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Aemetis Reports 2020 Fourth Quarter and Year-End Results

CUPERTINO, CA / ACCESSWIRE / March 11, 2021 / 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, 2020.

"Despite historic economic disruptions that significantly reduced gasoline and ethanol demand, revenues for ethanol production in 2020 were relatively flat compared to 2019 largely due to our ability to quickly pivot to alternative markets and establish new revenue streams," said Eric McAfee, Chairman and CEO of Aemetis. "Ethanol and high grade alcohol revenues in 2020 were $112 million compared to $115 million in 2019, Gross Profit percentage margins improved by approximately 6%, SG&A expenses were reduced, and Earnings per Share was largely unchanged from 2019 to 2020 as higher margin businesses largely offset the adverse impact of the COVID-19 pandemic," added McAfee.

"Overall, this earnings report was a positive outcome for 2020, a year in which more than 50 ethanol plants were shut down at various times due to gasoline demand decreases and corn price increases, while the Aemetis plant operated continuously throughout the year. During this same time, we upgraded production equipment to supply high grade alcohol into the sanitizer alcohol market," McAfee stated.

"We focused on keeping a safe working environment for our employees and on building carbon intensity reduction projects that grew value for shareholders significantly through $17 million of investment in low carbon intensity capital projects during 2020 despite the difficult external conditions. We completed Phase I of the dairy Renewable Natural Gas project, began installation of important Keyes ethanol plant system upgrades to significantly reduce carbon intensity, and began operations of the Messer CO2 liquification facility that is now generating CO2 revenues and IRS 45Q credits from carbon re-use."

"We also made major steps toward receiving the Authority to Construct air permit for the Aemetis "Carbon Zero" integrated biorefinery in Riverbank, California. The Carbon Zero project is designed to further optimize the economics of the Keyes plant by using the 142-acre Riverbank site to build a plant to utilize distillers corn oil from the Keyes ethanol plant along with below-zero carbon intensity Cellulosic Hydrogen from waste orchard wood to produce Renewable Jet and Diesel," said McAfee.

"We are excited with the progress made during the many challenges we faced in 2020, and thank our employees for their focus, hard work, and ability to transition to new markets. We look forward to building on this success in 2021 as we complete additional important milestones in dairy RNG, Renewable Jet and Diesel Fuel, India biodiesel government contracts, and Ethanol margin improvements from carbon intensity reduction, and continue to implement the Five Year Plan we announced in early March," McAfee stated.

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 823496
Live Participant Dial In (International): +1-973-528-0011 entry code 823496
Webcast URL:

For the presentation and details on the call, please visit

Financial Results for the Three Months Ended December 31, 2020

Revenues were $37.3 million for the fourth quarter of 2020, compared to $52.1 million for the fourth quarter of 2019. The decrease in revenue was primarily attributable to delays in the India government Oil Marketing Company biodiesel tender process that delayed revenue in our India operations, and temporarily lower ethanol production in North America due to the lack of enforcement of the 15 billion gallon Renewable Fuel Standard ethanol blending mandate by the EPA.

Gross loss for the three months ended December 31, 2020 was $3.4 million, compared to a gross profit of $5.8 million during the same period in 2019. The gross profit change was attributable to the temporary ethanol production volume reduction during Q4 2020 due to the price of ethanol decrease from $1.82 per gallon during the three months ended December 31, 2019 to $1.64 per gallon during the three months ended December 31, 2020 in a market where the cost of delivered corn rose from $5.02 to $5.61 per bushel during the same respective periods.

Selling, general and administrative expenses decreased to $4.3 million during the fourth quarter of 2020, compared to $4.7 million during the fourth quarter of 2019.

Operating loss was $7.7 million for the fourth quarter of 2020, compared to operating income of $1.0 million during the fourth quarter of 2019.

Net loss was $14.6 million for the fourth quarter of 2020, compared to a net loss of $7.7 million for the fourth quarter of 2019.

Cash at the end of the fourth quarter of 2020 was $592 thousand, compared to $656 thousand at the end of the fourth quarter of 2019.

Financial Results for the Twelve Months Ended December 31, 2020

Revenues were $166 million for the twelve months ended December 31, 2020, compared to $202 million for the same period in 2019. The decrease in revenue was primarily attributable to decreases in the production and sales price for ethanol in North America caused by the COVID pandemic and oil refinery blending waivers issued by the EPA, and delays in the Oil Marketing Company tender process for the India biodiesel operations.

Gross profit for the twelve months ended December 31, 2020 was $11.0 million, compared to $12.7 million of gross profit during the same period in 2019, despite lower demand for gasoline and ethanol during 2020 due to the COVID-19 pandemic. Compared to 2019, US domestic ethanol demand declined by 13%, and US ethanol exports declined by 5% in 2020. For the same period, the delivered price of corn to the Keyes plant increased by 11%. The gross profit decline from ethanol margin reduction was largely offset by sales into the sanitizer alcohol market.

Selling, general and administrative expenses decreased to $16.9 million during the twelve months ended December 31, 2020, compared to $17.4 million during the same period in 2019.

Operating loss increased to $6.1 million for the twelve months ended December 31, 2020, compared to an operating loss of $4.9 million for the same period in 2019.

Net loss was $36.7 million for the twelve months ended December 31, 2020, a 7% improvement compared to a net loss of $39.5 million during the same period in 2019.

