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Aemetis, Inc (AMTX) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

SEC Filings

Aemetis, Inc

CIK: 738214 Ticker: AMTX

EXHIBIT 99.1

 

External Investor Relations Contact:

Kirin Smith

PCG Advisory Group

(646) 863-6519

ksmith@pcgadvisory.com

 

 

Investor Relations/Media Contact:

Todd Waltz

(408) 213-0940

investors@aemetis.com

 

Aemetis Reports Second Quarter 2022 Financial Results

Revenue Increased 20% over Q2 2021

 

CUPERTINO, Calif. – August 4, 2022 -

Aemetis, Inc. (NASDAQ: AMTX), an international renewable natural gas and renewable fuels company focused on negative carbon intensity products, today announced its financial results for the three and six months ended June 30, 2022.

 

“Revenues for the second quarter of 2022 increased 20% to $65.9 million, compared to $54.9 million during the second quarter of 2021 as expanded demand for liquid transportation fuels raised our average ethanol price to $3.13 per gallon,” said Todd Waltz, Chief Financial Officer of Aemetis. “Investments in capital projects that reduce carbon intensity were $12.1 million for the second quarter of 2022, and $23.5 million year to date, 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 half of 2022, including the launch of operational management of the 125-acre Riverbank Industrial Complex for our sustainable aviation fuel and renewable diesel plant, the purchase of 24 acres for the carbon capture and sequestration injection well at the Riverbank site, and signing $3.5 billion in off-take agreements for sustainable aviation fuel with major airlines and $3.2 billion in off-take contracts for renewable diesel with a leading travel stop chain,” said Eric McAfee, Chairman and CEO of Aemetis.  “The Aemetis Biogas RNG project progressed with construction in progress on five dairy digesters, completing construction of 20 miles of our 40-mile biogas pipeline, completing the biogas-to-RNG production facility and commissioning of the utility gas pipeline interconnection unit.   Importantly, we closed two low-interest rate credit facilities for a total of up to $100 million of new financing to fund the pre-project financing of the carbon reduction projects at the Keyes ethanol plant and to fund the pre-project financing of land, engineering, permitting, test wells and related equipment for the jet/diesel plant and the two CO2 sequestration wells.

 

These milestones reflect our execution of the projects under our Five-Year Plan that produce negative carbon intensity products and 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): +1-877-545-0523 entry code 571805

Live Participant Dial In (International): +1-973-528-0016 entry code 571805

Webcast URL:  https://www.webcaster4.com/Webcast/Page/2211/46277

 

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

 

 
1

 

 

Financial Results for the Three Months Ended June 30, 2022

 

Revenues during the second quarter of 2022 increased 20% to $65.9 million compared to $54.9 million for the second quarter of 2021.  Our California Ethanol operations experienced steady sales volume with an increase in the selling price of ethanol from $2.78 per gallon in the second quarter of 2021 to $3.13 per gallon in the second quarter of 2022. Delivered corn price increased significantly from an average price of $8.04 per bushel during the second quarter of 2021 to $10.21 per bushel during the second quarter of 2022, as continued poor railroad performance impacted the delivered cost and supply of corn into California.

 

Gross loss for the second quarter of 2022 was $214,000, compared to $3.6 million gross profit during the second quarter of 2021.  Our California Ethanol segment accounted for substantially all of the reported, consolidated gross loss or profit, respectively, in both periods.

 

Selling, general and administrative expenses were $7.1 million during the second quarter of 2022, compared to $5.8 million during the second quarter of 2021 as a result of investments in our ultra-low carbon initiatives and non-cash charges for stock compensation.

 

Operating loss was $7.7 million for the second quarter of 2022, compared to an operating loss of $2.1 million for the second quarter of 2021.

 

Interest expense during the second quarter of 2022 was $6.7 million, excluding accretion and other expenses in connection with Series A preferred units in our Aemetis Biogas LLC subsidiary, compared to $5.2 million during the second quarter of 2021.  Additionally, our Aemetis Biogas LLC subsidiary recognized $1.5 million of accretion and other expenses in connection with preference payments on its preferred stock during the second quarter of 2022 compared to $3.8 million during the second quarter of 2021.

 

The EdenIQ litigation was settled during the second quarter of 2022 for $4.8 million, including litigation costs, allowing for the release of $1.4 million of litigation reserves.  Additionally, a grant of $14.2 million was received from the United States Department of Agriculture (“USDA”) Biofuel Producer Program.

 

Net loss was $209,000 for the second quarter of 2022, compared to a net loss of $10.6 million for the second quarter of 2021.

