Exhibit 99.1
External Investor Relations Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
Investor Relations & Media Contact:
Satya Chillara
(408) 213-0939
Aemetis, Inc. Reports First Quarter 2017 Financial Results
CUPERTINO, Calif. – May 11, 2017 -
Aemetis, Inc. (NASDAQ: AMTX), an advanced renewable fuels and biochemicals company, today announced its financial results for the three months ended March 31, 2017.
"During the first quarter, ethanol revenues increased by 12% on higher ethanol volume and prices compared to the first quarter of 2016, but gross margins were negatively impacted by an increase in feedstock costs due to an unusually wet winter in California and the resulting higher rail costs," stated Eric McAfee, Chairman and CEO of Aemetis. "During the second quarter, rail costs have returned to more normal levels and ethanol margins have improved as corn prices remain moderated. Our business in India has entered a growth phase by recently winning a biodiesel supply contract with domestic Oil Marketing Companies in India, and we are finalizing an international biodiesel supply contract with a major oil company. These new customers are in addition to our existing bulk and fleet customers in India."
Today, Aemetis will host an earnings review call at 11:00 am Pacific (PT). For details on the call, visit: http://www.aemetis.com/investors/conference-call/
Financial Results for the Three Months Ended March 31, 2017
Revenues were $31.6 million for the first quarter of 2017, compared to $33.3 million for the first quarter of 2016. Increases in ethanol production and average selling prices resulted in an additional $1.9 million of revenue, which was offset by $3.6 million of lower volumes of biodiesel sales, resulting in lower revenues during the first quarter as compared to the same period in 2016. Gross loss for the first quarter of 2017 was $0.6 million, compared to gross profit of $2.1 million during the first quarter of 2016. During the first quarter, gross margins declined due to higher feedstock costs, principally from rail dislocation associated with wet winter weather in California and lower distillers grains prices.
Selling, general and administrative expenses were $3.3 million in the first quarter of 2017, compared to $3.0 million in the first quarter of 2016. The increase in selling, general and administrative expenses was driven by an increase in share based compensation compared to the same period of the prior year.
Operating loss was $4.0 million for the first quarter of 2017, compared to operating loss of $1.0 million for the same period in 2016.
Net loss was $8.5 million for the first quarter of 2017, compared to net loss of $5.1 million for the first quarter of 2016.
Adjusted EBITDA loss for the first quarter of 2017 was $2.4 million, compared to Adjusted EBITDA of $250 thousand for the same period in 2016.
Cash at the end of the first quarter was $231 thousand compared to $1,486 thousand at the close of 2016.
About Aemetis
Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products by the conversion of second-generation ethanol and biodiesel plants into advanced biorefineries. Founded in 2006, Aemetis owns and operates a 60 million gallon per year ethanol production facility in the California Central Valley near Modesto. Aemetis also owns and operates a 50 million gallon per year renewable chemical and advanced fuel production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India and Europe. Aemetis operates a research and development laboratory at the Maryland Biotech Center, and holds a portfolio of patents and related technology licenses for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit www.aemetis.com.
We have provided non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying supplemental data. Adjusted EBITDA is defined as net income/(loss) plus (to the extent deducted in calculating such net income) interest expense, loss on extinguishment, income tax expense, intangible and other amortization expense, depreciation expense and share-based compensation expense.
Adjusted EBITDA is not calculated in accordance with GAAP and should not be considered as an alternative to net income/(loss), operating income or any other performance measures derived in accordance with GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is a useful performance measure that is widely used within the industry in which we operate. In addition, management uses Adjusted EBITDA for reviewing financial results and for budgeting and planning purposes. EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison.
Safe Harbor Statement
This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, expectations for growth in India, the impact that the recent regulatory changes in India will have on our business expectations for uses of EB-5 funding and expectations for receipt of additional EB-5 funding.  Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2015, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 and in our subsequent filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.
(Tables follow)
(unaudited, in thousands except per share data)
Three months ended
March 31
Cost of goods sold
Gross profit/(loss)
Research and development expenses
Selling, general and administrative expenses
Operating income/(loss)
Other expense/(income)
Interest rate expense
Amortization expense
Other expense
Income/(loss) before income taxes
Income tax expense
Net income/(loss)
Net income/(loss) per common share
Weighted average shares outstanding
(unaudited, in thousands)
March 31,
December 31,
Current assets:
Cash and cash equivalents
Accounts receivable
Prepaid and other current assets
Total current assets
  Property, plant and equipment, net
Intangible and other assets
Total assets
Liabilities and stockholders' deficit
Current liabilities:
Accounts payable
Current portion of long term debt, notes and working capital
Mandatorily redeemable Series B convertible preferred stock
Other current liabilities
Total current liabilities
Total long term liabilities
Total stockholders' deficit
Total liabilities and stockholders' deficit
(unaudited, in thousands)
Three Months Ended
March 31
Net Income/(loss)
Interest expense
Depreciation expense
Share-based compensation
Intangibles and other amortization expense
Income tax expense
Total adjustments
Adjusted EBITDA
Three months ended
March 31
Gallons sold (in millions)
Average sales price/gallon
Tons sold (in thousands)
Average sales price/ton
Delivered cost of corn and milo
Bushels ground (in millions)
Average delivered cost / bushel
Metric tons sold (in thousands)
Average Sales Price/Metric ton
Refined glycerin
Metric tons sold (in thousands)
Average Sales Price/Metric ton

The following information was filed by Aemetis, Inc (AMTX) on Thursday, May 11, 2017 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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