tax credits and emissions rates - Management provided insights on the timing of final rules from Treasury and the potential for increased RNG value based on provisional emissions rates [55][56] Question: Ethanol fundamentals and E15 adoption - Management expressed optimism regarding the impact of E15 adoption in California and the overall positive outlook for ethanol margins [62][64]

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I--FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Aemetis reported a Q1 2025 net loss of $24.5 million, with declining assets and improved operating cash flow, but faces substantial going concern doubts [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) Key financial statements reveal Aemetis's Q1 2025 net loss, declining assets, and improved operating cash flow Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $499 | $898 | | Total current assets | $28,493 | $44,696 | | Total assets | $242,518 | $259,302 | | Total current liabilities | $174,601 | $143,968 | | Total liabilities | $523,213 | $523,230 | | Total stockholders' deficit | $(280,695) | $(263,928) | Consolidated Statements of Operations (in thousands, except per share data) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $42,886 | $72,634 | | Gross loss | $(5,080) | $(612) | | Operating loss | $(15,555) | $(9,462) | | Net loss | $(24,529) | $(24,231) | | Net loss per share (Basic & Diluted) | $(0.47) | $(0.58) | Consolidated Statements of Cash Flows (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $160 | $(10,278) | | Net cash used in investing activities | $(1,825) | $(1,683) | | Net cash provided by financing activities | $1,252 | $10,603 | [Note 1: Business Overview](index=8&type=section&id=Note%201.%20General) Aemetis operates in renewable fuels, focusing on ethanol, dairy RNG, and biodiesel, with plans for SAF/RD and CCUS facilities - Aemetis is a renewable fuels company focused on producing low and negative carbon intensity fuels. Its operations are divided into three main segments[26](index=26&type=chunk) - **California Ethanol:** Operates a 65 million gallon/year ethanol plant in Keyes, CA, producing ethanol, animal feed, and CO₂[26](index=26&type=chunk) - **California Dairy Renewable Natural Gas (RNG):** Produces RNG from dairy waste via anaerobic digesters and a 36-mile pipeline, with plans for expansion[27](index=27&type=chunk) - **India Biodiesel:** Owns an 80 million gallon/year biodiesel plant in Kakinada, India, one of the largest in the country[28](index=28&type=chunk) - The company is also developing a Sustainable Aviation Fuel (SAF)/Renewable Diesel (RD) plant and a Carbon Capture and Underground Sequestration (CCUS) facility[29](index=29&type=chunk)[30](index=30&type=chunk) [Note 5: Debt](index=12&type=section&id=Note%205.%20Debt) The company's significant debt, primarily with Third Eye Capital, includes a substantial current portion and a detailed repayment schedule Total Debt Composition (in thousands) | Category | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total debt | $336,291 | $338,061 | | Less current portion | $(119,547) | $(90,534) | | Total long term debt | $216,744 | $247,527 | - A significant portion of the company's debt is with Third Eye Capital, secured by first-priority liens on nearly all North American assets. The debt facilities contain various covenants and cross-default provisions[48](index=48&type=chunk) Debt Repayment Schedule (in thousands) | Twelve Months ended March 31, | Repayments | | :--- | :--- | | 2026 | $119,547 | | 2027 | $167,263 | | 2028 | $4,412 | | 2029 | $3,579 | | 2030 | $1,406 | | Thereafter | $42,688 | [Note 7: Revenue](index=18&type=section&id=Note%207.%20Revenue) Total revenue declined significantly due to a sharp drop in India Biodiesel sales, partially offset by a slight increase in California Ethanol Revenue by Segment (in thousands) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | California Ethanol | $37,748 | $36,089 | | California Dairy RNG | $2,443 | $3,792 | | India Biodiesel | $2,695 | $32,753 | | **Total** | **$42,886** | **$72,634** | - India Biodiesel revenue plummeted from **$32.8 million to $2.7 million YoY** due to a pause in purchases by government-owned Oil Marketing Companies. Sales in this segment for Q1 2025 consisted of glycerin and raw materials[62](index=62&type=chunk)[114](index=114&type=chunk) - California Ethanol revenue increased slightly due to higher ethanol prices, while California Dairy RNG revenue decreased due to lower sales of D3 RINs and LCFS credits[62](index=62&type=chunk) [Note 11 & 15: Biogas Preferred Financing & Subsequent Events](index=25&type=section&id=Note%2011.