 

Cash at the end of the second quarter of 2021 was $3.6 million, compared to $7.8 million at the close of the fourth quarter of 2021.  Investments in capital projects of $12.1 million were made during the second quarter of 2022 further highlighting our commitment to build ultra-low carbon projects.

 

Financial Results for the Six Months Ended June 30, 2022

 

Revenues were $118.0 million for the first half of 2022, compared to $97.7 million for the first half of 2021, driven by an increase in the selling price of ethanol to $2.86 per gallon from $2.34 per gallon on sales of 29.9 million gallons compared to 30.8 million gallons during the same period of 2021. 

 

 
2

 

 

Gross loss for the first half of 2022 was $3.3 million, compared to a gross profit of $38 thousand during the first half of 2021, primarily attributable to delivered corn price increasing to $9.50 per bushel during the first half of 2022 from $7.44 per bushel during the first half of 2021.

 

Selling, general and administrative expenses were $14.4 million during the first half of 2022, compared to $11.1 million during the first half of 2021.

 

Operating loss was $18.1 million for the first half of 2022, compared to $11.1 million for the first half of 2021.

 

Interest expense was $12.9 million during the first half of 2022, excluding accretion and other expenses of Series A preferred units in our Aemetis Biogas LLC subsidiary, compared to interest expense of $12.4 million during the first half of 2021.  Additionally, our Aemetis Biogas LLC subsidiary recognized $3.1 million of accretion and other expenses in connection with preference payments on its preferred stock during the first half of 2022 compared to $5.7 million during the first half of 2021.

 

Net loss for the first half of 2022 was $18.5 million, compared to a net loss of $28.7 million during the same period of 2021.  Included in net income is the receipt of a grant of $14.2 million from the from the United States Department of Agriculture (“USDA”) Biofuel Producer Program. 

 

Investments in capital projects of $23.5 million were made during the first half of 2022 further indicating progress on our new projects.

 

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 an international renewable natural gas and  renewable fuels, 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 (RNG).  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 from renewable oils and orchard and forest waste.  Aemetis holds a portfolio of patents and exclusive technology licenses to produce renewable fuels and biochemicals.  For additional information about Aemetis, please visit www.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 expense, depreciation expense, gain on litigation, 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 relating to our five-year growth plan; trends in market conditions with respect to prices for inputs for our products versus prices for our products; our ability to leverage approved feedstock pathways; our ability to leverage our location and infrastructure; our ability to incorporate lower-cost, non-food advanced biofuels feedstock at the Keyes plant; our ability to adopt value-add by-product processing systems; our ability to expand into alternative markets for biodiesel and its by-products, including continuing to expand our sales into international markets; our ability to maintain and expand strategic relationships with suppliers; our ability to continue to develop new and to maintain and protect new and existing intellectual property rights; our ability to adopt, develop and commercialize new technologies; our ability to extend or refinance our senior debt on terms reasonably acceptable to us or at all; our ability to continue to fund operations and our future sources of liquidity and capital resources; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our Dairy Renewable Natural Gas segment; our ability to fund, develop and operate our Carbon Capture and Sequestration projects, including obtaining required permits; our ability to receive awarded grants by meeting all of the required conditions, including meeting the minimum contributions; our ability to sell additional notes under our EB-5 note program and our expectations regarding the release of funds from escrow under our EB-5 note program; our ability to improve margins; and our ability to raise additional capital. Words or phrases such as “anticipates,” “may,” “will,” “should,” “could,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “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 market risks, uncertainties and other risks detailed in our reports filed with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2021, our Quarterly Report on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022 and in our subsequent filings with the SEC.  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, demand for high grade alcohol and related products. 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

(unaudited, in thousands except per share data)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

$ 65,901

 

 

$ 54,884

 

 

$ 117,950

 

 

$ 97,691

 

Cost of goods sold

 

 

66,115

 

 

 

51,238

 

 

 

121,249

 

 

 

97,653

 

Gross profit (loss)

 

 

(214 )

 

 

3,646

 

 

 

(3,299 )

 

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expense

 

 

51

 

 

 

21

 

 

 

87

 

 

 

44

 

Selling, general and admin. expense

 

 

7,061

 

 

 

5,753

 

 

 

14,367

 

 

 

11,135

 

Other operating expense

 

 

360

 

 

 

-

 

 

 

360

 

 

 

-

 

Operating loss

 

 

(7,686 )

 

 

(2,128 )

 

 

(18,113 )

 

 

(11,141 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate expense

 

 

4,928

 

 

 

4,529

 

 

 

9,363

 

 

 

10,494

 

Debt related fees and Amortization expense

 

 

1,740

 

 

 

690

 

 

