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Aemetis, Inc (AMTX) SEC Filing 8-K Material Event for the period ending Thursday, March 10, 2022

Aemetis, Inc

CIK: 738214 Ticker: AMTX

  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 2021 Fourth Quarter and Year-End Results

Year over year revenues increase 28% by $46 million

 

CUPERTINO, Calif. – March 10, 2022 – Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on below zero carbon intensity products, today announced its financial results for the three and twelve months ended December 31, 2021.

 

“Revenues for 2021 increased 28% compared to 2020 due to increased demand for low carbon transportation fuels and as the economy continued to rebound from COVID-19 disruptions,” said Todd Waltz, Chief Financial Officer of Aemetis.  “Revenues during 2021 increased to $212 million compared to $166 million during 2020. Property acquired for carbon intensity reduction projects were $30.5 million for 2021 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 2021 and early 2022, including the acquisition of the 125-acre Riverbank Industrial Complex for our sustainable aviation fuel and renewable diesel plant, as well as signing $2.5 billion of off-take agreements with major airlines and $3.2 billion with a leading travel stop chain,” said Eric McAfee, Chairman and CEO of Aemetis.  “The Aemetis Biogas RNG project progressed with construction on the next phase of 15 dairy digesters, completing construction of a substantial portion of our 32-mile biogas pipeline extension, building the biogas conditioning hub and completing the utility gas pipeline interconnection unit.  We also received a drilling study from Baker Hughes confirming the feasibility of injecting more than two million metric tons per year of CO2 for sequestration in the unique formations under our two biofuels plant sites in California.  Importantly, we recently closed two credit facilities with an aggregate availability of up to $100 million to fund the completion of all of the carbon reduction projects at the Keyes ethanol plant and provide all of the funding prior to project financing for the jet/diesel plant and the two carbon sequestration wells. We invite investors to review the updated Aemetis Corporate Presentation and the Aemetis Investor 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 395788

Live Participant Dial In (International): +1-973-528-0011 entry code 395788

Webcast URL:  https://www.webcaster4.com/Webcast/Page/2211/44782

 

For the presentation and details on the call, please visit

http://www.aemetis.com/investors/conference-calls/

 

 
1

 

 

Financial Results for the Three Months Ended December 31, 2021

 

Revenues were $64.4 million for the fourth quarter of 2021, compared to $37.3 million for the fourth quarter of 2020. The selling price of ethanol increased from $1.60 per gallon during the fourth quarter of 2020 to $3.36 per gallon during the fourth quarter of 2021. The delivered corn price rose from an average of $5.61 per bushel during the fourth quarter of 2020 to $7.23 per bushel during the fourth quarter of 2021. Our California Ethanol and Dairy Natural Gas segments accounted for all of the reported consolidated gross profit in both periods.

 

Gross profit for the three months ended December 31, 2021 was $12.7 million, compared to a gross loss of $3.4 million during the same period in 2020. The gross profit increase was attributable to stronger ethanol and wet distillers grain pricing during the fourth quarter of 2021 compared to the fourth quarter of 2020.

 

Selling, general and administrative expenses increased to $7.5 million during the fourth quarter of 2021, compared to $4.3 million during the fourth quarter of 2020, principally due to a $2.5 million non-cash, share based compensation charge.

 

Operating profit was $5.2 million for the fourth quarter of 2021, compared to an operating loss of $7.7 million during the fourth quarter of 2020.

 

Net loss was $881 thousand for the fourth quarter of 2021, compared to a net loss of $14.6 million for the fourth quarter of 2020. 

 

Cash at the end of the fourth quarter of 2021 was $7.8 million, compared to $592 thousand at the end of the fourth quarter of 2020.

 

Financial Results for the Twelve Months Ended December 31, 2021

 

Revenues were $212 million for the twelve months ended December 31, 2021, compared to $166 million for the same period in 2020. The increase in revenue was primarily attributable to increases in the sales price for ethanol in California from $1.84 per gallon during 2020 to $2.72 per gallon as demand for ethanol increased as recovery from COVID-19 disruptions continued. 

