Financial Data and Key Metrics Changes - Revenues for Q2 2025 were $52.2 million, an increase of $9.3 million from Q1 2025, primarily due to biodiesel orders in India [4] - Operating loss improved by $4.9 million compared to Q2 2024, reflecting reduced selling, general and administrative expenses [5] - Net loss was $23.4 million, roughly flat compared to Q2 2024 after adjusting for nonrecurring charges [5] - Cash at year-end was $1.6 million following $3.6 million of investment in carbon intensity reduction and dairy renewable natural gas production expansion [6] Business Line Data and Key Metrics Changes - California Dairy Renewable Natural Gas recognized $3.1 million in revenue from 11 operating digesters during Q2 2025 [5] - Ethanol production in California decreased to 13.8 million gallons to maximize margins, but production was recently increased to meet market demand [11] - Biodiesel deliveries to Indian government oil marketing companies resumed in April, generating $11.9 million in revenue during Q2 2025 [12] Market Data and Key Metrics Changes - LCFS credit prices increased from about $42 to approximately $60 in the past month, with a current cap of $268 for 2025 [10] - The California Air Resources Board (CARB) approved seven dairy pathways with a blended negative carbon intensity score, unlocking 120% more LCFS credit revenue [8] - The U.S. ethanol market could expand by over 5 billion gallons per year if E15 gasoline is approved in all states, significantly impacting demand [19] Company Strategy and Development Direction - The company is focused on scaling up renewable natural gas production, targeting a capacity of 550,000 MMBtu this year and 1,000,000 MMBtu by 2026 [7] - Aemetis is actively pursuing an IPO for its India subsidiary in early 2026, with plans to expand into ethanol production supported by government policies [12] - The company is working on refinancing efforts to improve its capital structure and reduce debt [6][54] Management's Comments on Operating Environment and Future Outlook - Management expects multiple revenue streams from India, LCFS credits, and federal tax incentives to ramp up as the year progresses, positioning the company for a stronger 2025 [6] - The company anticipates that the amendments to the LCFS program will lead to increased credit prices and a tightening supply, benefiting its operations [15] - Management expressed optimism about the growth of the biofuels and biogas industries due to supportive federal and state policies [14][20] Other Important Information - The company has received $20 million in grants and tax credits to fund a mechanical vapor recompression system expected to add $32 million in annual cash flow starting in 2026 [11] - Aemetis has sold $83 million in investment tax credits related to its RNG facilities, receiving approximately $70 million in cash [9] Q&A Session Summary Question: Impact of CARB approval on EBITDA - Management confirmed that seven dairies are approved, with four more pending, and the financial impact is correlated with LCFS credit prices [23][25] Question: D3 RINs demand outlook - Management noted that there is a universal opinion that D3 RINs are being understated and emphasized the importance of the renewable fuel standard [27][28] Question: Update on 45Z tax credits - Management indicated that updates to the GREET model could allow for the generation of 45Z credits soon, with expectations for significant revenue from these credits [34][36] Question: Monetization strategy for production tax credits - Management expects 45Z credits to become a recurring quarterly revenue item, with catch-up revenue anticipated in Q3 2025 [48] Question: Progress on India IPO - Management confirmed that the new CFO is on board and the process is underway, with public filing documents expected this fall [50][51] Question: Refinancing process status - Management stated they are deep into the refinancing process, with expectations to complete due diligence and documentation by August [64][66]