 

3,566

 

 

 

1,905

 

Accretion and other expenses of Series A preferred units 

 

 

1,506

 

 

 

3,800

 

 

 

3,146

 

 

 

5,743

 

Gain on debt extinguishment

 

 

-

 

 

 

(1,134 )

 

 

-

 

 

 

(1,134 )

Gain on litigation

 

 

(1,400 )

 

 

-

 

 

 

(1,400 )

 

 

-

 

Other (income) expense

 

 

(14,254 )

 

 

544

 

 

 

(14,295 )

 

 

513

 

Loss before income taxes

 

 

(206 )

 

 

(10,557 )

 

 

(18,493 )

 

 

(28,662 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

3

 

 

 

-

 

 

 

10

 

 

 

7

 

Net loss

 

$ (209 )

 

$ (10,557 )

 

$ (18,503 )

 

$ (28,669 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$ (0.01 )

 

$ (0.34 )

 

$ (0.54 )

 

$ (1.00 )

Diluted

 

$ (0.01 )

 

$ (0.34 )

 

$ (0.54 )

 

$ (1.00 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

34,536

 

 

 

30,924

 

 

 

34,128

 

 

 

28,781

 

Diluted

 

 

34,536

 

 

 

30,924

 

 

 

34,128

 

 

 

28,781

 

 

 
5

 

 

AEMETIS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

 

 

 

June 30, 2022

 

 

December 31, 2021

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$ 3,558

 

 

$ 7,751

 

Accounts receivable

 

 

1,278

 

 

 

1,574

 

Inventories

 

 

4,905

 

 

 

5,126

 

Prepaid and other current assets

 

 

5,304

 

 

 

6,242

 

Total current assets

 

 

15,045

 

 

 

20,693

 

 

 

 

 

 

 

 

 

 

    Property, plant and equipment, net

 

 

156,790

 

 

 

135,101

 

Right-of-use and other assets

 

 

6,617

 

 

 

5,037

 

Total assets

 

$ 178,452

 

 

$ 160,831

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders' deficit

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$ 19,138

 

 

$ 16,415

 

Current portion of long term debt

 

 

9,003

 

 

 

8,192

 

Short term borrowings

 

 

15,856

 

 

 

14,586

 

Mandatorily redeemable Series B stock

 

 

3,915

 

 

 

3,806

 

Accrued property taxes

 

 

984

 

 

 

6,830

 

Accrued contingent litigation fees

 

 

-

 

 

 

6,200

 

Other liabilities

 

 

11,466

 

 

 

9,301

 

Total current liabilities

 

 

60,362

 

 

 

65,330

 

 

 

 

 

 

 

 

 

 

Total long term liabilities

 

 

240,803

 

 

 

215,739

 

 

 

 

 

 

 

 

 

 

Stockholders' deficit:

 

 

 

 

 

 

 

 

    Series B convertible preferred stock

 

 

1

 

 

 

1

 

    Common stock

 

 

35

 

 

 

33

 

    Additional paid-in capital

 

 

221,915

 

 

 

205,305

 

    Accumulated deficit

 

 

(339,730 )

 

 

(321,227 )

    Accumulated other comprehensive loss

 

 

(4,934 )

 

 

(4,350 )

Total stockholders’ deficit

 

 

(122,713 )

 

 

(120,238 )

Total liabilities and stockholders' deficit

 

$ 178,452

 

 

$ 160,831

 

 

 
6

 

 

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(unaudited, in thousands)

 

Three Months Ended

 

 

Six Months Ended

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss

 

$ (209 )

 

$ (10,557 )

 

$ (18,503 )

 

$ (28,669 )

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

6,668

 

 

 

5,219

 

 

 

12,929

 

 

 

12,399

 

Depreciation expense

 

 

1,325

 

 

 

1,378

 

 

 

2,661

 

 

 

2,764

 

Accretion and other expenses of Series A preferred units

 

 

1,506

 

 

 

3,800

 

 

 

3,146

 

 

 

5,743

 

Share-based compensation

 

 

1,349

 

 

 

281

 

 

 

3,389

 

 

 

1,116

 

Intangibles and other amortization

 

 

11

 

 

 

12

 

 

 

23

 

 

 

24

 

Gain on debt extinguishment

 

 

-

 

 

 

(1,134 )

 

 

-

 

 

 

(1,134 )

Loss on lease termination

 

 

736

 

 

 

-

 

 

 

736

 

 

 

-

 

Gain on litigation

 

 

(1,400 )

 

 

-

 

 

 

(1,400 )

 

 

-

 

Income tax expense

 

 

3

 

 

 

-

 

 

 

10

 

 

 

7

 

Total adjustments

 

 

10,198

 

 

 

9,556

 

 

 

21,494

 

 

 

20,919

 

Adjusted EBITDA(1)

 

$ 9,989

 

 

$ (1,001 )

 

$ 2,991

 

 

$ (7,750 )

 

(1)   Included in Net Loss and Adjusted EBITDA for the three and six months ended June 30, 2022 is the cash receipt of a grant of $14.2 million from the United States Department of Agriculture (“USDA”) Biofuel Producer Program.

