Revenue Performance - For the three months ended September 30, 2024, total revenues increased by 18.6% to $81.4 million compared to $68.7 million in the same period of 2023[130] - The California Ethanol segment reported revenues of $44.9 million, a decrease of 5.3% from $47.4 million in 2023, primarily due to a 20% reduction in the average sales price of ethanol[131] - The California Dairy Renewable Natural Gas segment saw a significant revenue increase of 283.9%, reaching $4.3 million compared to $1.1 million in 2023, driven by increased production and sales of renewable natural gas[131] - The India Biodiesel segment generated $32.3 million in revenues, a 60.1% increase from $20.1 million in 2023, attributed to higher sales volume of biodiesel[131] - Total revenues for the nine months ended September 30, 2024, increased by 90.3% to $220.6 million compared to $116.0 million in the same period of 2023[144] - California Ethanol segment revenues rose by 104.5% to $121.2 million, driven by the operation of the Keyes Plant for a full nine months in 2024[144] - California Dairy Renewable Natural Gas segment revenues surged by 533.0% to $9.6 million, reflecting increased production and sales[144] Cost and Profit Analysis - Cost of goods sold for the total operations increased by 13.7% to $77.6 million, with the California Ethanol segment's costs decreasing by 8.3% to $44.8 million due to lower corn prices[134] - The gross profit for the total operations increased by 688.2% to $3.9 million, with the California Ethanol segment achieving a gross income of $0.1 million compared to a loss of $1.5 million in 2023[137] - The California Dairy Renewable Natural Gas segment reported a gross income of $1.9 million, a significant improvement from a loss of $0.8 million in the same period last year[137] - The India Biodiesel segment experienced a gross profit decrease of 31.6%, amounting to $1.9 million, primarily due to a 31% increase in feedstock costs[138] - Cost of Goods Sold (COGS) for the nine months ended September 30, 2024, increased by 90.9% to $219.2 million compared to $114.8 million in 2023[147] - Gross profit for the California Ethanol segment decreased by 149.4% to a loss of $9.5 million, attributed to a 28% decrease in ethanol prices[152] Operational Developments - The company is actively expanding its biogas operations, with nine operating digesters and five more under construction, aiming to increase dairy waste processing capacity[124] - Planned sustainable aviation fuel and renewable diesel production plant is designed to produce 90 million gallons per year, with ongoing development activities including permitting and financing[126] - The Keyes Plant aims to enhance financial performance through new technologies and process changes, focusing on energy efficiency and cost reduction[164] - Dairy RNG production is expanding with new digesters and pipeline extensions, expecting full-year revenue from D3 RIN sales and LCFS credits in 2024, which will improve liquidity[165] - The Kakinada Plant plans to enter cost-plus contracts with OMCs and upgrade capacity, with positive gross income expected to continue[166] - The Riverbank SAF/RD production plan is in the engineering phase, seeking both debt and equity funding for development and construction[167] Financial Position - Cash and cash equivalents were $296 thousand as of September 30, 2024, down from $2.67 million at December 31, 2023[160] - The current ratio decreased to 0.26 at September 30, 2024, compared to 0.43 at December 31, 2023[159] - As of September 30, 2024, the outstanding balance on Third Eye Capital Notes was $205.3 million, with maturity dates extending into 2026[169] - Net cash used in operating activities for the nine months ended September 30, 2024, was $20.4 million, with a net loss of $71.3 million[173] - Cash used in investing activities totaled $13.5 million for capital projects, offset by $3.0 million in grant proceeds[174] - Cash provided by financing activities was $27.8 million, primarily from common stock sales and borrowings[175] - Working capital changes included a $1.5 million increase in inventories and a $0.7 million decrease in accounts receivable[171] Management and Strategy - SG&A expenses for the nine months ended September 30, 2024, decreased by 4.0% to $28.4 million compared to $29.6 million in 2023[157] - Interest expense increased by 20.6% to $29.1 million due to rising interest rates and new debt arrangements[157] - The company plans to pursue strategies to improve business performance amid reliance on senior secured lenders for debt management[163] - The company is implementing a remediation plan to address material weaknesses in internal controls over financial reporting[179]

Company Performance - Aemetis reported a quarterly loss of $0.38 per share, better than the Zacks Consensus Estimate of a loss of $0.47, and an improvement from a loss of $0.59 per share a year ago, resulting in an earnings surprise of 19.15% [1] - The company posted revenues of $81.44 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 4.70%, compared to year-ago revenues of $68.69 million [2] - Over the last four quarters, Aemetis has surpassed consensus EPS estimates just once and topped consensus revenue estimates only once [2] Stock Outlook - Aemetis shares have declined approximately 31.5% since the beginning of the year, contrasting with the S&P 500's gain of 25.8% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is -$0.42 on revenues of $92.72 million, and -$2.10 on revenues of $309.63 million for the current fiscal year [7] Industry Context - The Biofuels industry, to which Aemetis belongs, is currently ranked in the bottom 24% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Aemetis's stock performance [5] - The unfavorable trend in estimate revisions prior to the earnings release has resulted in a Zacks Rank 4 (Sell) for Aemetis, suggesting expected underperformance in the near future [6]

