Call Start: 14:00 January 1, 0000 3:04 PM ET Aemetis, Inc.’s (NASDAQ:AMTX) Q3 Earnings Conference Call November 11, 2021, 14:00 PM ET Company Participants Eric McAfee – CEO Todd Waltz – CFO Andy Foster – President Conference Call Participants Manav Gupta – Credit Suisse Nate Pendleton – Stifel Jordan Levy – Truist Securities Amit Dayal, – H.C. Wainwright Ed Woo – Ascendiant Capital Marco Rodriguez – Stonegate Capital Operator Welcome to the Aemetis Third Quarter 2021 Earnings Review Conference Call. At thi ...

Aemetis, Inc. (NASDAQ:AMTX) Q2 2021 Earnings Conference Call August 12, 2021 2:00 PM ET Company Participants Todd Waltz - Executive Vice President and Chief Financial Officer Eric McAfee - Founder, Chairman and Chief Executive Officer Andy Foster - President, Advanced Fuels Conference Call Participants Manav Gupta - Credit Suisse Derrick Whitfield - Stifel Amit Dayal - H.C. Wainwright Jordan Levy - Truist Securities Todd Firestone - Evercore Ed Woo - Ascendiant Capital Dillon Wagner - Stonegate Capital Oper ...

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, 2021 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) (State or other jurisdiction (I.R.S. Employer ...

Aemetis, Inc. (NASDAQ:AMTX) Q1 2021 Earnings Conference Call May 12, 2021 2:00 PM ET Company Participants Todd Waltz - Executive Vice President and Chief Financial Officer Eric McAfee - Founder, Chairman and CEO Andy Foster - President of Aemetis Advanced Fuels Conference Call Participants Manav Gupta - Credit Suisse Derrick Whitfield - Stifel Amit Dayal - H.C. Wainwright Jordan Levy - Truist Securities Ed Woo - Ascendiant Capital Marco Rodriguez - Stonegate Capital Operator Welcome to the Aemetis First Q ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) Aemetis is an international renewable fuels company operating in North America and India, producing advanced biofuels and by-products while leveraging government policies [General Overview](index=4&type=section&id=Item%201.%20Business%20-%20General) Aemetis is a renewable natural gas and fuels company with operations in North America and India, expanding into RNG, CO2, and high-grade alcohol production - Operates a **65 million gallon per year** ethanol production facility in Keyes, California, producing ethanol, Wet Distillers Grains (WDG), Distillers Corn Oil (DCO), and Condensed Distillers Solubles (CDS)[10](index=10&type=chunk) - Formed Aemetis Biogas, LLC (ABGL) in 2018 to construct bio-methane anaerobic digesters at local dairies, producing Renewable Natural Gas (RNG); the first two digesters and pipeline became operational in **Q3 2020**[12](index=12&type=chunk) - Commenced selling captured CO2 to Messer Group in **Q2 2020** from a new liquification plant adjacent to the Keyes Plant[13](index=13&type=chunk) - In response to the COVID-19 pandemic, began producing and selling high-grade alcohol for hand sanitizer in **March 2020** under its Aemetis Health Products subsidiary[21](index=21&type=chunk)[22](index=22&type=chunk) - Owns and operates a **50 million gallon per year** biodiesel and refined glycerin production facility in Kakinada, India[20](index=20&type=chunk) [Strategy](index=6&type=section&id=Item%201.%20Business%20-%20Strategy) The company's strategy focuses on leveraging technology for advanced biofuels and diversifying revenue through by-products in North America, while capitalizing on favorable government policies and feedstock diversification in India - **North America Strategy:** - Leverage technology to produce renewable hydrogen, jet fuel, diesel, and cellulosic ethanol from waste wood at the Riverbank facility - Diversify revenue by adopting value-added systems like CO2 capture (operational Q2 2020), mechanical vapor recovery (MVR), and an integrated solar microgrid - Develop additional revenue streams, such as the Aemetis Biogas Central Dairy Digester Cluster, which commenced operations in **Q3 2020** - Evaluate opportunities to acquire, license technology to, or form joint ventures with other biofuel plants[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - **India Strategy:** - Capitalize on policy changes like the Goods and Services Tax (GST) and pursue tender offers from Government Oil Marketing Companies - Diversify feedstocks to include lower-cost options like animal oils, fats, and used cooking oil (UCO), supported by a pretreatment unit upgraded in **2019** - Invest in technologies to produce high-margin products like renewable diesel from waste oils[28](index=28&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) [2020 Highlights](index=8&type=section&id=Item%201.