 

Gross profit for the twelve months ended December 31, 2021 was $7.9 million, compared to $11.0 million of gross profit during the same period in 2020, primarily due to the stronger margin associated with high-grade alcohol sales coupled with the lower corn price during the year ended December 31, 2020 in our California Ethanol segment and lower gross margin contribution from our India Biodiesel segment during 2021.

 

Selling, general and administrative expenses increased to $23.7 million during the twelve months ended December 31, 2021, compared to $16.9 million during the same period in 2020, driven principally from a charge for stock-based compensation, property insurance, and professional services.

 

Operating loss increased to $15.8 million for the twelve months ended December 31, 2021, compared to an operating loss of $6.1 million for the same period in 2020.

 

 
2

 

 

Interest expense was $24.1 million during the year ended December 31, 2021, excluding accretion and other expense of Series A preferred units in our Aemetis Biogas LLC subsidiary, compared to interest expense of $26.4 million during the year ended December 31, 2020.  Additionally, our Aemetis Biogas LLC subsidiary recognized $7.7 million of accretion in connection with preference payments on its preferred stock during the year ended December 31, 2021 compared to $4.7 million during the same period in 2020.

 

Net loss was $47.1 million for the twelve months ended December 31, 2021 compared to a net loss of $36.7 million during the same period in 2020.

 

Cash at the end of the fourth quarter of 2021 increased to $7.8 million compared to $592 thousand at the end of 2020.  Investments in our ultra-low carbon initiatives increased property, plant and equipment by $30.5 million while debt repayments of $55.5 million were made during 2021.  These activities and others were funded with proceeds from equity offerings of $103.6 million.

 

About Aemetis

 

Aemetis has a mission to transform renewable energy with below zero carbon intensity transportation fuels. Aemetis has launched the Carbon Zero production process to decarbonize the transportation sector using today’s infrastructure.

 

Aemetis Carbon Zero products include zero-carbon fuels that can "drop-in" to be used in airplanes, truck, and ship fleets. Aemetis low-carbon fuels have substantially reduced carbon intensity compared to standard petroleum fossil-based fuels across their lifecycle.  

 

Headquartered in Cupertino, California, Aemetis is a renewable natural gas, renewable fuel and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace petroleum-based products and reduce greenhouse gas emissions.  Founded in 2006, Aemetis has completed Phase 1 and is expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis also owns and operates a 50 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India and Europe.  Aemetis is developing the Carbon Zero sustainable aviation fuel (SAF) and renewable diesel fuel biorefineries in California to utilize distillers corn oil and other renewable oils to produce low carbon intensity renewable jet and diesel fuel using cellulosic hydrogen from waste orchard and forest wood, while pre-extracting cellulosic sugars from the waste wood to be processed into high value cellulosic ethanol at the Keyes plant. Aemetis holds a portfolio of patents and exclusive technology licenses to produce renewable fuels and biochemicals.  For additional information about Aemetis, please visit aemetis.com.

 

 
3

 

 

NON-GAAP FINANCIAL INFORMATION

 

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, gain on extinguishment, income tax expense, intangible and other amortization expense, accretion and other expenses of Series A preferred units, 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. Adjusted EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison between companies.

 

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, statements related to our five-year growth plan, development of our sustainable aviation fuel and renewable diesel plant, construction of our Biogas RNG project, development of our carbon sequestration projects and development of our waste wood ethanol and biogas businesses 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, 2021 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)

 

 
4

 

 

AEMETIS, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except per share data, unaudited)

 

 

 

Three months ended

 

 

Year ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

$ 64,363

 

 

$ 37,330

 

 

$ 211,949

 

 

$ 165,557

 

Cost of goods sold

 

 

51,677

 

 

 

40,702

 

 

 

204,010

 

 

 

154,532

 

Gross profit (loss)

 

 

12,686

 

 

 

(3,372 )

 

 

7,939

 

 

 

11,025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

22

 

 

 

38

 

 

 

88

 

 

 

213

 

Selling, general and administrative expenses

 

 

7,454

 

 

 

4,334

 

 

 

23,676

 

 

 

16,882

 

Operating profit (loss)