Financial Performance - Aemetis reported revenues of $81.4 million for Q3 2024, a 19% increase compared to $68.7 million in Q3 2023[1][5] - Gross profit for Q3 2024 was $3.9 million, significantly up from $492 thousand in Q3 2023[6][19] - Operating loss narrowed to $3.9 million in Q3 2024 from an operating loss of $8.5 million in Q3 2023[7][19] - Net loss for Q3 2024 was $17.9 million, compared to a net income of $30.7 million in Q3 2023[9][19] - Total revenues for the first three quarters of 2024 reached $220.6 million, up from $116.0 million in the same period of 2023[10][19] - Adjusted EBITDA for the three months ended September 2024 was $1,459 thousand, a recovery from a loss of $4,886 thousand in the same period of 2023[21] - Net loss for the three months ended September 2024 was $17,935 thousand, compared to a net income of $30,711 thousand for the same period in 2023[21] Revenue Sources - The California Ethanol business generated $45.0 million in revenues, while the India Biodiesel business contributed $32.2 million, and the Dairy Renewable Natural Gas (RNG) business added $4.2 million[2][5] - Aemetis anticipates substantial revenue growth from its operating dairies and new dairies under construction upon receiving LCFS provisional pathway approvals and federal IRA 45Z production tax credits for RNG[3] - The approval of 20 years of Low Carbon Fuel Standard mandates is expected to enhance revenues and earnings across Aemetis' U.S. businesses[4] Production and Sales Metrics - Ethanol gallons sold increased to 15.5 million in the three months ended September 2024, up from 13.8 million in the same period of 2023, marking a growth of approximately 12.3%[22] - Dairy Renewable Natural Gas production increased to 86.6 thousand MMBtu in the three months ended September 2024, compared to 66.6 thousand MMBtu in the same period of 2023, an increase of approximately 30%[22] - Biodiesel metric tons sold rose to 26.0 thousand in the three months ended September 2024, up from 15.5 thousand in the same period of 2023, representing a growth of approximately 67.7%[22] Cost and Pricing - Average sales price per gallon of ethanol decreased to $2.12 in the three months ended September 2024 from $2.64 in the same period of 2023, a decline of about 19.7%[22] - The average delivered cost per bushel of corn decreased to $6.07 in the three months ended September 2024 from $7.48 in the same period of 2023, a reduction of about 18.9%[22] Capital Investments and Assets - Investments in capital projects for Q3 2024 amounted to $4.5 million, focusing on reducing carbon intensity and constructing dairy digesters[9] - Aemetis is actively expanding its biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas[16] - Total assets increased to $247,425 thousand in 2024 from $243,406 thousand in 2023, reflecting a growth of approximately 0.8%[20] - Current liabilities rose significantly to $132,242 thousand in 2024, up from $84,389 thousand in 2023, representing an increase of about 56.7%[20] - Stockholders' deficit increased to $(258,909) thousand in 2024 from $(216,977) thousand in 2023, reflecting a decline of approximately 19.3%[20]

Biofuels Digest Annually Awards the Top 50 Hottest Companies in the Bioeconomy; Aemetis CEO Eric McAfee Presents Company Update at ABLC CUPERTINO, Calif., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products, was named the 7th  Hottest Company in the Bioeconomy by The Digest at the Advanced Bioeconomy Leadership Conference (ABLC) held in San Francisco. The Digest is the world’s most widely r ...

Core Insights - Aemetis, Inc. is set to begin biogas production of over 200,000 MMBtu per year by the end of 2024 through its multi-dairy anaerobic digester project in California [1] - The company currently generates approximately 300,000 MMBtu per year of renewable natural gas (RNG) and expects to increase this to about 550,000 MMBtu per year after the completion of new digesters [2] - Aemetis has signed agreements with 48 dairies and plans to add 27 more, aiming for over 1.6 million MMBtu per year of RNG and annual revenues of $250 million when fully operational [3] Company Overview - Aemetis is headquartered in Cupertino, California, and focuses on renewable natural gas, renewable fuels, and biochemicals, aiming to replace petroleum-based products and reduce greenhouse gas emissions [4] - The company operates a biogas digester network and pipeline system in California, converting dairy waste into RNG, and also has ethanol and biodiesel production facilities [4]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36475 Aemetis, Inc. (Exact name of registrant as specified in its charter) Delaware 26-1407544 (State or other jurisdicti ...

Aemetis, Inc. (NASDAQ:AMTX) Q2 2024 Earnings Conference Call August 1, 2024 2:00 PM ET Company Participants Todd Waltz - Executive Vice President & Chief Financial Officer Eric McAfee - Founder, Chairman & Chief Executive Officer Andy Foster - President, North America Conference Call Participants Manav Gupta - UBS Jordan Levy - Truist Matthew Blair - TPH Amit Dayal - H.C. Wainwright Dave Storms - Stonegate Ed Woo - Ascendiant Capital Operator Greetings and welcome to the Aemetis Second Quarter 2024 Earnings ...

Aemetis (AMTX) came out with a quarterly loss of $0.66 per share versus the Zacks Consensus Estimate of a loss of $0.58. This compares to loss of $0.68 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -13.79%. A quarter ago, it was expected that this renewable fuels and specialty chemicals company would post a loss of $0.43 per share when it actually produced a loss of $0.58, delivering a surprise of -34.88%.Over the last four ...

Revenues Increased 48% Over the Second Quarter of 2023 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 $66.6 million for the second quarter of 2024 reflect strong execution by all three of the company's operating segments, with the California Ethan ...

Revenues Increased 48% Over the Second Quarter of 2023 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 $66.6 million for the second quarter of 2024 reflect strong execution by all three of the company’s operating segments, with the California Etha ...