About Aemetis

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 carbon-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 renewable jet and diesel fuel integrated biorefineries in California to utilize distillers corn oil from ethanol plants to produce low carbon intensity renewable jet and diesel fuel using cellulosic hydrogen from waste orchard wood and other negative carbon intensity biomass, and pre-extract cellulosic sugars from the waste biomass to be processed into high value cellulosic ethanol at the Keyes plant. Aemetis holds a portfolio of patents and related technology licenses for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit

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 regarding development of our waste wood ethanol and biogas businesses in North America. Words or phrases such as "anticipates," "may," "will," "should," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "showing signs," "targets," "view," "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 risks and uncertainties. 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, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020 and in our subsequent filings with the SEC. 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)



(In thousands, except per share data, unaudited)

  Three months ended  Year ended 
  December 31,   December 31, 
  2020  2019  2020  2019 
Revenues $37,330  $52,102  $165,557  $201,998 
Cost of goods sold  40,702   46,308   154,532   189,300 
Gross profit (loss)  (3,372)  5,794   11,025   12,698 
Research and development expenses  38   45   213   205 
Selling, general and administrative expenses  4,334   4,709   16,882   17,424 
Operating profit (loss)  (7,744)  1,040   (6,070)  (4,931)
Interest rate expense  5,987   5,517   22,943   21,089 
Amortization expense  823   1,101   3,401   4,666 
Accretion of Series A preferred  586   748   4,673   2,257 
Loss contingency on litigation              6,200 
Other expense/(income)  155   204   548   (797)
Loss before income taxes  (15,295)  (6,530)  (37,635)  (38,346)
Income tax expense (benefit)  (713)  1,124   (976)  1,131 
Net loss $(14,582) $(7,654) $(36,659) $(39,477)
Non controlling interest  -   (929)  -   (3,761)
Net loss attributable to Aemetis $(14,582) $(6,725) $(36,659) $(35,716)
Net loss per common share                
Basic $(0.67) $(0.33) $(1.74) $(1.75)
Diluted $(0.67) $(0.33) $(1.74) $(1.75)
Weighted average shares outstanding                
Basic  21,845   20,570   21,012   20,467 
Diluted  21,845   20,570   21,012   20,467 



(In thousands, unaudited)

  Year ended December 31, 
  2020  2019 
Current assets:      
Cash and cash equivalents $592  $656 
Accounts receivable  1,821   2,036 
Inventories  3,969   6,518 
Prepaid and other current assets  2,301   3,366 
Total current assets  8,683   12,576 
Property, plant and equipment, net  109,880   84,226 
Other assets  6,576   3,094 
Total assets $125,139  $99,896 
Liabilities and stockholders' deficit        
Current liabilities:        
Accounts payable $20,739  $15,968 
Current portion of long term debt  44,974   5,792 
Short term borrowings  14,541   16,948 
Mandatorily redeemable Series Bconvertible preferred stock  3,252   3,149 
Accrued property taxes and other liabilities  18,729   15,962 
Total current liabilities  102,235   57,819 
Total long term liabilities  207,648   196,449 
Stockholders' deficit:        
Series B convertible preferred stock  1   1 
Common stock  23   21 
Additional paid-in capital  93,426   86,852 
Accumulated deficit  (274,080)  (237,421)
Accumulated other comprehensive loss  (4,114)  (3,825)
Total stockholders' deficit  (184,744)  (154,372)
Total liabilities and stockholders' deficit $125,139  $99,896 


(In thousands, unaudited)

  Three months ended December 31,   Year ended December 31, 
  2020  2019  2020  2019 
Net loss attributable to Aemetis, Inc. $(14,582) $(6,725) $(36,659) $(35,716)
Interest expense  6,810   5,800   26,344   22,420 
Depreciation expense  1,379   1,097   4,894   4,434 
Accretion of Series A preferred  586   748   4,673   2,257 
Share-based-compensation  169   144   995   774 
Intangibles and other expense  12   12   48   48 
Loss contingency on litigation              6,200 
Income tax expense (benefit)  (713)  1,124   (976)  1,131 
Total adjustments  8,243   8,925   35,978   37,264 
Adjusted EBITDA $(6,339)  $2,200   $(681) $1,548 



  Three months ended  Year ended 
  December 31,  December 31, 
  2020  2019  2020  2019 
Ethanol and high grade alcohol            
Gallons Sold (in millions)  15.4   16.6   60.2   64.7 
Average Sales Price/Gallon $1.60  $1.82  $1.84  $1.77 
Percent of nameplate capacity  112%  120%  112%  118%
Tons Sold (in thousands)  101   108   393   428 
Average Sales Price/Ton $90  $78  $81  $81 
Delivered Cost of Corn                
Bushels ground (in millions)  5.3   5.8   21.1   22.7 
Average delivered cost / bushel $5.61  $5.02  $5.05  $5.28 
Metric tons sold (in thousands)  1.7   11.9   16.0   47.0 
Average Sales Price/Metric ton $879  $861  $863  $904 
Percent of Nameplate Capacity  5%  32%  10%  31%
Refined Glycerin                
Metric tons sold (in thousands)  0.3   1.2   1.4   5.2 
Average Sales Price/Metric ton $803  $508  $814  $543 

SOURCE: Aemetis, Inc.

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