%20Business%20-%202020%20Highlights) In 2020, North America diversified into high-grade alcohol for sanitizer, improving average sales price, while India experienced significant sales volume reductions due to pandemic-related delays North America Production & Sales (2020 vs. 2019) (in thousands) | Product | Metric | 2020 | 2019 | % Change | | :--- | :--- | :--- | :--- | :--- | | Ethanol & High-Grade Alcohol | Gallons Sold (thousands) | 60,286 | 64,708 | -6.8% | | | Average Sales Price/Gallon | $1.84 | $1.77 | 4.0% | | WDG | Tons Sold (thousands) | 393 | 428 | -8.1% | | | Average Sales Price/Ton | $81.49 | $80.65 | 1.0% | India Production & Sales (2020 vs. 2019) (in thousands) | Product | Metric | 2020 | 2019 | % Change | | :--- | :--- | :--- | :--- | :--- | | Biodiesel | Tons Sold | 15,987 | 46,971 | -66.0% | | | Average Sales Price/Ton | $863 | $904 | -4.6% | | Refined Glycerin | Tons Sold | 1,440 | 5,173 | -72.2% | | | Average Sales Price/Ton | $814 | $543 | 49.9% | - In North America, the company transitioned to selling ethanol directly to Kinergy Marketing LLC and began selling high-grade alcohol for sanitizer and captured CO2, diversifying its revenue streams[34](index=34&type=chunk) [Competition, Customers, and Suppliers](index=10&type=section&id=Item%201.%20Business%20-%20Competition%2C%20Customers%2C%20and%20Suppliers) Aemetis competes with numerous ethanol producers in the U.S. and government/private oil companies in India, relying on key partners for corn procurement and product sales in North America, while sourcing palm stearin locally in India - **Competition:** Competes with ~**200** U.S. ethanol producers and Midwestern ethanol transported into California; in India, competes with large Government Oil Marketing Companies (Indian Oil, Bharat Petroleum, Hindustan Petroleum) and private refiners[41](index=41&type=chunk)[42](index=42&type=chunk) - **Customers (North America):** As of **May 2020**, ethanol is sold to Kinergy Marketing; WDG is sold to A.L. Gilbert; CO2 is sold to Messer; high-grade alcohol is sold to various customers[44](index=44&type=chunk) - **Customers (India):** In **2020**, two biodiesel customers accounted for **42%** and **26%** of India segment revenues[45](index=45&type=chunk) - **Suppliers (North America):** Procures all corn for the Keyes Plant from J.D. Heiskell under a supply agreement expiring **December 31, 2021**, with automatic one-year renewals[50](index=50&type=chunk) - **Suppliers (India):** Primary feedstock is refined palm stearin sourced locally; the company is not dependent on any single supplier for raw materials[51](index=51&type=chunk) [Environmental and Regulatory Matters](index=14&type=section&id=Item%201.%20Business%20-%20Environmental%20and%20Regulatory%20Matters) The company's operations are subject to extensive environmental regulations in both North America and India, with key U.S. regulations like RFS and LCFS significantly impacting its low-carbon products and requiring substantial compliance costs EPA Renewable Fuel Volume Requirements (in gallons) | Fuel Type | 2019 | 2020 | 2021 | | :--- | :--- | :--- | :--- | | Cellulosic biofuel (million) | 418 | 590 | n/a | | Biomass-based diesel (billion) | 2.1 | 2.4 | 2.4 | | Advanced biofuel (billion) | 4.92 | 5.09 | n/a | | Renewable fuel (billion) | 19.92 | 20.09 | n/a | - The company is subject to federal, state, and local environmental laws (e.g., Clean Air Act, CERCLA) that may require significant capital costs for permits, monitoring, and compliance[67](index=67&type=chunk)[69](index=69&type=chunk)[71](index=71&type=chunk) - Climate change legislation and regulations, such as the RFS and California's LCFS, significantly impact the biofuels industry and the company's operations[72](index=72&type=chunk) [Risk Factors](index=16&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant financial, operational, and regulatory risks, including unprofitability, high debt, volatile commodity prices, and dependence on external factors - **Financial Risks:** The company has a history of significant losses (**$36.7 million** in 2020) and an accumulated deficit of **$274.1 million**; it is dependent on external financing and has substantial debt (**$161.5 million** to Third