 

 

5,210

 

 

 

(7,744 )

 

 

(15,825 )

 

 

(6,070 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate expense

 

 

5,234

 

 

 

5,987

 

 

 

20,136

 

 

 

22,943

 

Amortization expense

 

 

876

 

 

 

823

 

 

 

3,921

 

 

 

3,401

 

Accretion of Series A preferred

 

 

(210 )

 

 

586

 

 

 

7,718

 

 

 

4,673

 

Gain on debt extinguishment

 

 

-

 

 

 

-

 

 

 

(1,134 )

 

 

-

 

Other expense

 

 

326

 

 

 

155

 

 

 

809

 

 

 

548

 

Loss before income taxes

 

 

(1,016 )

 

 

(15,295 )

 

 

(47,275 )

 

 

(37,635 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit

 

 

(135 )

 

 

(713 )

 

 

(128 )

 

 

(976 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$ (881 )

 

$ (14,582 )

 

$ (47,147 )

 

$ (36,659 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$ (0.03 )

 

$ (0.67 )

 

$ (1.54 )

 

$ (1.74 )

Diluted

 

$ (0.03 )

 

$ (0.67 )

 

$ (1.54 )

 

$ (1.74 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

33,246

 

 

 

21,845

 

 

 

30,682

 

 

 

21,012

 

Diluted

 

 

33,246

 

 

 

21,845

 

 

 

30,682

 

 

 

21,012

 

 

 
5

 

 

AEMETIS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands, unaudited)

 

 

 

Year ended December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$ 7,751

 

 

$ 592

 

Accounts receivable

 

 

1,574

 

 

 

1,821

 

Inventories

 

 

5,126

 

 

 

3,969

 

Prepaid and other current assets

 

 

6,242

 

 

 

2,301

 

Total current assets

 

 

20,693

 

 

 

8,683

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

135,101

 

 

 

109,880

 

Other assets

 

 

5,037

 

 

 

6,576

 

Total assets

 

$ 160,831

 

 

$ 125,139

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders' deficit

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$ 16,415

 

 

$ 20,739

 

Current portion of long term debt

 

 

8,192

 

 

 

44,974

 

Short term borrowings

 

 

14,586

 

 

 

14,541

 

Mandatorily redeemable Series B convertible preferred stock

 

 

3,806

 

 

 

3,252

 

Accrued property taxes and other liabilities

 

 

22,331

 

 

 

18,729

 

Total current liabilities

 

 

65,330

 

 

 

102,235

 

 

 

 

 

 

 

 

 

 

Total long term liabilities

 

 

215,739

 

 

 

207,648

 

 

 

 

 

 

 

 

 

 

Stockholders' deficit:

 

 

 

 

 

 

 

 

Series B convertible preferred stock

 

 

1

 

 

 

1

 

Common stock

 

 

33

 

 

 

23

 

Additional paid-in capital

 

 

205,305

 

 

 

93,426

 

Accumulated deficit

 

 

(321,227 )

 

 

(274,080 )

Accumulated other comprehensive loss

 

 

(4,350 )

 

 

(4,114 )

Total stockholders' deficit

 

 

(120,238 )

 

 

(184,744 )

Total liabilities and stockholders' deficit

 

$ 160,831

 

 

$ 125,139

 

 

 
6

 

 

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME / (LOSS) 

(In thousands, unaudited)

 

 

 

Three months ended

December 31,

 

 

Year ended

December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss attributable to Aemetis, Inc.

 

$ (881 )

 

$ (14,582 )

 

$ (47,147 )

 

$ (36,659 )

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

6,110

 

 

 

6,810

 

 

 

24,057

 

 

 

26,344

 

Depreciation expense

 

 

1,342

 

 

 

1,379

 

 

 

5,448

 

 

 

4,894

 

Accretion of Series A preferred

 

 

(210 )

 

 

586

 

 

 

7,718

 

 

 

4,673

 

Share-based-compensation

 

 

2,527

 

 

 

169

 

 

 

3,928

 

 

 

995

 

Intangibles and other expense

 

 

11

 

 

 

12

 

 

 

