Aemetis(AMTX) - 2025 Q2 - Quarterly Results

Financial and Operational Highlights Aemetis reported increased Q2 2025 revenue to $52.2 million, driven by India biodiesel and Dairy RNG, alongside strategic biogas and India IPO preparations Q2 2025 Key Financial Metrics | Metric | Value ($) | Note | | :--- | :--- | :--- | | Revenues | $52.2M | Increased $9.3M from Q1 2025 | | Aemetis Biogas Revenue | $3.1M | From 11 operating digesters | | Operating Loss | Improved by $4.9M | Compared to Q1 2025, due to lower SG&A | - The increase in revenue was primarily driven by the California Ethanol and Dairy RNG segments, along with new orders for the India Biodiesel business from Oil Marketing Companies[3][5] - Strategic developments include the appointment of a new CFO for the India subsidiary, targeting a public listing in early 2026[5] - Aemetis Biogas signed a $27 million agreement with NPL for H₂S and compression units for 15 dairy digesters and received CARB approval for 7 new LCFS pathways[5] - The company anticipates increased income and cash flow from Section 45Z production tax credits and cost reductions from the mechanical vapor recompression project in its California Ethanol segment[3][4] Financial Results Aemetis reported Q2 2025 revenues of $52.2 million, a decrease from Q2 2024, but improved operating and net losses for both the quarter and first half Financial Results for the Three Months Ended June 30, 2025 Q2 2025 revenues decreased to $52.2 million year-over-year, while operating and net losses improved to $10.7 million and $23.4 million respectively, despite a wider gross loss Q2 2025 vs Q2 2024 Financial Comparison | Metric | Q2 2025 ($) | Q2 2024 ($) | Change ($) | | :--- | :--- | :--- | :--- | | Revenues | $52.2M | $66.6M | ($14.4M) | | Gross Loss | ($3.4M) | ($1.8M) | ($1.6M) | | Operating Loss | ($10.7M) | ($13.6M) | $2.9M Improvement | | Net Loss | ($23.4M) | ($29.2M) | $5.8M Improvement | - SG&A expenses decreased significantly to $7.3 million from $11.8 million year-over-year, primarily due to a one-time $3.6 million loss on asset disposals in 2024[7] - Cash at quarter-end was $1.6 million, up from $900 thousand at the end of 2024, with $3.6 million invested in capital projects during the quarter[10] Financial Results for the Six Months Ended June 30, 2025 H1 2025 revenues decreased to $95.1 million due to India contract delays, while gross and operating losses widened, but net loss improved to $47.9 million H1 2025 vs H1 2024 Financial Comparison | Metric | H1 2025 ($) | H1 2024 ($) | Change ($) | | :--- | :--- | :--- | :--- | | Revenues | $95.1M | $139.2M | ($44.1M) | | Gross Loss | ($8.4M) | ($2.4M) | ($6.0M) | | Operating Loss | ($26.2M) | ($23.1M) | ($3.1M) | | Net Loss | ($47.9M) | ($53.4M) | $5.5M Improvement | - The lower revenue in H1 2025 was primarily due to delays in receiving contracts from government-owned Oil Marketing Companies in India[11] - Total investments in capital projects during H1 2025 amounted to $5.4 million, with $4.1 million dedicated to Aemetis Biogas projects[14] Company Overview and Forward-Looking Statements Aemetis is a renewable energy company producing RNG, fuels, and biochemicals, with operations in California and India, and developing SAF, while reporting non-GAAP measures and forward-looking statements - Aemetis operates a California biogas digester network (RNG), a 65 MGY ethanol plant in California, an 80 MGY biodiesel facility in India, and is developing a SAF/renewable diesel biorefinery[15][16] - The company defines Adjusted EBITDA as net loss adjusted for interest, taxes, depreciation, amortization, accretion, and share-based compensation[17] - The release contains forward-looking statements regarding growth plans, market trends, project development, and capital raising, subject to various risks and uncertainties[19] Consolidated Financial Statements This