Aemetis, Inc (AMTX) 10-Q Quarterly Report May 2023

Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on negative carbon intensity products, today announced its financial results for the three months ended March 31, 2023.

“Revenues for the first quarter of 2023 reflect our decision in late 2022 to idle the Keyes plant due to a 500% increase in energy cost brought about by insufficient natural gas storage in the Western United States, California in particular, and the resulting price spike that made continuing operations uneconomic. From December through mid-March, exorbitant pricing for natural gas would have resulted in a $12 million loss for the ethanol business, so management made the difficult but necessary decision to temporarily idle production and focus the plant staff on implementing a significant maintenance turnaround and mechanical reconfiguration related to the company’s energy efficiency projects,” said Todd Waltz, Chief Financial Officer of Aemetis. “Investments in capital projects related to the reduction of the carbon intensity of Aemetis ethanol were $7.6 million for the first quarter of 2023 as our engineering and construction teams moved forward with the initiatives outlined in our Five-Year Plan,” added Waltz.

“We are pleased with the milestones accomplished during the first quarter of 2023 regarding our energy efficiency projects as well as bringing the six dairy digesters, a 40 mile biogas pipeline and RNG facility with utility interconnect into service in late January. Due to high natural gas prices in California during the first quarter, we took the opportunity to complete significant maintenance and upgrades to the Keys ethanol plant,” said Eric McAfee, Chairman and CEO of Aemetis. “With natural gas now at a reasonable pricing range and the maintenance turn-around complete, we expect to restart the plant during the second quarter of 2023.”

The energy efficiency and Renewable Natural Gas milestones reflect our execution of the projects under our Five-Year Plan that produce negative carbon intensity products to rapidly grow value for Aemetis shareholders. We invite investors to review the Aemetis Corporate Presentation on the Aemetis home page prior to the earnings call.

Today, Aemetis will host an earnings review call at 11:00 a.m. Pacific time (PT).

Live Participant Dial In (Toll Free): +1-888-506-0062 entry code 387005
Live Participant Dial In (International): +1-973-528-0011 entry code 387005

Webcast URL: https://www.webcaster4.com/Webcast/Page/2211/48314

For details on the call, please visit http://www.aemetis.com/investors/conference-calls/

The following information was filed by Aemetis, Inc (AMTX) on Thursday, May 4, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Aemetis, Inc's 10-Q Quarterly Report:

Financial - Expense Highlight
The increase in SG&A expenses for the three months ended March 31, 2023 was due to increases in (i) stock compensation and salaries and wages of $1.6 million due to issuing a grant of RSAs, (ii) Depreciation and Amortization of $1.2 million due to reclassifying cost of goods sold depreciation to SG&A depreciation, and (iii) Taxes, Insurances, Rent and Utilities increase of $0.8 million.

Financial - Earnings Highlight
We are actively implementing plans that will bring higher value for our fuel ethanol in an effort to improve our overall margins and to add incremental income to the California Ethanol segment, including, the implementation of the Solar Microgrid System, the installation of the Zebrex ethanol dehydration system, the installation of mechanical vapor recompression, and other energy efficiency technologies.
Financial - Expense Highlight
Interest expense increased in the three months ended March 31, 2023 due to obtaining the Construction Loan, having higher debt balances on the Revolving Loans and Revolving Credit Facilities, and having higher variable interest rates compared to the same period in the prior year.
Financial - Debt Highlight
The non-cash charges consisted of: (i) $2.0 million in amortization of debt issuance costs and other intangible assets, (ii) $1.8 million in depreciation expenses, (iii) $2.7 million in stock-based compensation expense, (iv) $5.6 million in preferred unit accretion and other expenses of Series A preferred units, and (v) $0.3 million change in deferred tax benefit.
Other - Other Highlight
As a result of negative capital, negative market conditions, negative operating results, and collateralization of substantially all of the company assets, the Company has been reliant on its senior secured lender to provide additional funding and has been required to remit substantially all excess cash from operations to the senior secured lender.
Other - Other
Ethanol pricing is influenced by...Read more
Financial - Shares
38 (Tabular data in thousands,...Read more
Other - Other
Cash provided by financing activities...Read more
Financial - Expense
The increase in costs of...Read more
Financial - Expense
Fixed costs for costs of...Read more
Other - Other
Funding for continued construction is...Read more
Financial - Shares
37 (Tabular data in thousands,...Read more
Revenue - Product
Biodiesel sales volume increased by...Read more
Financial - Earnings
The increase in gross profit...Read more
Financial - Expense
To the extent that we...Read more
Revenue - Geography
The repatriation of funds from...Read more
Revenue - Product
Our revenue development strategy for...Read more
Revenue - Product
For the Kakinada Plant, we...Read more
Financial - Shares
33 (Tabular data in thousands,...Read more
Other - Other
This was partially offset by...Read more
Other - Other
Factors that could cause or...Read more
Financial - Expense
We operate in a volatile...Read more
Financial - Expense
For the Keyes Plant, we...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Aemetis, Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 10.1: Material Contract

Ticker: AMTX
CIK: 738214
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-23-012847
Submitted to the SEC: Fri May 05 2023 5:06:03 PM EST
Accepted by the SEC: Fri May 05 2023
Period: Friday, March 31, 2023
Industry: Industrial Organic Chemicals