Exhibit 99.1
 
External Investor Relations Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.com
 
Company Contact:
Todd Waltz
Chief Financial Officer
(408) 213-0925
twaltz@aemetis.com
 
Aemetis Reports 2018 Fourth Quarter and Year-End Results
Achieves production record at Keyes plant and 60% year over year revenue growth at India plant
 
CUPERTINO, Calif. – March 14, 2019 – Aemetis, Inc. (NASDAQ: AMTX), an advanced renewable fuels and biochemicals company, today announced its financial results for the three and twelve months ended December 31, 2018.
 
“During 2018, our revenues increased 14% to $172 million as we set a production record at our Keyes plant of 65.6 million gallons and our India plant achieved a 60% increase in revenue compared with 2017,” said Eric McAfee, Chairman and CEO of Aemetis. “Progress continued on the foundational milestones for significant revenue increases, positive earnings and interest cost reductions during the year, including fully funding our renewable natural gas project for the first dozen dairies and solid progress toward commencing construction of our Riverbank cellulosic ethanol project. We are excited with the progress and traction we are experiencing and look forward to announcing additional milestones throughout 2019.”
 
Completed milestones include:
 
● 
India biodiesel plant generated $21.5 million of revenues, representing a 60% increase in revenue over 2017 performance.
● 
The Riverbank cellulosic ethanol project received a Conditional Commitment for a $125 million USDA loan guarantee, a $12 million tax waiver, and a $5 million grant.
● 
India plant completed capacity expansion to 50 million gallons per year of biodiesel from low cost, high free fatty acid feedstock
● 
Funding of a non-dilutive $30 million Series A Preferred investment for our Biogas project to build a biomethane pipeline and dairy digesters to produce below zero carbon renewable natural gas.
● 
Approval for $50 million of low cost EB-5 funding by the USCIS for the Riverbank cellulosic ethanol project.
● 
Agreement to implement Mitsubishi ZEBREXTM technology to reduce energy use and lower the carbon intensity of biofuel produced at the Keyes plant to increase profitability.
 
 
Today, Aemetis will host an earnings review call at 11:00 a.m. Pacific time (PT).
 
Live Participant Dial In (Toll Free): +1-877-407-8035
Live Participant Dial In (International): +1-201-689-8035
Webcast URL: www.investorcalendar.com/event/45300
 
For details on the call, please visit http://www.aemetis.com/investors/conference-calls/
 
 
 
Financial Results for the Three Months Ended December 31, 2018
 
Revenues were $38.8 million for the fourth quarter of 2018, compared to $38.9 million for the fourth quarter of 2017.
 
Gross loss for the three months ended December 31, 2018 was $1.9 million, compared to gross profit of $0.3 million during the same period in 2017. Gross profit decline was attributable to softening prices for ethanol from $1.65 per gallon during the three months ended December 31, 2017 to $1.57 per gallon during the three months ended December 31, 2018 in a market where the cost of delivered corn rose from $4.58 to $4.89 during the same respective periods.
 
Selling, general and administrative expenses were $4.8 million during the fourth quarter of 2018, compared to $3.5 million during the fourth quarter of 2017, primarily attributable to non-recurring legal fees.
 
Operating loss was $6.7 million for the fourth quarter of 2018, compared to operating loss of $3.4 million during the fourth quarter of 2017.
 
Net loss attributable to Aemetis was $11.4 million for the fourth quarter of 2018 with an additional $0.9 million attributable to non-controlling interest for a total net loss of $12.3 million, compared to a net loss attributable to Aemetis of $8.3 million for the fourth quarter of 2017 with an additional $0.8 million attributable to non-controlling interest for a total net loss of $9.0 million.
 
Cash at the end of the fourth quarter of 2018 was $1.2 million, compared to $0.4 million at the end of the fourth quarter of 2017.
 
Financial Results for the Twelve Months Ended December 31, 2018
 
Revenues increased 14% to $171.5 million for the twelve months ended December 31, 2018, compared to $150.2 million for the same period in 2017. The increase in revenue was primarily attributable to increases in the production of ethanol and wet distillers grains as well as a price increase for our distillers grains in North America, and overall volume growth in India.
 
Gross profit for the twelve months ended December 31, 2018 was $5.4 million, compared to $3.4 million during the same period in 2017. Gross profit increase was attributable to an $11 per ton increase for the pricing of wet distillers gains for the year ended December 31, 2018 compared to 2017.
 
Selling, general and administrative expenses were $16.1 million during the twelve months ended December 31, 2018, compared to $13.2 million during the same period in 2017. The increase in selling, general and administrative expenses was primarily attributable to professional fees related to closing the CO2 land purchase, financing the Biogas project and litigation.
 
Operating loss was $10.9 million for the twelve months ended December 31, 2018, compared to an operating loss of $12.2 million for the same period in 2017.
 
Net loss attributable to Aemetis was $33.0 million for the twelve months ended December 31, 2018 compared to a net loss of $30.3 million during the same period in 2017.
 
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 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 is building a biogas digester, pipeline and gas cleanup project to convert dairy waste gas into renewable natural gas, and is developing a plant to convert waste orchard wood into cellulosic ethanol. Aemetis 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.
 