%20Aemetis%20Biogas%20LLC%20%E2%80%93%20Series%20A%20Preferred%20Financing) An amendment requires Aemetis Biogas LLC to redeem all outstanding Series A Preferred Units for $116.8 million by August 31, 2025, or convert to a new credit agreement - In May 2025, an amendment to the Series A Preferred Unit Purchase Agreement requires Aemetis Biogas LLC (ABGL) to redeem all outstanding units by August 31, 2025[79](index=79&type=chunk)[94](index=94&type=chunk) - The total redemption price is **$116.8 million**. If not redeemed, the obligation will convert into a new credit agreement maturing August 31, 2026, with an interest rate of the greater of prime + 10% or 16%[79](index=79&type=chunk)[94](index=94&type=chunk) [Note 16: Liquidity and Going Concern](index=31&type=section&id=Note%2016.%20Liquidity) Substantial doubt exists about the company's ability to continue as a going concern due to negative capital and operating losses, necessitating debt refinancing or lender cooperation - The financial statements were prepared assuming the company will continue as a going concern, but negative capital, operating losses, and reliance on its senior lender raise substantial doubt about this ability[95](index=95&type=chunk)[99](index=99&type=chunk) - To meet obligations over the next twelve months, the company needs to refinance debt or receive continued cooperation from its senior lender[95](index=95&type=chunk) - Management's strategies to improve liquidity include improving Keyes Plant efficiency, expanding the RNG business, a potential public offering of its India subsidiary, and raising additional debt and equity[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) [Management's Discussion and Analysis (MD&A)](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) MD&A highlights a 41% revenue decline due to India Biodiesel sales halt, widened gross loss, severe liquidity constraints, and ongoing going concern doubts [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Revenue declined 41% driven by India Biodiesel, while gross loss widened and operating expenses increased due to higher interest and SG&A Revenue Change by Segment (Q1 2025 vs Q1 2024, in thousands) | Segment | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | California Ethanol | $37,748 | $36,089 | $1,659 | 4.6% | | California Dairy RNG | $2,443 | $3,792 | $(1,349) | (35.6)% | | India Biodiesel | $2,695 | $32,753 | $(30,058) | (91.8)% | | **Total** | **$42,886** | **$72,634** | **$(29,748)** | **(41.0)%** | Gross Profit (Loss) by Segment (Q1 2025 vs Q1 2024, in thousands) | Segment | Q1 2025 | Q1 2024 | Change ($) | | :--- | :--- | :--- | | California Ethanol | $(4,938) | $(5,658) | $720 | | California Dairy RNG | $305 | $2,210 | $(1,905) | | India Biodiesel | $(447) | $2,836 | $(3,283) | | **Total** | **$(5,080)** | **$(612)** | **$(4,468)** | - The decrease in India Biodiesel gross profit was due to a pause in production and sales to government OMCs. Shipments resumed in April 2025[114](index=114&type=chunk)[127](index=127&type=chunk) - Selling, general and administrative (SG&A) expenses increased **18.4% to $10.5 million**, primarily due to higher taxes, insurance, rent, utilities, and professional fees[128](index=128&type=chunk) - Interest expense and related fees increased significantly due to higher variable interest rates and larger debt balances[129](index=129&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces severe liquidity constraints with a low current ratio, relying heavily on its senior lender, despite positive operating cash flow from a tax credit sale Key Liquidity Metrics (in thousands) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $499 | $898 | | Current assets | $28,493 | $44,696 | | Current liabilities | $174,601 | $143,968 | | Current Ratio | 0.16 | 0.31 | - The company is reliant on its senior lender, Third Eye Capital, for extensions on debt maturities, with significant amounts due