Eye Capital as of Dec 31, 2020), which carries high interest expense and restrictive covenants[78](index=78&type=chunk)[79](index=79&type=chunk)[81](index=81&type=chunk)[86](index=86&type=chunk) - **Operational & Market Risks:** Profitability is dependent on the volatile spread between feedstock/energy costs and fuel/feed prices; the business is vulnerable to disruptions in infrastructure (rail, utilities) and is highly dependent on principal suppliers (J.D. Heiskell) and customers (Kinergy, A.L. Gilbert)[91](index=91&type=chunk)[92](index=92&type=chunk)[90](index=90&type=chunk)[102](index=102&type=chunk) - **Regulatory & Strategic Risks:** The business is highly dependent on government mandates like the RFS and California's LCFS, which are subject to change; there are risks in executing its business plan, including developing new facilities (Riverbank) and technologies, and entering new markets like hand sanitizer[118](index=118&type=chunk)[120](index=120&type=chunk)[98](index=98&type=chunk)[125](index=125&type=chunk) - **International Risks:** A substantial portion of assets and operations are in India, subject to regulatory, economic, and political uncertainties, as well as currency fluctuations between the Indian rupee and the U.S. dollar[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) - **COVID-19 Risk:** The pandemic has negatively impacted the global economy, disrupted supply chains, and reduced demand for transportation fuels, creating uncertainty for operational and financial performance[146](index=146&type=chunk) [Properties](index=35&type=section&id=Item%202.%20Properties) Aemetis owns and leases various properties for its North American operations, including ethanol, CO2, biogas, and cellulosic ethanol facilities, and its Indian biodiesel plant - **North America:** - Corporate HQ in Cupertino, CA (leased) - Ethanol Plant in Keyes, CA (owned, **11 acres**) - CO2 Land in Keyes, CA (owned, **5.32 acres**) - Biogas Digesters in Central Valley, CA (leased land at **17 dairies**) - Cellulosic Ethanol Plant site in Riverbank, CA (leased, **71,000 sq. ft.**) - Land and buildings in Goodland, KS (owned, **93 acres**)[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) - **India:** - Biodiesel Plant in Kakinada (owned, **32,000 sq. meters**) - Administrative Office in Hyderabad (leased)[191](index=191&type=chunk) [Legal Proceedings](index=36&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ongoing litigation with EdenIQ, Inc. regarding a terminated merger agreement, facing a **$6.2 million** award against it that it plans to appeal - The company is in litigation with EdenIQ, Inc. over a wrongfully terminated merger agreement[193](index=193&type=chunk) - On **July 24, 2019**, a court awarded EdenIQ approximately **$6.2 million** in fees and costs, which the company has recorded as a loss contingency and intends to appeal[193](index=193&type=chunk) [Mine Safety Disclosures](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not Applicable[194](index=194&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=37&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NASDAQ under 'AMTX', has **215** stockholders, and does not anticipate paying cash dividends, with equity compensation governed by the 2019 Stock Plan - Common stock is traded on the NASDAQ Stock Market under the symbol "AMTX"[196](index=196&type=chunk) - The company has never declared or paid cash dividends and does not plan to in the foreseeable future[198](index=198&type=chunk) - The Aemetis 2019 Stock Plan is the primary vehicle for equity compensation, superseding prior plans[199](index=199&type=chunk) [Selected Financial Data](index=37&type=section&id=Item%206.%20Selected%20Financial%20Data) This item is not applicable - Not applicable[201](index=201&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Total revenues decreased **18%** to **$165.6 million** in 2020, driven by India segment declines, resulting in a **$36.7 million** net loss and ongoing liquidity challenges mitigated by a new **$70 million** facility [Results of Operations (2020 vs. 2019)](index=44&type=section&id=Item%207.