May 12, 2021

Aemetis, Inc. Reports First Quarter 2021 Financial Results

CUPERTINO, Calif. – May 12, 2021 – 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, 2021.

“On track with our Five Year Plan, revenues from ethanol sales in Q1 2021 increased 8% compared to Q1 2020 as economic recovery from COVID-19 created increased demand for liquid transportation fuels along with its associated stronger pricing,” said Todd Waltz, Chief Financial Officer of Aemetis.  “Ethanol revenues during the first quarter of 2021 increased to $42.8 million compared to $39.5 million during the first quarter of 2020.  The price of ethanol has steadily increased from $1.40 price per gallon in January 2021 to more than $2.90 per gallon today, reflecting higher fuel demand and increased enforcement by the EPA of federal laws related to renewable fuels.  The EPA’s recent actions to enforce compliance with the Renewable Fuel Standard (RFS) have been a meaningful driver of growth for the renewable fuels industry, expanding markets and significantly increasing the value of our negative carbon intensity dairy Renewable Natural Gas (RNG), ethanol and other biofuels.  This year, those classified as ‘Obligated Parties’ under the RFS began to more fully comply with fuel blending rules compared to previous years, resulting in a significant increase in the prices of Renewable Identification Numbers (RINs) that support increased blending of renewable fuels as an ongoing trend,” added Waltz.

“We are pleased with the milestones accomplished during the first quarter of 2021, including our Carbon Zero renewable jet/diesel project receiving an exclusive license to use the patented technology that extracts low-cost, low carbon sugar from waste wood for use in biofuels production, significant progress shown by the recent issuance of 19 key permits for construction of the jet/diesel plant, and the awarding of energy efficiency grants that now provide a total of $16.8 million for the ethanol plant upgrades currently in process,” said Eric McAfee, Chairman and CEO.  “The Aemetis Biogas RNG project received approval for a Low Carbon Fuel Standard (LCFS) pathway that established a -426 carbon intensity for our dairy RNG biogas project, and we received California Environmental Quality Act (CEQA) approval for a 32-mile extension to our existing 4-mile biogas pipeline, in addition to $23 million grant funding awarded by government agencies and utilities.  We also formed the Aemetis Carbon Capture subsidiary to inject CO2 emissions into sequestration wells which are expected to be drilled at our two biofuels plant sites in California above unique shale formations, therefore avoiding the need to construct expensive CO2 pipelines to sequester carbon underground.  These 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 updated 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): +1-844-407-9500
Live Participant Dial In (International): +1-862-298-0850

Webcast URL:

For details on the call, please visit


Financial Results for the Three Months Ended March 31, 2021

Revenues during the first quarter of 2021 increased to $42.8 million, compared to $39.5 million for the first quarter of 2020.  Our North America operations in the first quarter of 2021, as compared to the first quarter of 2020, experienced steady sales volume with an increase in the selling price from $1.56 per gallon to $1.91 per gallon, and increase in the delivered corn price from an average of $5.20 per bushel during the first quarter of 2020 to $6.87 per bushel during Q1 2021.

Gross loss for the first quarter of 2021 was $3.6 million, compared to a $0.4 million loss during the first quarter of 2020.  Losses during the first quarter of 2021 resulted from crush margin that was overall weaker than the same period of the previous year.  Within the first quarter of 2021, the crush margin improved as ethanol rose from $1.40 per gallon in January 2021 to more than $2.90 per gallon today.

Selling, general and administrative expenses increased to $5.4 million during the first quarter of 2021 from $3.9 million during the same period in 2020.

Operating loss was $9.0 million for the first quarter of 2021, compared to operating loss of $4.5 million for the same period in 2020.

Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased to $7.2 million during the first quarter of 2021 compared to $6.9 million during the first quarter of 2020.  Additionally, our Aemetis Biogas initiative recognized $1.9 million of accretion of the preference payments on its preferred stock during the first quarter of 2021 compared to $960 thousand during the first quarter of 2020.

Net loss increased to $18.1 million for the first quarter of 2021, compared to net loss of $12.1 million for the first quarter of 2020.

Cash at the end of the first quarter of 2021 was $15.8 million compared to $592 thousand at the close of the fourth quarter of 2020.  Cash strengthened from proceeds of $62.4 million of stock sales, used to repay $36.9 million of high interest rate debt, invest in capital projects and fund working capital for operations.


About Aemetis

Headquartered in Cupertino, California, Aemetis is a renewable natural gas, renewable fuel and bioproducts company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products. 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 plant in Riverbank, California to convert cellulosic hydrogen from waste orchard wood and renewable electricity from solar and hydroelectric sources into renewable jet and diesel fuel. Aemetis holds a portfolio of patents and related technology licenses for the production of renewable fuels and bioproducts. For additional information about Aemetis, please visit



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, income tax expense, intangible and other amortization expense, accretion 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