Core Insights - Montauk Renewables reported Q2 2025 financial results with revenue of $45.1 million, exceeding analyst expectations, but faced profitability challenges with an EPS of $(0.04) due to higher operating expenses and lower RIN prices [1][5][7] Financial Performance - Revenue (GAAP) increased by 4.1% year-over-year from $43.3 million in Q2 2024 to $45.1 million in Q2 2025, surpassing the estimate of $44.4 million [2][5] - Adjusted EBITDA declined by 27.7% to $5.0 million from $7.0 million in Q2 2024 [7] - The company sold 11.1 million RINs, an increase of 10.5% from 10.0 million in Q2 2024, but the average realized price per RIN fell by 22.4% to $2.42 from $3.12 in Q2 2024 [5][6] Operational Highlights - RNG production remained stable at 1.4 million MMBtu, showing no growth compared to the previous year [6] - Operating and maintenance costs for RNG facilities rose by 22.0% to $17.0 million, attributed to scheduled maintenance and operational improvements [6] - Total operating expenses increased by 11.8%, leading to an operating loss of $(2.4) million and a net loss of $(5.5) million compared to $(0.7) million in Q2 2024 [7] Regulatory and Market Challenges - Revenue recognition delays occurred due to the EPA's new Biogas Regulatory Reform Rule, affecting the sale of approximately 3.0 million RINs [8] - The Renewable Electricity Generation segment produced 42,000 megawatt hours, down from 45,000 in Q2 2024, with operating costs nearly flat year-over-year [8] Strategic Developments - Montauk completed construction of a second RNG processing facility at its Apex site, enhancing future capacity [9] - A 10-year power purchase agreement was signed for the North Carolina agricultural RNG project, securing an average price of $48 per megawatt hour [9] - A new joint venture, GreenWave Energy Partners, LLC, was established to facilitate future RNG transportation and utilization [9] Future Guidance - The company reaffirmed its full-year 2025 guidance, expecting RNG revenue between $150 million and $170 million and RNG production between 5.8 million and 6.0 million MMBtu [10]

Financial Data and Key Metrics Changes - The company reported adjusted net income of $2.28 per share for the first six months of 2025, compared to $1.6 per share for the same period last year [7] - Adjusted net income for Q2 2025 was $315,000 or $0.01 per share, an improvement from a loss of $2.8 million or $0.07 per share in Q2 2024 [17] - Year-to-date adjusted net income was $92.1 million or $2.28 per share for 2025, up from $61 million or $1.6 per share for the same period in 2024 [21] Business Line Data and Key Metrics Changes - The Northwest Natural Gas segment saw net income increase by $4.5 million or $0.12 per share, with margin increasing by $16.9 million due to new rates in Oregon [18] - Sea Energy provided net income of $1 million or $0.03 per share, with strong margin and net income trends aligning with expectations [18] - The Water segment's net income increased by $1.8 million or $0.04 per share, driven by new rates at the largest water utility in Arizona and additional revenues from acquired utilities [19] Market Data and Key Metrics Changes - The combined utility customer growth rate was 10.6% for the twelve months ended June 30, 2025, primarily driven by gas utilities in Texas [8] - Northwest Natural Water's customer base grew by 5.8% over the last twelve months, including three acquisitions [13] Company Strategy and Development Direction - The company reaffirmed its annual 2025 adjusted earnings guidance, expecting a range of $2.75 to $2.95 per share [22] - The capital expenditure plan for 2025 is projected to be between $450 million and $500 million, focusing on modernizing infrastructure and system upgrades [23] - The company aims for a long-term earnings per share growth rate of 4% to 6% compounded annually from 2025 adjusted EPS [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial targets for the full year, citing strong performance across all business segments [24] - The company noted that while there are signs of housing market slowdown in Texas, overall growth remains strong with significant meter additions [29] Other Important Information - The company filed a general rate case in Oregon to recover investments in gas infrastructure, expecting a modest 2.5% rate increase effective October 31 [11] - The liquidity position at June 30, 2025, was approximately $550 million, with no material debt maturities expected in 2025 [24] Q&A Session Summary Question: Update on Sea Energy's growth and backlog - Management indicated that Sea Energy is performing as expected, with strong growth and a significant backlog exceeding annual goals by midyear [28][29] Question: Scale of upcoming water rate cases - Management noted that individual water rate cases are generally small, often less than $1 million in revenue requirement, leading to multiple rate cases executed annually [30]

Core Viewpoint - Aemetis, Inc. will host a conference call on August 7, 2025, to review its second quarter 2025 financial results [3] Group 1: Conference Call Details - The conference call is scheduled for Thursday, August 7, 2025, at 11 am Pacific Time (PT) [3] - Participants can join the call using a toll-free number or an international dial-in option, with an entry code provided [3] - A webcast of the call will be available on the company's website, along with a presentation and recent announcements [4] Group 2: Company Overview - Aemetis is headquartered in Cupertino, California, and focuses on renewable natural gas and renewable fuel technologies [5] - The company operates a biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas [5] - Aemetis owns a 65 million gallon per year ethanol production facility in California and an 80 million gallon per year biodiesel production facility in India [5] - The company is also developing sustainable aviation fuel and renewable diesel fuel biorefineries, along with renewable hydrogen and hydroelectric power projects [5]

