November 5, 2015

Aemetis, Inc. Reports Third Quarter 2015 Financial Results

CUPERTINO, Calif. – November 5, 2015 – Aemetis, Inc. (NASDAQ: AMTX), an advanced renewable fuels and renewable chemicals company, today announced its financial results for the three and nine months ended September 30, 2015.

“Our India biodiesel revenues grew 56% sequentially quarter over quarter through the development of a sustainable domestic customer base, which was made possible by key government policy changes earlier in the year.  On October 21, 2015, the Indian Government removed a key tax barrier for the production of biodiesel, enabling Aemetis to source feedstock worldwide and expand our business in India much more rapidly,” stated Eric McAfee, Chairman and CEO of Aemetis.  “Our US ethanol business is showing steady signs of improvement driven by increased demand, but low prices caused by excess supply due to the two year delay by the EPA in establishing the Renewable Fuel Standard mandate.”

“Importantly, we received an additional $2.0 million of EB-5 subordinated debt funding during the third quarter, totaling $23.5 million of funding released to Aemetis. As of September 30, 2015, our escrow account holds an additional $11.5 million of EB-5 funding.  With one investor approved for funding and one investor identified for the last available unit, the offering is nearly complete. This 3% interest rate funding will be used to redeem higher rate senior debt,” said McAfee.

Financial Results for the Three Months Ended September 30, 2015

Revenues were $38.5 million for the third quarter of 2015, compared to $48.3 million for the third quarter of 2014. Decreases in ethanol and wet distiller’s grain average selling prices and volumes resulted in revenue declining during the third quarter as compared to the same period of the prior year.  Gross profit for the third quarter of 2015 was $1.0 million, compared to $7.7 million in the third quarter of 2014.  During this period, ethanol and wet distiller’s grain pricing fell more rapidly than feedstock purchase costs.

Selling, general and administrative expenses were $2.8 million in the third quarter of 2015, compared to $3.0 million in the third quarter of 2014.  The decrease in selling, general and administrative expenses was driven by improved efficiencies and lower spending compared to the same period of the prior year.

Operating loss was $1.9 million for the third quarter of 2015, compared to operating income of $4.6 million for the same period in 2014.

Net loss was $5.8 million for the third quarter of 2015, compared to net income of $0.5 million for the third quarter of 2014.

Adjusted EBITDA for the third quarter of 2015 was a loss of $0.5 million, compared to Adjusted EBITDA of $6.1 million for the same period in 2014.

Cash at the end of the third quarter of $2.5 million compared favorably to $0.3 million at the close of 2014.

During the third quarter of 2015, the EB-5 program provided $2.0 million of low-cost debt funding.  Interest costs during the third quarter of 2015 were $3.9 million, compared to interest cost of $4.3 million during the third quarter of 2014.

Financial Results for the Nine Months Ended September 30, 2015

Revenues were $111.3 million for the nine months of 2015, compared to $166.2 million for nine months of 2014.  Decreases in ethanol and wet distiller’s grain average selling prices and volumes in the nine months of 2015 compared to same period in 2014 resulted in revenue declining for the first nine months of 2015.  Gross profit for the nine months of 2015 was $2.8 million, compared to $34.7 million during the same period in 2014.  During this period, ethanol and wet distiller’s grain pricing fell more rapidly than feedstock purchase costs.

Selling, general and administrative expenses were $9.6 million during the nine months of 2015, compared to $9.3 million during the nine months of 2014.  The increase in selling, general and administrative expenses was primarily attributable to financial advisory fees.

Operating loss was $7.1 million for the nine months of 2015, compared to operating income of $25.1 million for the same period in 2014.

Net loss was $20.7 million for the nine months of 2015, compared to net income of $10.9 million for the same period in 2014.

Adjusted EBITDA for the nine months of 2015 was loss of $3.0 million, compared to Adjusted EBITDA of $29.4 million for the same period in 2014.

During the nine months of 2015, the EB-5 program provided $22.0 million of low-cost EB-5 debt funding.  Interest costs during the nine months of 2015 were $13.4 million, compared to $14.4 during the nine months of 2014 due to the lower cost of EB-5 funds in the capitalization structure.

About Aemetis

Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels and renewable chemicals 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.

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 and amortization (income)/expense, depreciation expense, income/(expense) from share-based compensation and (gains)/losses resulting from debt extinguishment.

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