 

 
7

 

    

PRODUCTION AND PRICE PERFORMANCE

(unaudited)

 

 

 

Three months ended

June 30,

 

 

Six months ended

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Ethanol

 

 

 

 

 

 

 

 

 

 

 

 

Gallons sold (in millions)

 

 

15.2

 

 

 

15.2

 

 

 

29.9

 

 

 

30.8

 

Average sales price/gallon

 

$ 3.13

 

 

$ 2.78

 

 

$ 2.86

 

 

$ 2.34

 

Percentage of nameplate capacity

 

 

111 %

 

 

110 %

 

 

109 %

 

 

112 %

WDG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tons sold (in thousands)

 

 

104.0

 

 

 

101.4

 

 

 

204.4

 

 

 

205.3

 

Average sales price/ton

 

$ 146

 

 

$ 105

 

 

$ 130

 

 

$ 106

 

Delivered cost of corn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bushels ground (in millions)

 

 

5.3

 

 

 

5.2

 

 

 

10.4

 

 

 

10.7

 

Average delivered cost / bushel

 

$ 10.21

 

 

$ 8.04

 

 

$ 9.50

 

 

$ 7.44

 

Dairy Renewable Natural Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MMBtu produced

 

 

14.9

 

 

 

13.1

 

 

 

28.9

 

 

 

24.1

 

 

 
8

 


The following information was filed by Aemetis, Inc (AMTX) on Thursday, August 4, 2022 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 Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Condensed Balance Sheets
Consolidated Condensed Balance Sheets (Parenthetical)
Consolidated Condensed Statements Of Cash Flows (Unaudited)
Consolidated Condensed Statements Of Operations And Comprehensive (Loss) (Unaudited)
Consolidated Statements Of Stockholders Deficit (Unaudited)
Aemetis Biogas Llc - Series A Preferred Financing And Variable Interest Entity
Aemetis Biogas Llc - Series A Preferred Financing And Variable Interest Entity (Details Narrative)
Agreements
Agreements (Details Narrative)
Agreements (Details)
Agreements (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details 1)
Commitments And Contingencies (Details 2)
Commitments And Contingencies (Details 3)
Commitments And Contingencies (Details 4)
Commitments And Contingencies (Details 5)
Commitments And Contingencies (Details Narrative)
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Debt
Debt (Details 1)
Debt (Details Narrative)
Debt (Details)
Debt (Tables)
Inventories
Inventories (Details Narrative)
Inventories (Details)
Inventories (Tables)
Management's Plan
Nature Of Activities And Summary Of Significant Accounting Policies
Nature Of Activities And Summary Of Significant Accounting Policies (Details 1)
Nature Of Activities And Summary Of Significant Accounting Policies (Details 2)
Nature Of Activities And Summary Of Significant Accounting Policies (Details Narrative)
Nature Of Activities And Summary Of Significant Accounting Policies (Details)
Nature Of Activities And Summary Of Significant Accounting Policies (Policies)
Nature Of Activities And Summary Of Significant Accounting Policies (Tables)
Outstanding Warrants
Outstanding Warrants (Details 1)
Outstanding Warrants (Details)
Outstanding Warrants (Tables)
Property Plant And Equipment
Property Plant And Equipment (Tables)
Property, Plant And Equipment (Details 1)
Property, Plant And Equipment (Details Narrative)
Property, Plant And Equipment (Details)
Related Party Transactions
Related Party Transactions (Details Narrative)
Segment Information
Segment Information (Details 1)
Segment Information (Details Narrative)
Segment Information (Details)
Segment Information (Tables)
Stock-Based Compensation
Stock-Based Compensation (Details 1)
Stock-Based Compensation (Details Narrative)
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Subsequent Events
Subsequent Events (Details Narrative)
Ticker: AMTX
CIK: 738214
Form Type: 10-Q Quarterly Report
Accession Number: 0001654954-22-010775
Submitted to the SEC: Mon Aug 08 2022 5:11:01 PM EST
Accepted by the SEC: Mon Aug 08 2022
Period: Thursday, June 30, 2022
Industry: Industrial Organic Chemicals

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