Exhibit 99.1

 

`ex_849490img001.jpg

 

External Investor Relations Contact:

Kirin Smith

PCG Advisory Group

(646) 863-6519

ksmith@pcgadvisory.com

   

Company Investor Relations/

Media Contact:

Todd Waltz

 (408) 213-0940

investors@aemetis.com

Aemetis Reports Second Quarter 2025 Financial Results

 

 

Revenue increased $9.3M from the first quarter of 2025 to $52.2M, driven by the restart of India biodiesel deliveries under new order from Oil Marketing Companies.

 

Aemetis Biogas recognized $3.1M in revenue from 11 digesters; CARB approved 7 new LCFS pathways in Q2.

 

Signed $27M agreement with NPL to construct H₂S and compression units for 15 dairy digesters.

 

Operating loss improved by $4.9M from the first quarter of 2025, reflecting reduced SG&A in the second quarter of 2025; net loss flat from the second quarter of 2024 after adjusting for one-time items.

 

Appointed new CFO with IPO experience for our India subsidiary. The India subsidiary is targeting a public listing in early 2026.

 

 

CUPERTINO, Calif. – August 7, 2025 - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products that lower fuel costs and reduce emissions, today announced its financial results for the three and six months ended June 30, 2025.

 

“Revenues of $52.2 million during the second quarter of 2025 are an increase of $9.3 million from the $42.9 million revenues during the first quarter of 2025, reflecting continued execution by our California Ethanol and Dairy Renewable Natural Gas segments, along with the fulfillment of new India Oil Marketing Companies orders,” said Todd Waltz, Chief Financial Officer of Aemetis.  “We look forward to additional revenues from the seven dairy digester RNG pathways recently approved by CARB and the revenues from federal Section 45Z production tax credits that were extended to year 2029 in the One Big Beautiful Bill Act,” added Waltz.

 

“We are pleased with the continued growth of Aemetis Biogas production and continued progress with building a large dairy digester to process waste from multiple dairies, which is already producing biogas and will be completed in August,” said Eric McAfee, Chairman and CEO of Aemetis. “The Section 45Z tax credit income and operating cash flow is expected to be significantly increased in our California Ethanol segment by reducing natural gas consumption with the mechanical vapor recompression project that has completed several steps of fabrication and construction.”

 

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 655740
Live Participant Dial In (International): +1-973-528-0011 entry code 655740

 

Webcast URL:  https://www.webcaster4.com/Webcast/Page/2211/52764

 

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

 

 

 

 

Financial Results for the Three Months Ended June 30, 2025

 

Total revenues during the second quarter of 2025 were $52.2 million compared to $66.6 million for the second quarter of 2024. Our Keyes plant operated at a slightly lower grind rate to maximize margins during the second quarter of 2025. Our Dairy Natural Gas segment produced 106,400 MMBtu from eleven operating dairy digesters and reported $3.1 million of revenue. Our India Biodiesel business recognized $11.9 million of revenue primarily from the new allocation that converted into sales to the India Oil Marketing Companies during the second quarter of 2025.

 

Gross loss for the second quarter of 2025 was $3.4 million compared to a $1.8 million gross loss during the second quarter of 2024.

 

Selling, general and administrative expenses were $7.3 million during the second quarter of 2025 which was a significant decrease from $11.8 million during the same period in 2024, driven primarily by the recognition of a loss on asset disposals of $3.6 million during the second quarter of 2024.

 

Operating loss was $10.7 million for the second quarter of 2025, an improvement from the operating loss of $13.6 million for the same period in 2024.

 

Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased slightly to $12.3 million during the second quarter of 2025 compared to $11.7 million during the second quarter of 2024. Additionally, Aemetis Biogas recognized $2.0 million of accretion of Series A preferred units during the second quarter of 2025, a large decrease from $3.5 million during the second quarter of 2024.

 

Net loss was $23.4 million for the second quarter of 2025, a significant improvement from $29.2 million for the second quarter of 2024.

 

Cash at the end of the second quarter of 2025 was $1.6 million compared to $900 thousand at the close of 2024. We recorded investments in capital projects related to the reduction of the carbon intensity of Aemetis ethanol and construction of dairy digesters of $3.6 million for the second quarter of 2025.

 

Financial Results for the Six Months Ended June 30, 2025

 

Revenues were $95.1 million for the first half of 2025 compared to $139.2 million for the first half of 2024, with the lower amount primarily due to delays with the receipt of contracts in India from the government-owned Oil Marketing Companies.

 

Gross loss for the first half of 2025 was $8.4 million compared to a gross loss of $2.4 million during the first half of 2024.

 

Selling, general and administrative expenses were $17.8 million during the first half of 2025 compared to $20.7 million during the first half of 2024, including the recognition of a loss on asset disposals of $3.6 million during the first half of 2024.