Core Insights - Aemetis, Inc. announced the appointment of Anjaneyulu Ganji as Chief Financial Officer of its India subsidiary, Universal Biofuels, effective July 17, 2025 [1][2] Company Overview - Aemetis is a renewable natural gas and biofuels company focused on innovative technologies that lower fuel costs and reduce emissions [5] - The company operates a biogas digester network and pipeline system in California, converting dairy waste gas into Renewable Natural Gas [5] - Aemetis owns and operates an 80 million gallon per year biodiesel production facility in India and a 65 million gallon per year ethanol production facility in California [5] Leadership and Strategy - Anjaneyulu Ganji has extensive experience in finance, having previously served as Group CFO for Dodla Dairy Limited, which has an annual revenue of $450 million [2][3] - Ganji's background includes leadership roles in Marengo Asia Healthcare and Maersk Line, managing significant financial operations [3] - The leadership team at Aemetis is recognized for its ability to manage opportunities in India and has built a strong reputation in biofuel product delivery and quality [2] Market Context - The growing Indian economy is driving increased demand for energy sources such as biodiesel, ethanol, and compressed natural gas [2] - Universal Biofuels is expanding its production capabilities and diversifying into ethanol and renewable natural gas production [4]

Core Insights - Aemetis, Inc. will present at the H.C. Wainwright 27th Annual Global Investment Conference in New York City from September 8-10, 2025, highlighting its focus on renewable natural gas and biofuels [1][2] - The biogas and biofuels sectors are expected to benefit from recent federal policies, including the One Big Beautiful Bill and proposed increases in Renewable Volume Obligation mandates by the EPA [3] - Aemetis is positioned as a diversified investment in multiple sectors, with significant projects in renewable natural gas production, ethanol, and carbon sequestration [3] Company Overview - Aemetis is headquartered in Cupertino, California, and focuses on renewable natural gas and biofuels, operating a biogas digester network and pipeline system to convert dairy waste into Renewable Natural Gas [4] - The company operates a 65 million gallon per year ethanol production facility in California and an 80 million gallon per year biodiesel production facility in India [4] - Aemetis is developing a carbon sequestration project and a renewable diesel fuel and SAF biorefinery in Riverbank, California [4] Project Highlights - Aemetis plans to expand its dairy renewable natural gas production to generate over 1 million MMBtu from 50 dairies [3] - The Keyes ethanol plant is expected to generate an additional $32 million in annual cash flow starting in 2026 due to a mechanical vapor recompression system [3] - The Riverbank carbon sequestration project aims to inject 1.4 million tons of CO2 underground annually [3]

Core Insights - Aemetis, Inc. has received approval from the California Air Resources Board for seven dairy digesters under the Low Carbon Fuel Standard, effective January 1, 2025, with an average carbon intensity of -384 [1][2] - The approval is expected to double the number of LCFS credits generated by these digesters, enhancing Aemetis' renewable natural gas production capabilities [2] - Aemetis is actively expanding its renewable energy projects, including new dairy digesters, an ethanol plant, a carbon sequestration project, and a sustainable aviation fuel facility [3][4] Group 1: Company Developments - The seven approved pathways will allow Aemetis to immediately increase its LCFS credit quantity for RNG produced in the first quarter of 2025 [2] - Aemetis operates eleven digesters and is completing a four-dairy cluster digester, with additional pathway filings expected to be approved quickly [2] - The company is focused on innovative technologies to replace petroleum products and reduce greenhouse gas emissions [4] Group 2: Project Highlights - New dairy digesters are projected to generate over 1 million MMBtu per year of renewable natural gas [3] - The Keyes ethanol plant's mechanical vapor recompression system is anticipated to generate an additional $32 million in annual cash flow starting in 2026 [3] - The Riverbank carbon sequestration project aims to inject 1.4 million tons of CO2 underground annually [3] - Aemetis is developing a biorefinery in California for sustainable aviation fuel and renewable diesel, utilizing renewable hydrogen and hydroelectric power [4]