in 2025 and 2026[133](index=133&type=chunk)[138](index=138&type=chunk)[140](index=140&type=chunk) - During Q1 2025, the company sold **2.4 million shares** through its at-the-market (ATM) stock sales program, generating net proceeds of **$5.1 million**[146](index=146&type=chunk) - Cash from operations was positive **$0.2 million**, a significant improvement from a **$10.3 million** use of cash in Q1 2024. This was primarily driven by a **$12.3 million** decrease in tax credit sale receivable (i.e., receipt of cash)[142](index=142&type=chunk)[143](index=143&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were ineffective as of March 31, 2025, due to material weaknesses in IT general controls and documentation, with remediation ongoing - The CEO and CFO concluded that disclosure controls and procedures were not effective as of March 31, 2025[151](index=151&type=chunk) - The ineffectiveness is due to material weaknesses related to IT general controls and documentation, which were identified in the 2024 Form 10-K. Remediation plans are in progress[151](index=151&type=chunk)[153](index=153&type=chunk) [PART II - OTHER INFORMATION](index=42&type=section&id=PART%20II--OTHER%20INFORMATION) [Other Disclosures](index=42&type=section&id=Other%20Disclosures) The company reported no new legal proceedings or defaults, disclosed unregistered equity issuance, and a significant subsequent event regarding a **$116.8 million** biogas subsidiary redemption - No new legal proceedings were reported during the quarter[154](index=154&type=chunk) - The company issued warrants for **113,000 shares** to two subordinated lenders as part of a debt extension, which were subsequently exercised. This was exempt from registration as a non-public offering[156](index=156&type=chunk) - A subsequent event was filed regarding the Ninth Amendment to the Series A Preferred Unit Purchase Agreement, requiring Aemetis Biogas LLC to redeem all outstanding units for **$116.8 million** by August 31, 2025[160](index=160&type=chunk)

[Q1 2025 Financial & Operational Highlights](index=1&type=section&id=Aemetis%20Reports%20First%20Quarter%202025%20Financial%20Results) Aemetis reported Q1 2025 revenues of $42.9 million, a decrease due to India Biodiesel production halt, offset by Dairy RNG growth and tax credit sales Q1 2025 Financial Highlights (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $42.9 | $72.6 | | Net Loss | $24.5 | $24.2 | - The decline in revenue was primarily due to a pause in production and supply under the OMC contracts in the India Biodiesel segment. New letters of intent for **$31 million** were received in April 2025 for deliveries in May, June, and July[3](index=3&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk) - The company generated **$19.0 million** in cash proceeds from the sale of investment tax credits during the quarter[5](index=5&type=chunk) - The Aemetis Biogas segment increased sales by **10,100 MMBtu** compared to the same quarter last year[5](index=5&type=chunk) - The California Ethanol segment surpassed the **$2 billion** cumulative revenue milestone[5](index=5&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Results%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202025) This section analyzes Aemetis's Q1 2025 financial results, covering income statement, balance sheet, and cash flow performance [Income Statement Analysis](index=2&type=section&id=Income%20Statement%20Analysis) Aemetis reported a Q1 2025 gross loss of $5.1 million and an operating loss of $15.6 million, with net loss at $24.5 million, driven by lower revenue and increased SG&A Income Statement Summary (in millions) | Metric | Q1 2025 (in millions) | Q1 2024 (in millions) | | :--- | :--- | :--- | | Revenues | $42.9 | $72.6 | | Gross Loss | $(5.1) | $(0.6) | | Operating Loss | $(15.6) | $(9.5) | | Interest Expense | $13.7 | $10.5 | | Net Loss | $(24.5) | $(24.2) | - Selling, general and administrative (SG&A) expenses rose by **$1.6 million** to **$10.5 million**, primarily due to legal and transaction costs associated with the sale of tax credits[7](index=7&type=chunk) - Interest expense increased to **$13.7 million** from **$10.5 million** in the prior-year quarter[9](index=9&type=chunk) [Balance Sheet and Cash Flow Analysis](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Analysis) Aemetis's