March 9, 2023

Aemetis Reports 2022 Fourth Quarter and Year-End Results

Year over year revenues track the Five Year Plan by increasing 21% ($45 million) to $257 million

CUPERTINO, Calif. – March 9, 2023 – 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, 2022.

“Revenues for 2022 increased 21% compared to 2021, largely due to price increases in ethanol feed co-products in the United States and demand from oil marketing companies in India,” said Todd Waltz, Chief Financial Officer of Aemetis.  “Revenues during 2022 increased to $257 million compared to $212 million during 2021. Capital expenditures for carbon intensity reduction projects were $49.5 million for 2022 as our engineering and construction teams moved forward with the initiatives outlined in our Five Year Plan,” added Waltz.

During 2022, Aemetis achieved key milestones, including:

  • Completing the installation of 40 miles of biogas pipeline;
  • Completing construction of the biogas-to-RNG upgrading facility;
  • Completing construction of the RNG interconnection unit with PG&E’s pipeline;
  • Completing construction of four new dairy digesters with gas pretreatment;
  • Progressing with construction of a 1.9 megawatt solar microgrid with battery backup; testing and commissioning the Mitsubishi ZEBREX electric ethanol dehydration facility;
  • Advancing permitting and engineering for the Carbon Zero renewable jet/diesel plant and Riverbank carbon sequestration facilities
  • Achieving detailed engineering, procurement, and phase one construction for the Mechanical Vapor Recompression (MVR) unit at the Keyes plant to displace the use of petroleum natural gas with zero carbon intensity solar and renewable grid electricity; and
  • Securing the first cost-plus biodiesel purchase agreement in India, which we expect to develop into an ongoing fuel supply relationship with the oil marketing companies in India.

“In addition to achieving operational milestones during 2022, we closed three new credit facilities for an aggregate of up to $125 million to fund the completion of the carbon reduction projects at the Keyes ethanol plant, engineering and permitting for the jet/diesel plant, and engineering and permitting of the two carbon sequestration wells at the Riverbank and Keyes plant sites. New financing includes the first USDA-guaranteed, 20-year financing to construct dairy digesters and other biogas project assets,” said Eric McAfee, Chairman and CEO of Aemetis. “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): +1-888-506-0062 entry code 447032
Live Participant Dial In (International): +1-973-528-0011 entry code 447032
Webcast URL: https://www.webcaster4.com/Webcast/Page/2211/47811

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

 

Financial Results for the Three Months Ended December 31, 2022

Revenues were $66.7 million for the fourth quarter of 2022, compared to $64.4 million for the fourth quarter of 2021. The selling price of ethanol decreased from $3.36 per gallon during the fourth quarter of 2021 to $2.65 per gallon during the fourth quarter of 2022. Biodiesel sales of 10.7 thousand metric tons occurred during the fourth quarter of 2022 at $1,511 per metric ton. Our California Ethanol segment accounted for $49.4 million of revenues and our India Biodiesel accounted for $17.2 million of revenues during the period.

Cost of Goods Sold increased from $51.7 million during the fourth quarter of 2021 to $67.9 million during the fourth quarter of 2022, resulting principally from the delivered corn price increasing from an average of $7.23 per bushel during the fourth quarter of 2021 to $10.05 per bushel during the fourth quarter of 2022 and the incremental sales in our India Biodiesel segment.

Gross loss for the fourth quarter of 2022 was $1.1 million, compared to a gross profit of $12.7 million during the same period in 2021.

Selling, general and administrative expenses remained flat at $7.5 million during the fourth quarters of 2022 and 2021.

Operating loss was $8.7 million for the fourth quarter of 2022, compared to an operating profit of $5.2 million during the fourth quarter of 2021.

Net loss was $22.4 million for the fourth quarter of 2022, compared to a net loss of $881 thousand for the fourth quarter of 2021.

Cash at the end of the fourth quarter of 2022 was $4.3 million, compared to $7.8 million at the end of the fourth quarter of 2021.

 

Financial Results for the Twelve Months Ended December 31, 2022

Revenues were $257 million for the twelve months ended December 31, 2022, compared to $212 million for the same period in 2021. The increase in revenue was primarily attributable to increases in the sales price for ethanol in California from $2.72 per gallon during 2021 to $2.81 per gallon combined with the sales of $28 million of biodiesel and glycerin by our India Biodiesel segment.

Cost of Goods Sold increased from $204.0 million during the twelve months ended December 31, 2021 to $262.0 during the same period in 2022, resulting principally from the delivered corn price increasing from an average of $7.53 per bushel during the twelve months of 2021 to $9.65 per bushel during the twelve months of 2022, increased costs of natural gas and transportation costs in our California Ethanol segment and the incremental sales in our India Biodiesel segment.

Gross loss for the twelve months ended December 31, 2022 was $5.5 million, compared to a gross profit of $7.9 million during the same period in 2021. Our India Biodiesel segment accounted for $8.3 million of gross profit from sales of biodiesel for the year ended December 31, 2022.

Selling, general and administrative expenses increased to $28.7 million during the twelve months ended December 31, 2022, compared to $23.7 million during the same period in 2021, driven principally from employee compensation and property insurance.

Operating loss increased to $34.4 million for the twelve months ended December 31, 2022, compared to an operating loss of $15.8 million for the same period in 2021.

Interest expense was $28.8 million during the year ended December 31, 2022, excluding accretion and other expense of Series A preferred units in our Aemetis Biogas LLC subsidiary, compared to interest expense of $24.1 million during the year ended December 31, 2021. Additionally, our Aemetis Biogas LLC subsidiary recognized $59.3 million of accretion and debt extinguishment costs in connection with redemption payments on its preferred stock during the year ended December 31, 2022, compared to $7.7 million during the same period in 2021.

Net loss was $107.8 million for the twelve months ended December 31, 2022, compared to a net loss of $47.1 million during the same period in 2021.

Cash at the end of the fourth quarter of 2022 was $4.3 million compared to $7.8 million at the end of the twelve months ended December 31, 2021. Investments in our ultra-low carbon initiatives increased property, plant and equipment by $49.5 million while debt repayments of $26.2 million were made during the twelve months ended December 31, 2022.

 

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