%20MD%26A%20-%20Results%20of%20Operations) For 2020, total revenues decreased **18%** to **$165.6 million** due to a **67%** drop in India's revenue, while North America's revenue saw a slight **3%** decrease, leading to an overall **13%** decline in gross profit and a **$36.7 million** net loss Revenues by Segment (in thousands) | Segment | 2020 | 2019 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | North America | $149,762 | $154,148 | $(4,386) | -3% | | India | $15,795 | $47,850 | $(32,055) | -67% | | **Total** | **$165,557** | **$201,998** | **$(36,441)** | **-18%** | Gross Profit by Segment (in thousands) | Segment | 2020 | 2019 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | North America | $9,423 | $3,951 | $5,472 | 138% | | India | $1,602 | $8,747 | $(7,145) | -82% | | **Total** | **$11,025** | **$12,698** | **$(1,673)** | **-13%** | - North America's revenue decrease was mitigated by entering the high-grade alcohol market, which generated **15%** of the segment's revenue in 2020[239](index=239&type=chunk) - India's revenue decline was due to delays in government tender contracts and general sales slowness from COVID-19, leading to a **66%** decrease in biodiesel sales volume[240](index=240&type=chunk) - Total SG&A expenses decreased by **3%** to **$16.9 million**, primarily due to a **58%** reduction in India's SG&A, which offset a **14%** increase in North America[248](index=248&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Item%207.%20MD%26A%20-%20Liquidity%20and%20Capital%20Resources) The company's liquidity is constrained with **$0.6 million** cash, a **0.08** current ratio, and **$229.6 million** total debt, relying heavily on its senior lender and a new **$70 million** reserve liquidity facility to mitigate going concern risks Liquidity Summary (in thousands) | Metric | Dec 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Cash and cash equivalents | $592 | $656 | | Current assets | $8,683 | $12,576 | | Current liabilities (ex-debt) | $80,264 | $51,843 | | Total Debt (Current & LT) | $229,619 | $202,425 | - The company has substantial doubt about its ability to continue as a going concern, which is mitigated by a **$70 million** Reserve Credit Facility from its senior lender established in **March 2021**[260](index=260&type=chunk)[261](index=261&type=chunk)[606](index=606&type=chunk) - Cash provided by financing activities was **$14.8 million** in 2020, primarily from a **$13.8 million** Series A Preferred Unit issuance for the biogas project and **$5.1 million** from an at-the-market equity offering[274](index=274&type=chunk) - Cash used in investing activities was **$17.3 million**, mainly for capital expenditures on projects like the biogas digesters and CO2 capture facility[272](index=272&type=chunk) - The maturity date for most Third Eye Capital debt has been extended to **April 1, 2022**[265](index=265&type=chunk) [Critical Accounting Policies](index=51&type=section&id=Item%207.%20MD%26A%20-%20Critical%20Accounting%20Policies) The company's critical accounting policies involve significant management judgment in revenue recognition, impairment assessments of long-lived assets, and the accounting for frequent debt modifications - **Revenue Recognition (ASC 606):** Revenue is recognized when performance obligations are satisfied, typically upon delivery of the product; the company assesses principal vs. agent criteria for transactions where it both buys from and sells to the same party (e.g., J.D. Heiskell), concluding it acts as the principal[279](index=279&type=chunk)[285](index=285&type=chunk)[288](index=288&type=chunk) - **Impairment of Long-Lived Assets:** The company reviews its property, plant, and equipment for impairment whenever events indicate the carrying amount may not be recoverable, requiring significant management judgment in projecting future cash flows; no impairment was recorded in **2020** or **2019**[290](index=290&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk) - **Debt Modification Accounting (ASC 470):** Amendments to debt are evaluated to determine if they represent a troubled debt restructuring or if the change in cash flows exceeds **10%**, which would require extinguishment accounting; this analysis is critical due to frequent debt amendments[294](index=294&type=chunk) [Financial Statements and Supplementary Data](index=54&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements and notes, with the independent auditor highlighting liquidity as a critical audit matter [Report of Independent Registered Public Accounting Firm](index=74&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) The independent auditor issued an unqualified opinion on the financial