cash balance was $0.5 million as of March 31, 2025, with total assets at $242.5 million and liabilities at $523.2 million, reflecting capital investments and debt repayments Balance Sheet Summary (in thousands) | Balance Sheet Item (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $499 | $898 | | Total current assets | $28,493 | $44,696 | | Property, plant and equipment, net | $199,435 | $199,392 | | **Total assets** | **$242,518** | **$259,302** | | **Liabilities and stockholders' deficit** | | | | Total current liabilities | $174,601 | $143,968 | | Total long term liabilities | $348,612 | $379,262 | | Total stockholders' deficit | $(280,695) | $(263,928) | | **Total liabilities and stockholders' deficit** | **$242,518** | **$259,302** | - The company invested **$1.8 million** in capital projects for carbon intensity reduction and dairy digester construction[11](index=11&type=chunk) - Payments of **$15.4 million** were applied to the repayment of debt during the first quarter[11](index=11&type=chunk) [Segment Performance](index=7&type=section&id=PRODUCTION%20AND%20PRICE%20PERFORMANCE) This section details the performance of Aemetis's key segments, including California Ethanol, Dairy RNG, and India Biodiesel, highlighting production and sales [California Ethanol](index=7&type=section&id=California%20Ethanol) The California Ethanol segment maintained stable production at 103% capacity, selling 14.1 million gallons, with revenue increasing by $1.7 million due to higher sales prices California Ethanol Performance | California Ethanol | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Gallons sold (millions) | 14.1 | 14.1 | | Average sales price/gallon | $1.98 | $1.79 | | Avg. delivered cost/bushel (Corn) | $6.63 | $6.33 | - The Keyes ethanol plant increased revenues by **$1.7 million**, mainly due to the rise in the average price of Ethanol[6](index=6&type=chunk) [California Dairy Renewable Natural Gas](index=7&type=section&id=California%20Dairy%20Renewable%20Natural%20Gas) The Dairy Renewable Natural Gas (RNG) segment demonstrated strong growth in MMBtu sold, increasing to 70,900 with an average sales price of $3.65 per MMBtu California Dairy RNG Performance | California Dairy RNG | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | MMBtu sold (thousands) | 70.9 | 60.8 | | Average price per MMBtu | $3.65 | $4.02 | - The Dairy Natural Gas segment sold **70,900 MMBtu** of renewable natural gas, an increase of **10,100 MMBtu** from the same quarter last year[6](index=6&type=chunk) [India Biodiesel](index=7&type=section&id=India%20Biodiesel) The India Biodiesel segment reported zero sales in Q1 2025 due to contract delays, significantly impacting overall revenue, despite securing new sales contracts for future quarters India Biodiesel Performance | India Biodiesel | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Metric tons sold (thousands) | 0 | 27.5 | | Average Sales Price/Metric ton | $ - | $1,127 | - Delays with the receipt of contracts in India from the government-owned Oil Marketing Companies accounted for the decline in revenue[6](index=6&type=chunk) - The segment received letters of intent in April for an aggregate of **$31 million** of biodiesel sales for delivery in May, June and July of 2025[5](index=5&type=chunk) [Business Outlook & Forward-Looking Statements](index=1&type=section&id=Business%20Outlook%20%26%20Forward-Looking%20Statements) Management focuses on future growth and improved cash flow, with key initiatives including resuming India Biodiesel production, advancing dairy digester projects, and leveraging LCFS and IRA tax credits - The India Biodiesel segment is approved to return to regular production levels after a pause[3](index=3&type=chunk) - The company expects substantial additional revenues from LCFS provisional pathway approvals, which could **double LCFS revenues**, and from the federal Inflation Reduction Act (IRA) Section 45Z production tax credits[3](index=3&type=chunk) - Aemetis is building a large centralized dairy digester to process waste from four dairies, expected to be operational in the next few months[4](index=4&type=chunk) - The company is undertaking a mechanical vapor recompression project to improve cash flow from the California Ethanol segment