Exhibit
99.1
|
External Investor Relations Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
|
|
Company Contact:
Todd
Waltz
Chief
Financial Officer
(408)
213-0925
|
Aemetis Reports 2020 Fourth Quarter and Year-End
Results
CUPERTINO, Calif. – 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: https://www.webcaster4.com/Webcast/Page/2211/40258
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,
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 www.aemetis.com.
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)
AEMETIS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(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
|
AEMETIS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands, unaudited)
|
|
Year ended
December 31,
|
|
|
|
2020
|
2019
|
|
Assets
|
|
|
|
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 B convertible 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
|
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME /
(LOSS)
(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)
|
|
Adjustments:
|
|
|
|
|
|
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
|
PRODUCTION AND PRICE PERFORMANCE
(unaudited)
|
|
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%
|
|
WDG
|
|
|
|
|
|
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
|
|
Biodiesel
|
|
|
|
|
|
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
|