46

 

 

 

48

 

Gain on debt extinguishment

 

 

-

 

 

 

-

 

 

 

(1,134 )

 

 

 

 

Income tax benefit

 

 

(135 )

 

 

(713 )

 

 

(128 )

 

 

(976 )

Total adjustments

 

 

9,645

 

 

 

8,243

 

 

 

39,935

 

 

 

35,978

 

Adjusted EBITDA

 

$ 8,764

 

 

$ (6,339 )

 

$ (7,212 )

 

$ (681 )

 

PRODUCTION AND PRICE PERFORMANCE

(unaudited)

 

 

 

Three months ended

 

 

Year ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Ethanol and high grade alcohol

 

 

 

 

 

 

 

 

 

 

 

 

Gallons sold (in millions)

 

 

15.2

 

 

 

15.4

 

 

 

59.8

 

 

 

60.3

 

Average sales price/gallon

 

$ 3.36

 

 

$ 1.60

 

 

$ 2.72

 

 

$ 1.84

 

Percent of nameplate capacity

 

 

111 %

 

 

112 %

 

 

109 %

 

 

112 %

WDG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tons sold (in thousands)

 

 

105

 

 

 

101

 

 

 

404

 

 

 

393

 

Average sales price/ton

 

$ 103

 

 

$ 90

 

 

$ 103

 

 

$ 81

 

Delivered Cost of Corn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bushels ground (in millions)

 

 

5.4

 

 

 

5.3

 

 

 

20.9

 

 

 

21.1

 

Average delivered cost/bushel

 

$ 7.23

 

 

$ 5.61

 

 

$ 7.52

 

 

$ 5.05

 

Dairy Renewable Natural Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MMBtu sold

 

 

13,361

 

 

 

9,388

 

 

 

53,041

 

 

 

9,388

 

Biodiesel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metric tons sold (in thousands)

 

 

 

 

 

 

1.7

 

 

 

0.5

 

 

 

16.0

 

Average sales price/metric ton

 

$ -

 

 

$ 879

 

 

$ 1,024

 

 

$ 863

 

Percent of nameplate capacity

 

 

0 %

 

 

5 %

 

 

1 %

 

 

10 %

 

 
7

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 10, 2022

 

Aemetis, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-36475

 

26-1407544

(State or other jurisdiction of

incorporation)

 

(Commission

File Number)

 

(IRS Employer Identification

No.)

 

20400 Stevens Creek Blvd., Suite 700

Cupertino, CA 95014

 (Address of principal executive offices) (Zip Code)

 

Registrant's telephone number, including area code:

(408) 213-0940

 

______________________________________________ 

(Former name or former address, if changed since last report.)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001

AMTX

NASDAQ Stock Market

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( 240.12b-2 of this chapter)

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

    

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On March 10, 2022, Aemetis, Inc. (the “Company”) issued a press release announcing its earnings for the three and twelve months ended December 31, 2021.

 

The press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

This Form 8-K and Exhibit 99.1 hereto shall be deemed “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any registration statement of the issuer.

 

Item 7.01 Regulation FD Material.

 

On March 10, 2022, the Company issued a press release, posted to its web site at www.aemetis.com, announcing its earnings for the three and twelve months ended December 31, 2021, a copy of which is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

EXHIBIT NUMBER

 

DESCRIPTION

 

 

 

Exhibit 99.1

 

Earnings Release dated March 10, 2022

 

 
2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

AEMETIS, INC.

 

 

March 10, 2022

By:

/s/ Eric A. McAfee

 

 

Name:

Eric A. McAfee

 

Title:

Chief Executive Officer

 

(Principal Executive Officer)

 

 
3

 

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Ticker: AMTX
CIK: 738214
Form Type: 8-K Corporate News
Accession Number: 0001654954-22-002824
Submitted to the SEC: Thu Mar 10 2022 8:04:23 AM EST
Accepted by the SEC: Thu Mar 10 2022
Period: Thursday, March 10, 2022
Industry: Industrial Organic Chemicals
Events:
  1. Earnings Release
  2. Financial Exhibit
  3. Regulated Disclosure

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