by replacing fossil natural gas with lower carbon electricity[4](index=4&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the company's core financial statements, including consolidated statements of operations, balance sheets, and Adjusted EBITDA reconciliation [Consolidated Condensed Statements of Operations](index=4&type=section&id=CONSOLIDATED%20CONDENSED%20STATEMENTS%20OF%20OPERATIONS) This statement details the company's financial performance for the three months ended March 31, 2025, compared to the same period in 2024. It shows revenues of $42.9 million and a net loss of $24.5 million for the quarter Consolidated Condensed Statements of Operations (in thousands) | (unaudited, in thousands, except per share data) | For the three months ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | | **Revenues** | **$42,886** | **$72,634** | | Cost of goods sold | 47,966 | 73,246 | | **Gross loss** | **(5,080)** | **(612)** | | Selling, general and administrative expenses | 10,475 | 8,850 | | **Operating loss** | **(15,555)** | **(9,462)** | | Interest expense | 13,693 | 10,513 | | Accretion and other expenses of Series A preferred units | 2,279 | 3,311 | | Other (income) expense | (215) | 67 | | **Loss before income taxes** | **(31,312)** | **(23,353)** | | Income tax expense (benefit) | (6,783) | 878 | | **Net loss** | **$(24,529)** | **$(24,231)** | | **Net loss per common share (Basic & Diluted)** | **$(0.47)** | **$(0.58)** | | Weighted average shares outstanding (Basic & Diluted) | 52,584 | 41,889 | [Consolidated Condensed Balance Sheets](index=5&type=section&id=CONSOLIDATED%20CONDENSED%20BALANCE%20SHEETS) This statement provides a snapshot of the company's financial position as of March 31, 2025, compared to December 31, 2024. It details assets, liabilities, and stockholders' deficit, showing total assets of $242.5 million and a total stockholders' deficit of $280.7 million Consolidated Condensed Balance Sheets (in thousands) | (in thousands) | March 31, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $499 | $898 | | Total current assets | $28,493 | $44,696 | | Property, plant and equipment, net | $199,435 | $199,392 | | **Total assets** | **$242,518** | **$259,302** | | **Liabilities and stockholders' deficit** | | | | Total current liabilities | $174,601 | $143,968 | | Total long term liabilities | $348,612 | $379,262 | | Total stockholders' deficit | $(280,695) | $(263,928) | | **Total liabilities and stockholders' deficit** | **$242,518** | **$259,302** | [Reconciliation of Adjusted EBITDA to Net Loss](index=6&type=section&id=RECONCILIATION%20OF%20ADJUSTED%20EBITDA%20TO%20NET%20INCOME%2F%28LOSS%29) This table reconciles the non-GAAP measure, Adjusted EBITDA, to the GAAP measure, Net Loss. For Q1 2025, the company reported an Adjusted EBITDA loss of $10.7 million, compared to an Adjusted EBITDA loss of $4.75 million in Q1 2024. Adjustments include interest, depreciation, share-based compensation, and income tax benefits Reconciliation of Adjusted EBITDA to Net Loss (in thousands) | (unaudited, in thousands) | For the three months ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | | **Net loss** | **$(24,529)** | **$(24,231)** | | Interest and amortization expense | 13,705 | 10,525 | | Depreciation expense | 2,357 | 1,798 | | Accretion of Series A preferred units | 2,279 | 3,311 | | Share-based compensation | 2,308 | 2,969 | | Income tax expense (benefit) | (6,783) | 878 | | **Adjusted EBITDA** | **$(10,663)** | **$(4,750)** | - Adjusted EBITDA is defined as net income/(loss) plus interest and amortization expense, income tax expense or benefit, accretion expense, depreciation expense, and share-based compensation expense[13](index=13&type=chunk)