statements, identifying "Liquidity & Management's Plan" as a critical audit matter due to reliance on the senior lender and judgments in cash flow forecasts - The auditor issued an unqualified opinion on the financial statements[372](index=372&type=chunk) - A critical audit matter was identified concerning the company's liquidity and management's plan to fund future operations, specifically the adequacy of the reserve liquidity facility and the reasonableness of cash flow forecasts[377](index=377&type=chunk)[378](index=378&type=chunk) [Consolidated Financial Statements](index=76&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show total assets of **$125.1 million** and total liabilities of **$309.9 million** as of December 31, 2020, resulting in a stockholders' deficit of **$184.7 million**, with **$165.6 million** in revenues and a **$36.7 million** net loss for the year Consolidated Balance Sheet Highlights (in thousands) | | Dec 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Total Assets | $125,139 | $99,896 | | Total Liabilities | $309,883 | $254,268 | | Total Stockholders' Deficit | $(184,744) | $(154,372) | Consolidated Statement of Operations Highlights (in thousands) | | Year Ended Dec 31, 2020 | Year Ended Dec 31, 2019 | | :--- | :--- | :--- | | Revenues | $165,557 | $201,998 | | Gross Profit | $11,025 | $12,698 | | Operating Loss | $(6,070) | $(4,931) | | Net Loss | $(36,659) | $(39,477) | Consolidated Cash Flow Highlights (in thousands) | | Year Ended Dec 31, 2020 | Year Ended Dec 31, 2019 | | :--- | :--- | :--- | | Net cash from operating activities | $2,480 | $(2,034) | | Net cash used in investing activities | $(17,309) | $(8,578) | | Net cash from financing activities | $14,775 | $10,085 | [Notes to Consolidated Financial Statements](index=81&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on significant accounting policies, **$229.6 million** in debt obligations, **$4.5 million** in lease liabilities, the **$34.0 million** Aemetis Biogas project, segment performance, and management's plan to address going concern doubts with a **$70 million** reserve credit facility - **Debt (Note 4):** Total debt was **$229.6 million** at year-end 2020; this includes various notes with senior lender Third Eye Capital, EB-5 promissory notes, and subordinated notes, with Third Eye Capital notes secured by first priority liens on all North American assets[456](index=456&type=chunk)[474](index=474&type=chunk) - **Commitments and Contingencies (Note 5):** The company has operating and finance lease liabilities totaling **$4.5 million**; it also has a **$6.2 million** loss contingency recorded for the EdenIQ litigation[506](index=506&type=chunk)[512](index=512&type=chunk) - **Aemetis Biogas LLC (Note 6):** The biogas project is funded through a Series A Preferred Unit Purchase Agreement, which is treated as a liability; as of Dec 31, 2020, the liability was **$34.0 million**; ABGL is consolidated as a Variable Interest Entity (VIE) with Aemetis as the primary beneficiary[515](index=515&type=chunk)[520](index=520&type=chunk)[521](index=521&type=chunk) - **Segment Information (Note 12):** In 2020, the North America segment had revenues of **$149.7 million** and a gross profit of **$9.4 million**; the India segment had revenues of **$15.8 million** and a gross profit of **$1.6 million**[569](index=569&type=chunk) - **Management's Plan / Going Concern (Note 17):** Management acknowledges substantial doubt about the company's ability to continue as a going concern; this is mitigated by a **$70 million** Reserve Credit Facility from its senior lender, along with plans to improve operations and secure additional financing[605](index=605&type=chunk)[606](index=606&type=chunk)[607](index=607&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=54&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There were no changes in or disagreements with accountants on accounting and financial disclosure during the period - None[295](index=295&type=chunk) [Controls and Procedures](index=54&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of December 31, 2020, due to a material weakness in internal control over financial reporting, with remediation efforts underway - Management concluded that disclosure controls and procedures were not effective as of **December 31, 2020**[296](index=296&type=chunk) - A material weakness was identified in internal control over financial reporting, relating to a failure to design and maintain effective controls over the supervision and review of the completeness and accuracy of complex transactions[301](index=301&type=chunk) - Remediation efforts are ongoing and include hiring personnel with appropriate technical accounting knowledge and experience[302](index=302&type=chunk)[304](index=304&type=chunk) [Other Information](index=56&type=section&id=Item%209B.