 
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 regarding growth in India, implementation of additional process efficiencies at our plants, our ability to secure and close on reasonably priced financing for our projects and development of our cellulosic ethanol and biogas business in North America.  Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “view,” “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, 2018 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)
 
 
 
 
AEMETIS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 
 
 
Three months ended
 
 
Year ended
 
 
 
December 31,
 
 
December 31,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
Revenues
 $38,845 
 $38,884 
 $171,526 
 $150,157 
Cost of goods sold
  40,742 
  38,582 
  166,121 
  146,782 
Gross profit (loss)
  (1,897)
  302 
  5,405 
  3,375 
 
    
    
    
    
Research and development expenses
  55 
  295 
  246 
  2,367 
Selling, general and administrative expenses
  4,796 
  3,452 
  16,085 
  13,191 
Operating loss
  (6,748)
  (3,445)
  (10,926)
  (12,183)
 
    
    
    
    
Interest rate expense
  4,775 
  4,033 
  18,170 
  13,906 
Amortization expense
  1,125 
  1,286 
  7,520 
  5,398 
Accretion of Series A preferred
  44 
  - 
  44 
  - 
Loss on impairment of intangibles
  865 
  262 
  865 
  262 
Other expense/(income)
  (1,247)
  13 
  (1,245)
  15 
Loss before income taxes
  (12,310)
  (9,039)
  (36,280)
  (31,764)
 
    
    
    
    
Income tax expense
  1 
  - 
  (7)
  (6)
 
    
    
    
    
Net loss
 $(12,311)
 $(9,039)
 $(36,287)
 $(31,770)
Non controlling interest
  (885)
  (762)
  (3,271)
  (1,469)
Net loss attributable to Aemetis
 $(11,426)
 $(8,277)
 $(33,016)
 $(30,301)
 
    
    
    
    
Net loss per common share
    
    
    
    
Basic
 $(0.56)
 $(0.41)
 $(1.63)
 $(1.53)
Diluted
 $(0.56)
 $(0.41)
 $(1.63)
 $(1.53)
 
    
    
    
    
Weighted average shares outstanding
    
    
    
    
Basic
  20,346 
  19,959 
  20,252 
  19,833 
Diluted
  20,346 
  19,959 
  20,252 
  19,833 
   
 
 
 
AEMETIS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
 
 
Year ended December 31,
 
 
 
2018
 
 
2017
 
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 $1,188 
 $428 
Accounts receivable
  1,096 
  2,219 
Inventories
  6,129 
  5,737 
Prepaid and Other Assets
  1,898 
  3,078 
Total current assets
  10,311 
  11,462 
 
    
    
Property, plant and equipment, net
  78,492 
  78,837 
Other assets
  3,018 
  4,032 
Total assets
 $91,821 
 $94,331 
 
    
    
Liabilities and stockholders' deficit
    
    
Current Liabilities:
    
    
Accounts payable
 $13,500 
 $10,457 
Current portion of long term debt
  2,396 
  2,039 
Short term borrowings
  14,902 
  13,586 
Mandatorily redeemable Series B convertible preferred stock
  3,048 
  2,946 
Accrued property taxes and other liabilities
  8,733 
  6,988 
Total current liabilities
  42,579 
  36,016 
 
    
    
Total long term liabilities
  164,824 
  138,176 
 
    
    
Stockholders' deficit:
    
    
Series B convertible preferred stock
  1 
  1 
Common stock
  20 
  20 
Additional paid-in capital
  85,917 
  84,679 
Accumulated deficit
  (193,204)
  (160,188)
Accumulated other comprehensive loss
  (3,576)
  (2,904)
Total stockholders' deficit attributable to Aemetis, Inc.
  (100,842)
  (78,392)
  Non-controlling interests
  (4,740)
  (1,469)
Total liabilities and stockholders' deficit
 $91,821 
 $94,331 
 
 
 
 
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME / (LOSS)
(In thousands)
 
 
 
Three months ended
December 31,
 
 
Year ended
December 31,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
Net loss attributable to Aemetis, Inc.
 $(11,426)
 $(8,277)
 $(33,016)
 $(30,301)
Adjustments:
    
    
    
    
Interest expense
  4,944 
  4,610 
  22,135 
  17,805 
Depreciation expense
  1,123 
  1,151 
  4,580 
  4,622 
Share-based-compensation
  198 
  419 
  1,003 
  1,219 
Intangibles and other amortization expense
  900 
  94 
  1,005 
  392 
Income tax expense
  1 
  - 
  7 
  6 
Total adjustments
  7,166
  6,274 
  28,730 
  24,044 
Adjusted EBITDA
 $(4,260)
 $(2,003)
 $(4,286)
 $(6,257)
 
 
 
 
PRODUCTION AND PRICE PERFORMANCE
(unaudited)
 
 
 
Three months ended
 
 
Year ended
 
 
 
December 31,
 
 
December 31,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
Ethanol
 
 
 
 
 
 
 
 
 
 
 
 
Gallons Sold (in millions)
  16.5 
  16.3 
  65.6 
  60.8 
Average Sales Price/Gallon
 $1.57 
 $1.65 
 $1.74 
 $1.75 
WDG
    
    
    
    
Tons Sold (in thousands)
  108 
  107 
  424 
  407 
Average Sales Price/Ton
 $74 
 $70 
 $76 
 $65 
Delivered Cost of Corn
    
    
    
    
Bushels ground (in millions)
  5.8 
  5.7 
  22.9 
  21.5 
Average delivered cost / bushel
 $4.89 
 $4.58 
 $4.91 
 $4.73 
Biodiesel
    
    
    
    
Metric tons sold (in thousands)
  4.2 
  3.7 
  19.8 
  12.2 
Average Sales Price/Metric ton
 $811 
 $800 
 $857 
 $851 
Refined Glycerin
    
    
    
    
Metric tons sold (in thousands)
  1.0 
  0.7 
  4.7 
  3.8 
Average Sales Price/Metric ton
 $692 
 $997 
 $941 
 $810 
 
 

The following information was filed by Aemetis, Inc (AMTX) on Thursday, March 14, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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