Financial Performance - Total revenues for the first quarter of 2025 were $42.9 million, a decrease from $72.6 million in the same quarter of 2024, primarily due to delays in contracts from India [4][9] - Gross loss for Q1 2025 was $5.1 million, compared to a loss of $0.6 million in Q1 2024 [5] - Operating loss increased to $15.6 million in Q1 2025 from $9.5 million in Q1 2024 [6] - Net loss for Q1 2025 was $24.5 million, slightly higher than the net loss of $24.2 million in Q1 2024 [9] Segment Performance - The California Ethanol segment saw an increase in revenue by $1.7 million, attributed to a rise in the average price of ethanol from $1.79 in 2024 to $1.98 in Q1 2025 [4] - The Dairy Natural Gas segment sold 70,900 MMBtu of renewable natural gas, an increase of 10,100 MMBtu compared to the same quarter last year [8] - The India Biodiesel segment is expected to return to regular production levels following the approval of contracts, with new letters of intent for $31 million issued in April 2025 [2][4] Cash Flow and Expenses - Selling, general, and administrative expenses rose to $10.5 million in Q1 2025 from $8.9 million in Q1 2024, driven by legal and transaction costs related to tax credit sales [5] - Cash at the end of Q1 2025 was $500 thousand, down from $900 thousand at the end of Q4 2024 [10] - Payments of $15.4 million were made towards debt repayment during Q1 2025 [10] Future Outlook - The company anticipates substantial additional revenues from expected LCFS provisional pathway approvals, which could approximately double LCFS revenues [2] - Aemetis is focused on improving cash flow from its California Ethanol segment by replacing fossil natural gas with lower carbon electricity [3]

Core Viewpoint - Aemetis, Inc. will review its first quarter 2025 financial results in a conference call scheduled for May 8, 2025, at 11 am PT [2]. Group 1: Conference Call Details - The conference call will allow participants to ask questions during the Q&A session [2]. - Dial-in numbers for live participation include a toll-free number for domestic calls and an international number [2]. - A webcast of the conference call will be available on the company's website, along with a presentation and recent announcements [3]. Group 2: Company Overview - Aemetis is a renewable natural gas and renewable fuel company based in Cupertino, California, focusing on innovative technologies to replace petroleum products and reduce greenhouse gas emissions [4]. - The company operates a biogas digester network and pipeline system in California, converting dairy waste gas into Renewable Natural Gas [4]. - Aemetis owns a 65 million gallon per year ethanol production facility in California and an 80 million gallon per year biodiesel production facility in India [4]. - The company is also developing a sustainable aviation fuel and renewable diesel fuel biorefinery in California, along with renewable hydrogen and hydroelectric power projects [4].

Core Insights - Aemetis Biogas completed $1.6 million in sales of California Low Carbon Fuel Standard (LCFS) credits and federal D3 Renewable Identification Numbers (D3 RINs) in April 2025 [2] - The company expects significant growth in LCFS credits due to the approval of seven dairy digesters, which are projected to generate credits with an average carbon intensity lower than -350, representing an increase of over 120% compared to the default rate of -150 [3][4] Financial Performance - Aemetis has generated $70 million from the sale of $83 million in Section 48 investment tax credits over the past 18 months, with additional sales expected as more dairy digesters come online [5] - Starting January 2025, Aemetis Biogas began generating 45Z production tax credits from dairy RNG production, with initial sales anticipated in summer 2025 [6] Operational Developments - The company has signed agreements with 50 dairies and currently operates 11 digesters processing waste from 12 dairies, with plans to bring four more dairies online in Q2 2025 [4] - Aemetis has installed 36 miles of biogas pipeline, with environmental approval for an additional 60 miles to be installed as more digesters are completed [4] Market Outlook - The expected adoption of 20 years of low carbon biofuel mandates by the California Air Resources Board (CARB) is anticipated to rapidly increase the value of LCFS credits [4]

Consumers are expected to save up to $0.20 per gallon at the pump "The EPA's action allowing nationwide E15 sales to continue is a significant step toward increasing the demand for ethanol and has broad support for permanent approval from the President, as well as numerous members of Congress," stated Eric McAfee, Chairman and CEO of Aemetis. "Permanent national approval of E15 would allow the demand for ethanol to grow as consumers nationwide benefit from lower-cost, domestic, renewable fuel that lowers th ...