Core Viewpoint - Black Hills Corp. demonstrates its commitment to a sustainable energy future through its 2024 Corporate Sustainability Report, highlighting significant progress in environmental, economic, and governance areas [1][2]. Environmental Achievements - The company has achieved a 38% reduction in electric utility emissions since 2005 and aims for a 40% reduction by 2030 and a 70% reduction by 2040 [2]. - Black Hills Corp. is on track to reach net zero natural gas utility emissions by 2035 [2]. Economic Impact - The total economic impact of Black Hills Corp. in 2024 was approximately $1.5 billion, which includes $3.8 million in charitable giving and energy assistance [6]. - The company’s charitable contributions included $441,000 to United Way and $73,711 to Black Hills Cares, which, with company matching, totaled $551,000 for United Way and $346,000 in energy assistance [6]. Renewable Energy Initiatives - In 2024, Black Hills Corp. acquired a renewable natural gas facility in Iowa, expected to produce enough RNG to heat over 1,800 homes annually [6]. - The company is also innovating in coal to hydrogen technology and has conducted initial testing of carbon sequestration capabilities at its Gillette, Wyoming energy complex [6]. Customer Empowerment - Through programs like Green Forward and over $10 million in energy efficiency rebates, Black Hills Corp. has helped customers save energy equivalent to powering over 1,500 homes with electricity and 246 homes with natural gas for one year [6]. Workplace Culture - Black Hills Corp. fosters a workplace environment that encourages employee contribution, collaboration, and growth, aligning with its mission to improve life with energy [6].

Core Points - Aemetis, Inc. is actively engaging with U.S. government officials to advocate for the One Big Beautiful Bill Act, which aims to support domestic energy and rural communities through Section 45Z production tax credits for biofuels and biogas [2][3] - The Section 45Z production tax credit was established in 2022 and is set to be modified to extend its availability from 2027 to 2031, require domestic feedstocks, and eliminate the indirect land use penalty for biofuels [2][3] - Aemetis is expanding its biogas production capabilities, with plans to increase the number of operational dairies from 12 to 16 this summer, contributing to the production of renewable natural gas [3][4] Company Overview - Aemetis is headquartered in Cupertino, California, and focuses on renewable natural gas and renewable fuels, operating a biogas digester network and pipeline system to convert dairy waste into renewable natural gas [5] - The company operates a 65 million gallon per year ethanol production facility in California and an 80 million gallon per year biodiesel production facility in India [5] - Aemetis is developing a sustainable aviation fuel and renewable diesel biorefinery in California, utilizing renewable hydrogen and hydroelectric power [5] Financial Impact - The expansion of dairy renewable natural gas production is expected to generate over 1 million MMBtu per year [4] - The Keyes ethanol plant's mechanical vapor recompression system is projected to increase annual cash flow by $32 million starting in 2026 [4] - The Riverbank carbon sequestration project aims to inject 1.4 million tons of CO2 underground annually [4]

Company Overview - EverGen Infrastructure Corp. is a Canadian renewable energy company focused on waste-to-energy projects and establishing a renewable natural gas infrastructure platform across Canada [2] - Since its incorporation in May 2020, EverGen has been acquiring, developing, owning, operating, and consolidating a portfolio of compost, renewable natural gas, waste-to-energy, and related sustainable infrastructure projects [2] - The company currently operates two renewable natural gas production facilities: Fraser Valley Biogas in Abbotsford, British Columbia, and Grow the Energy Circle Ltd. in Lethbridge, Alberta, along with two composting facilities: Pacific Coast Renewables and Sea to Sky Soils, both located in British Columbia [2] Industry Context - The Canadian Climate Investor Conference (CCIC) is hosted by the Toronto Stock Exchange and TSX Venture Exchange, aimed at bringing together clean technology and renewable energy companies with climate-conscious investors [3] - The conference focuses on showcasing clean technology investments and aims to democratize the ability for investors to participate in the growing clean technology ecosystem [4] - The event is designed to facilitate the sharing of ideas and accelerate the deployment of capital necessary for building a sustainable future in Canada [3][4] Event Participation - EverGen Infrastructure Corp. will be presenting at the 2025 Canadian Climate Investor Conference on June 11, 2025, at the Arcadian Court in Toronto, Ontario [1]