May 12, 2022

Aemetis Reports First Quarter 2022 Financial Results Revenue Increased 22% over Q1 2021

CUPERTINO, Calif. – May 12, 2022 – 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, 2022.

“Revenues for the first quarter of 2022 increased 22% compared to Q1 2021 as expanded demand for liquid transportation fuels raised our average ethanol price to $2.58 per gallon, and total revenues to $52.0 million compared to $42.8 million during the first quarter of 2021,” said Todd Waltz, Chief Financial Officer of Aemetis.  “Investments in capital projects that reduce carbon intensity were $11.4 million for the first quarter of 2022 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 quarter of 2022, including the launch of operational management of the 125-acre Riverbank Industrial Complex for our sustainable aviation fuel and renewable diesel plant, as well as signing a total of $3.5 billion of off-take agreements for SAF with major airlines and $3.2 billion of 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 continuing construction of five of the next 15 dairy digesters, completing construction of 20 miles of our 36-mile biogas pipeline completing, testing of the biogas conditioning hub and completing the utility gas pipeline interconnection unit.   Importantly, we recently closed two credit facilities, with an aggregate availability of up to $100 million, to both fund the completion of the carbon reduction projects at the Keyes ethanol plant and provide the funding prior to project financing 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 to 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): +1-888-506-0062 entry code 841388
Live Participant Dial In (International): +1-973-528-0011 entry code 841388

Webcast URL:

For details on the call, please visit


Financial Results for the Three Months Ended March 31, 2022

Revenues during the first quarter of 2022 increased 22% to $52.0 million, compared to $42.8 million for the first quarter of 2021.  Our North America operations in the first quarter of 2022, as compared to the first quarter of 2021, experienced an increase in the selling price from $1.91 per gallon to $2.58 per gallon on sales of 14.7 million gallons for 2022 compared to 15.6 million gallons for 2021.  The price of delivered corn rose from an average of $6.87 per bushel during the first quarter of 2021 to $8.75 per bushel during the first quarter of 2022.  Railroad logistics were impactful on both the change in gallons produced and the price of delivered corn.

Gross loss for the first quarter of 2022 improved to $3.1 million, compared to $3.6 million loss during the first quarter of 2021.  This gross loss improvement was attributable to ethanol pricing rising faster than the offsetting cost of delivered corn.

Selling, general and administrative expenses increased to $7.3 million during the first quarter of 2022 from $5.4 million during the same period in 2021 driven primarily from non-cash charges for stock compensation.

Operating loss was $10.4 million for the first quarter of 2022, compared to operating loss of $9.0 million for the same period in 2021.

Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary decreased to $6.3 million during the first quarter of 2022 compared to $7.2 million during the first quarter of 2021.  Additionally, our Aemetis Biogas initiative recognized $1.6 million of accretion of the preference payments on its preferred stock during the first quarter of 2022 compared to $1.9 million during the first quarter of 2021.

Net loss was $18.3 million for the first quarter of 2022, compared to net loss of $18.1 million for the first quarter of 2021.

Cash at the end of the first quarter of 2022 was $5.5 million compared to $7.8 million at the close of the fourth quarter of 2021.  Investments in capital projects of $11.4 million were made during the first quarter of 2022 highlighting our commitment to build ultra-low carbon 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 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



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 alte