CUPERTINO, Calif., April 24, 2025 (GLOBE NEWSWIRE) -- Aemetis, Inc. (NASDAQ:AMTX), a diversified global renewable natural gas and biofuels company, announced the Company's subsidiary in India, Universal Biofuels, today began shipments to fulfill multiple orders for more than 33,000 kiloliters of biodiesel from the government-owned Oil Marketing Companies (OMCs) for an aggregate of $31 million for delivery during May, June, and July.  Additional OMC orders are expected throughout the year to continue shipmen ...

Core Insights - Aemetis, Inc. is actively collaborating with the U.S. government to enhance its operations in India, particularly through its subsidiary Universal Biofuels, which operates an 80 million gallon per year biodiesel production facility in Kakinada, Andhra Pradesh [2][3][4] Company Overview - Aemetis is a diversified global renewable natural gas and biofuels company, headquartered in Cupertino, California, focusing on innovative technologies for energy independence and security [7][8] - Universal Biofuels has been operational for over 17 years and is one of the largest biodiesel producers in India, recently increasing its production capacity from 60 million gallons to 80 million gallons [5][6] Industry Context - India aims to increase the biodiesel blend from 1% to 5% as part of its National Policy on Biofuels, which aligns with Aemetis' expansion plans [3][4] - The Indian government is committed to enhancing biofuels production to improve air quality and market agricultural products, addressing significant public health issues caused by diesel engine emissions [4][3] Financial and Operational Highlights - Universal Biofuels completed $112 million in biodiesel and glycerin shipments in the twelve months ending September 2024, with ongoing contracts with government-owned oil marketing companies [6] - The company is preparing for an IPO in India, targeting completion in late 2025 or early 2026, contingent on favorable market conditions [5]

Core Insights - Aemetis, Inc. reported a 55% increase in renewable natural gas (RNG) production in March compared to February, driven by warmer weather enhancing microbial activity in anaerobic dairy digesters [2][4] - The company completed sales of Low Carbon Fuel Standard (LCFS) credits and D3 Renewable Identification Numbers (RINs) at the end of Q1, contributing to revenue growth [3][4] - Aemetis is finalizing approvals for seven dairy digesters under the LCFS pathway, expected to generate approximately $6 million annually from LCFS credits at current prices [5] Production and Revenue Growth - The increase in RNG production aligns with Aemetis' 2025 production plan, leading to higher revenues from LCFS and D3 RINs, as well as Section 45Z tax credits [4] - The company is constructing additional digesters to process waste from four more dairies, which will further boost RNG production and associated revenues [4] Regulatory Environment - CARB is finalizing amendments to the LCFS that are anticipated to significantly increase the demand for LCFS credits, potentially leading to a 300% increase in total LCFS revenue per MMBtu of RNG [6] - The final proposed regulations by CARB are currently under a fifteen-day comment period [6] Project Developments - Aemetis is expanding its biogas production capabilities through the Central Dairy Digester Project, which will capture methane from 50 dairies and is expected to produce 1.65 million MMBtu of dairy RNG annually [7] - The project aims to replace a significant portion of California's imported diesel with locally produced RNG, addressing the state's reliance on crude oil imports [7]