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

Source: www.gulfoilandgas.com 5/12/2022, Location: North America

Aemetis, Inc., a renewable natural gas and renewable fuels company focused on negative carbon intensity products, 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.”

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.


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