Aemetis(AMTX) - 2025 Q1 - Quarterly Results

Q1 2025 Financial & Operational Highlights 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][5][6] - The company generated $19.0 million in cash proceeds from the sale of investment tax credits during the quarter[5] - The Aemetis Biogas segment increased sales by 10,100 MMBtu compared to the same quarter last year[5] - The California Ethanol segment surpassed the $2 billion cumulative revenue milestone[5] Financial Performance Analysis This section analyzes Aemetis's Q1 2025 financial results, covering income statement, balance sheet, and cash flow performance Income Statement Analysis 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] - Interest expense increased to $13.7 million from $10.5 million in the prior-year quarter[9] Balance Sheet and Cash Flow Analysis 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] - Payments of $15.4 million were applied to the repayment of debt during the first quarter[11] Segment Performance This section details the performance of Aemetis's key segments, including California Ethanol, Dairy RNG, and India Biodiesel, highlighting production and sales California Ethanol 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] California Dairy Renewable Natural Gas 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] India Biodiesel 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] - 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] Business Outlook & Forward-Looking Statements 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] - 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] - Aemetis is building a large centralized dairy digester to process waste from four dairies, expected to be operational in the next few months[4] - 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] Financial Statements 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 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 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 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]