%20Other%20Information) On **March 14, 2021**, the company enhanced liquidity by increasing its reserve facility with Third Eye Capital to **$70.0 million** and extending debt maturities to **April 1, 2022** - On **March 14, 2021**, the company increased its reserve liquidity facility with Third Eye Capital to **$70.0 million**, with maturity extended to **April 1, 2022**[305](index=305&type=chunk) - On **March 14, 2021**, the company entered into Amendment No. 19 with Third Eye Capital, waiving certain debt covenants and extending the maturity of its notes to **April 1, 2022**[306](index=306&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=56&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) The information required by this item concerning directors, executive officers, and corporate governance is incorporated by reference from the company's Proxy Statement for its 2021 Annual Meeting of Stockholders - Information is incorporated by reference from the Proxy Statement for the 2021 Annual Meeting of Stockholders[308](index=308&type=chunk) [Executive Compensation](index=56&type=section&id=Item%2011.%20Executive%20Compensation) The information required by this item concerning executive compensation is incorporated by reference from the company's Proxy Statement for its 2021 Annual Meeting of Stockholders - Information is incorporated by reference from the Proxy Statement for the 2021 Annual Meeting of Stockholders[308](index=308&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=56&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) The information required by this item concerning security ownership is incorporated by reference from the company's Proxy Statement for its 2021 Annual Meeting of Stockholders - Information is incorporated by reference from the Proxy Statement for the 2021 Annual Meeting of Stockholders[308](index=308&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=56&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The information required by this item concerning related party transactions and director independence is incorporated by reference from the company's Proxy Statement for its 2021 Annual Meeting of Stockholders - Information is incorporated by reference from the Proxy Statement for the 2021 Annual Meeting of Stockholders[308](index=308&type=chunk) [Principal Accounting Fees and Services](index=56&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) The information required by this item concerning principal accounting fees and services is incorporated by reference from the company's Proxy Statement for its 2021 Annual Meeting of Stockholders - Information is incorporated by reference from the Proxy Statement for the 2021 Annual Meeting of Stockholders[309](index=309&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=58&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists documents filed as part of the Form 10-K, including consolidated financial statements and a detailed index of exhibits, with all financial statement schedules omitted - The company's consolidated financial statements are filed as part of the report[311](index=311&type=chunk) - All financial statement schedules have been omitted[311](index=311&type=chunk) - A comprehensive list of exhibits is provided, including numerous amendments to the Note Purchase Agreement with Third Eye Capital, employment agreements, and SEC-required certifications[313](index=313&type=chunk)[364](index=364&type=chunk)

Aemetis, Inc. (NASDAQ:AMTX) Q4 2020 Earnings Conference Call March 11, 2021 2:00 PM ET Company Participants Todd Waltz - Executive Vice President and Chief Financial Officer Eric McAfee - Founder, Chairman and Chief Executive Officer Conference Call Participants Amit Dayal - H.C. Wainwright Derrick Whitfield - Stifel Ed Woo - Ascendiant Capital Marco Rodriguez - Stonegate Capital Partners Jordan Levy - Truist Securities Operator Welcome to the Aemetis [Third] Quarter 2020 Earnings Review Conference Call. A ...

