Aemetis(US:AMTX)2025-11-07 00:06Revenue Performance - For the three months ended September 30, 2025, total revenues decreased by 27.3% to $59.19 million from $81.44 million in the same period of 2024[128]. - For the nine months ended September 30, 2025, total revenue decreased by 30.1% to $154.3 million from $220.6 million in the same period in 2024[143]. - The India Biodiesel segment's revenue fell by 55.1% to $14.47 million from $32.26 million, with biodiesel sales volume dropping from 26.0 thousand metric tons to 12.5 thousand metric tons[128][130]. - India Biodiesel segment revenue fell by 67.6% to $29.1 million compared to $89.8 million in the prior year, primarily due to delays in issuing tenders and a shift to fixed price contracts[145]. - The California Ethanol segment generated $40.73 million in revenue, a 9.4% decrease from $44.93 million in 2024, with ethanol sales volume down by 5%[128]. Profitability - Gross profit for the California Ethanol segment turned negative at $(1.43) million, a significant decline from a profit of $0.085 million in 2024[138]. - The California Dairy Renewable Natural Gas segment's gross profit decreased by 31.5% to $1.30 million due to increased costs associated with additional digesters[138]. - Gross profit for the India Biodiesel segment turned negative at $(777,000) for the nine months ended September 30, 2025, compared to a profit of $6.98 million in 2024, reflecting reduced sales and a 51% increase in feedstock costs[151]. Costs and Expenses - Cost of goods sold for the California Ethanol segment decreased by 6.0% to $42.16 million, primarily due to a planned reduction in corn ground[135]. - Total cost of goods sold decreased by 25.7% to $162.8 million for the nine months ended September 30, 2025, from $219.2 million in 2024, driven by reduced sales volumes[146]. - Selling, general and administrative (SG&A) expenses as a percentage of revenue increased to 17% in the nine months ended September 30, 2025, from 13% in the same period in 2024[152]. - Interest expense increased by 17.4% to $34.1 million in the nine months ended September 30, 2025, compared to $29.1 million in 2024, due to higher variable interest rates and debt balances[152]. Cash Flow and Financing - Cash and cash equivalents rose to $5.6 million as of September 30, 2025, compared to $0.9 million at the end of 2024[155]. - Cash used in operating activities was $2.5 million, derived from a net loss of $71.7 million and changes in operating assets and liabilities of $45.8 million[163]. - Cash provided by financing activities was $16.4 million, primarily from $29.2 million in borrowings and $25.7 million from sales of common stock[165]. - During the nine months ended September 30, 2025, the company sold 13 million shares of common stock for net proceeds of $25.5 million[166]. - The outstanding balance of senior secured debt as of September 30, 2025, totaled $236.6 million, with future amendments to debt facilities subject to lender discretion[159]. - Total increases to debt amounted to $67.362 million, while total decreases to debt were $51.920 million, resulting in a net change in total debt of $15.442 million[160]. Operational Developments - The company is developing a SAF/RD production plant with a capacity of 90 million gallons per year, with significant progress in obtaining necessary permits[123]. - Planned CCUS projects aim to capture and sequester over two million metric tons of CO₂ per year, generating revenue from California LCFS credits and federal tax credits[124]. - The company is actively expanding its biogas collection pipeline, with 36 miles constructed and environmental approval for an additional 24 miles[119]. - The California Dairy Renewable Natural Gas segment sold 291.3 thousand MMBtu of RNG at an average price of $3.24 per MMBtu, up from $2.88 per MMBtu in the prior year[144]. Stock and Market Activity - The company has ongoing at-the-market stock sales registration allowing for continuous share sales into the market[166]. - There were no off-balance sheet arrangements reported[169].