section presents unaudited consolidated financial statements, detailing Q2 and H1 2025 operations, and the balance sheet as of June 30, 2025, showing asset and liability changes Consolidated Condensed Statements of Operations Aemetis reported a net loss of $23.4 million for Q2 2025 and $47.9 million for H1 2025, showing improvement compared to prior-year periods, with a Q2 2025 loss per share of $0.41 Consolidated Condensed Statements of Operations (unaudited, in thousands, except per share data) | | For the three months ended June 30, (in thousands) | For the six months ended June 30, (in thousands) | | :--- | :--- | :--- | :--- | :--- | | | 2025 | 2024 | 2025 | 2024 | | Revenues | $52,243 | $66,561 | $95,129 | $139,195 | | Cost of goods sold | 55,598 | 68,367 | 103,564 | 141,613 | | Gross loss | (3,355) | (1,806) | (8,435) | (2,418) | | SG&A expenses | 7,319 | 11,800 | 17,794 | 20,650 | | Operating loss | (10,674) | (13,606) | (26,229) | (23,068) | | Interest expense | 12,330 | 11,724 | 26,023 | 22,237 | | Accretion of Series A preferred units | 2,032 | 3,477 | 4,311 | 6,788 | | Net loss | $(23,395) | $(29,174) | $(47,924) | $(53,405) | | Net loss per common share (Basic & Diluted) | $(0.41) | $(0.66) | $(0.87) | $(1.24) | Consolidated Condensed Balance Sheets As of June 30, 2025, Aemetis reported total assets of $240.0 million, total liabilities of $529.3 million, and a stockholders' deficit of $289.3 million, with a notable increase in current long-term debt Consolidated Condensed Balance Sheets (in thousands) | | June 30, 2025 (Unaudited, in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $1,645 | $898 | | Total current assets | $20,086 | $44,696 | | Property, plant and equipment, net | $204,641 | $199,392 | | Total assets | $240,016 | $259,302 | | Liabilities and Stockholders' Deficit | | | | Current portion of long term debt | $247,615 | $63,745 | | Total current liabilities | $321,927 | $143,968 | | Total long term liabilities | $207,344 | $379,262 | | Total stockholders' deficit | $(289,255) | $(263,928) | | Total liabilities and stockholders' deficit | $240,016 | $259,302 | Non-GAAP Reconciliation and Operational Metrics This section presents non-GAAP Adjusted EBITDA reconciliation and operational metrics, showing a slight improvement in Q2 2025 Adjusted EBITDA loss and varied production volumes across segments Reconciliation of Adjusted EBITDA to Net Income/(Loss) Aemetis reported an Adjusted EBITDA loss of $5.8 million for Q2 2025, a slight improvement, but a $16.4 million loss for H1 2025, a deterioration, with reconciliation details provided Reconciliation of Adjusted EBITDA to Net Loss (unaudited, in thousands) | | For the three months ended June 30, (in thousands) | For the six months ended June 30, (in thousands) | | :--- | :--- | :--- | :--- | :--- | | | 2025 | 2024 | 2025 | 2024 | | Net loss | $(23,395) | $(29,174) | $(47,924) | $(53,405) | | Total adjustments | 17,627 | 23,268 | 31,494 | 42,749 | | Adjusted EBITDA | $(5,768) | $(5,906) | $(16,430) | $(10,656) | Production and Price Performance Q2 2025 production and sales varied by segment, with California Ethanol volumes decreasing, Dairy RNG increasing, and India Biodiesel sales significantly dropping due to contract delays Q2 2025 vs Q2 2024 Production and Sales Comparison | Segment | Metric | Q2 2025 (Units) | Q2 2024 (Units) | | :--- | :--- | :--- | :--- | | California Ethanol | Gallons sold (millions) | 13.8 | 14.8 | | CA Dairy RNG | MMBtu sold (thousands) | 106.4 | 88.0 | | India Biodiesel | Metric tons sold (thousands) | 9.4 | 20.4 | Q2 2025 vs Q2 2024 Average Price Comparison | Segment | Metric | Q2 2025 ($) | Q2 2024 ($) | | :--- | :--- | :--- | :--- | | California Ethanol | Avg. sales price/gallon | $2.01 | $1.99 | | CA Dairy RNG | Avg. price per MMBtu | $2.75 | $2.19 | | India Biodiesel | Avg. sales price/metric ton | $1,010 | $1,162 |