Revenue Performance - Total revenue for the three months ended September 30, 2020, was $40.9 million, a decrease of 29% compared to $57.4 million in the same period of 2019[167]. - North America revenue decreased by 12% to $33.1 million, primarily due to a decline in ethanol and WDG sales, with ethanol sales volume down to 15.0 million gallons from 15.8 million gallons[167]. - India revenue decreased by 60% to $7.8 million, driven by a 58% drop in biodiesel volumes to 8,133 metric tons[168]. - North America revenue for the nine months ended September 30, 2020, was $114.226 million, a slight increase of 0.2% from $113.942 million in 2019[184]. - India revenue decreased by 61% to $14.001 million from $35.954 million in the same period in 2019[184]. - Total revenue for the nine months ended September 30, 2020, was $128.227 million, down 14% from $149.896 million in 2019[184]. Pricing and Sales Volume - Average ethanol price decreased by 9% to $1.59 per gallon during the three months ended September 30, 2020, compared to $1.74 per gallon in the same period of 2019[167]. - Average price of biodiesel increased to $901 per metric ton during the three months ended September 30, 2020, compared to $882 per metric ton in the same period of 2019[168]. - North America generated 55% of revenue from ethanol sales, with an average ethanol price decrease of 11% to $1.55 per gallon[185]. - Biodiesel sales volume in India decreased by 61% to 14,346 metric tons, attributed to delays in production under the OMC tender contract[186]. Cost of Goods Sold - Cost of goods sold for North America was $33.5 million, a decrease of 12% from $38.0 million in 2019[170]. - Cost of goods sold in India decreased by 57% to $6.6 million, reflecting the decline in biodiesel revenues[170]. - Cost of goods sold in North America decreased by 11% to $101.231 million from $113.440 million in 2019[187]. - Total cost of goods sold decreased by 20% to $113.830 million from $142.992 million in 2019[187]. Profitability - Gross profit for North America increased to $12,995 thousand in 2020 from $502 thousand in 2019, a change of 2489%[189]. - Total gross profit for the company rose to $14,397 thousand in 2020, up 109% from $6,904 thousand in 2019[189]. Expenses - Research and Development (R&D) expenses remained consistent at $37,000 for both 2020 and 2019[175]. - Selling, General and Administrative (SG&A) expenses in North America increased by 60% to $4.340 million, while in India, it decreased by 88% to $223,000[176][179]. - R&D expenses in North America increased by 9% to $175 thousand in 2020 from $160 thousand in 2019[191]. - SG&A expenses in North America rose by 12% to $11,206 thousand in 2020 compared to $9,972 thousand in 2019[192]. - SG&A expenses in India decreased by 51% to $1,342 thousand in 2020 from $2,743 thousand in 2019[194]. - Total other income/expense decreased by 7% to $24,014 thousand in 2020 from $25,845 thousand in 2019[195]. Cash Flow and Liquidity - Cash and cash equivalents were $0.1 million at September 30, 2020, down from $656 thousand at December 31, 2019[199]. - Current ratio decreased to 0.14 at September 30, 2020 from 0.22 at December 31, 2019[198]. - Net cash provided by operating activities was $7.0 million, with non-cash charges totaling $11.4 million and a net loss of $22.1 million[214]. - Cash used by investing activities included capital expenditures of $13.6 million from U.S. operations and $1.3 million from India operations[215]. - Cash provided by financing activities was $11.0 million, primarily from Series A Preferred Unit issuance of $11.6 million[216]. Debt and Financing - Total increases to debt amounted to $37.425 million, while total decreases to debt were $13.504 million, resulting in a net change in total debt of $23.921 million[213]. - The company expects to issue $50.8 million in additional EB-5 Notes under Phase II funding[200]. - As of September 30, 2020, the company had an additional borrowing capacity of $18.0 million under the Reserve Liquidity Notes[209]. Operational Metrics - The company ground 5.2 million bushels of corn during the three months ended September 30, 2020, down from 5.6 million bushels in the same period of 2019[171]. - Average cost of feedstock per bushel decreased by 11% to $4.92 during the three months ended September 30, 2020, compared to $5.53 in the same period of 2019[171]. - Working capital changes resulted in a $1.2 million increase in accounts receivable due to increased alcohol sales in North America[213]. - A $1.7 million decrease in inventories was noted, mainly due to changes in finished goods and raw materials[213]. - The company recorded a $3.7 million increase in notes receivable in India operations due to short-term loans made to a working capital partner[213]. Compliance and Legal Matters - The company has initiated a remediation plan to address material weaknesses in internal control over financial reporting identified in the previous fiscal year[219]. - The court awarded EdenIQ approximately $6.2 million in attorney fees and costs, which the company recorded based on the court order[224]. - There were no off-balance sheet arrangements during the three months ended September 30, 2020[218].

Aemetis, Inc. (NASDAQ:AMTX) Q2 2020 Results Conference Call August 13, 2020 2:00 PM ET Company Participants Todd Waltz - EVP and CFO Eric McAfee - Founder, Chairman, CEO Conference Call Participants Ed Woo - Ascendiant Capital Marco Rodriguez - Stonegate Capital Operator Welcome to the Aemetis Second Quarter 2020 Earnings Review Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, today's call is ...