 

Operating loss was $26.2 million for the first half of 2025 compared to $23.1 million for the first half of 2024.

 

Interest expense was $26.0 million during the first half of 2025, excluding accretion and other expenses of Series A preferred units in our Aemetis Biogas LLC subsidiary, compared to interest expense of $22.2 million during the first half of 2024. Additionally, our Aemetis Biogas LLC subsidiary recognized $4.3 million of accretion and other expenses in connection with preference payments on its preferred units during the first half of 2025 compared to $6.8 million during the first half of 2024.

 

Net loss for the first half of 2025 was $47.9 million, an improvement from a net loss of $53.4 million during the same period of 2024.

 

Investments in capital projects of $5.4 million were made during the first half of 2025, including investments in capital projects related to Aemetis Biogas of $4.1 million.

 

 

About Aemetis

 

Headquartered in Cupertino, California, Aemetis is a renewable natural gas, renewable fuel, and biochemicals company focused on the operation, acquisition, development, and commercialization of innovative technologies that lower fuel costs and reduce emissions. Founded in 2006, Aemetis is operating and actively 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 owns and operates an 80 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 a sustainable aviation fuel (SAF) and renewable diesel fuel biorefinery in California to utilize renewable hydrogen, hydroelectric power, and renewable oils to produce low carbon intensity renewable jet and diesel fuel. For additional information about Aemetis, please visit www.aemetis.com. 

 

Non-GAAP Financial Information

 

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 and amortization expense, income tax expense or benefit, 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 alternative to net income/(loss), operating income or any other performance measures derived in accordance with GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is a useful performance measure that is widely used within the industry in which we operate. In addition, management uses Adjusted EBITDA for reviewing financial results and for budgeting and planning purposes. EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison.

 

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, statements relating to our five-year growth plan; trends in market conditions with respect to prices for inputs for our products versus prices for our products; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our dairy renewable natural gas segment; our ability to fund, develop and operate our SAF, renewable diesel, and carbon capture and sequestration projects, including obtaining required permits; our ability to receive awarded grants by meeting all of the required conditions, including meeting the minimum contributions; our intention to repurchase the Series A preferred units relating to our Aemetis Biogas subsidiary and the expected valuation premium thereof; and our ability to raise additional capital.  Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “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 Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filed documents. 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

(unaudited, in thousands, except per share data)

 

 

   

For the three months ended

June 30,

   

For the six months ended

June 30,

 
   

2025

   

2024

   

2025

   

2024

 
                                 

Revenues

  $ 52,243     $ 66,561     $ 95,129     $ 139,195  

Cost of goods sold

    55,598       68,367       103,564       141,613  

Gross loss

    (3,355 )     (1,806 )     (8,435 )     (2,418 )
                                 

Selling, general and administrative expenses

    7,319       11,800       17,794       20,650  

Operating loss

    (10,674 )     (13,606 )     (26,229 )     (23,068 )
                                 

Other expense (income):

                               

Interest expense

                               

Interest rate expense

    11,235       9,904       22,253       18,996  

Debt related fees and amortization expense

    1,095       1,820       3,770       3,241  

Accretion and other expenses of Series A preferred units

    2,032       3,477       4,311       6,788  

Other (income) expense

    (1,112 )     (18 )     (1,327 )     49  

Loss before income taxes

    (23,924 )     (28,789 )     (55,236 )     (52,142 )

Income tax expense (benefit)

    (529 )     385       (7,312 )     1,263  

Net loss

  $ (23,395 )   $ (29,174 )   $ (47,924 )   $ (53,405 )
                                 

Net loss per common share

                               

Basic

  $ (0.41 )   $ (0.66 )   $ (0.87 )   $ (1.24 )

Diluted

  $ (0.41 )   $ (0.66 )   $ (0.87 )   $ (1.24 )
                                 

Weighted average shares outstanding

                               

Basic

    57,676       44,417       55,144       43,153  

Diluted

    57,676       44,417       55,144       43,153  

 

 

 

 

AEMETIS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

 

   

June 30, 2025

   

December 31, 2024

 
   

(Unaudited)

         

Assets

               

Current assets:

               

Cash and cash equivalents

  $ 1,645     $ 898  

Accounts receivable

    2,699       1,805  

Inventories

    12,371       25,442  

Tax credit sale receivable

    -       12,300  

Prepaid and other current assets

    3,371       4,251  

Total current assets

    20,086       44,696  
                 

Property, plant and equipment, net

    204,641       199,392  

Other assets

    15,289       15,214  

Total assets

  $ 240,016     $ 259,302  
                 

Liabilities and stockholders' deficit

               

Current liabilities:

               

Accounts payable

  $ 21,894     $ 33,139  

Current portion of long term debt

    247,615       63,745  

Short term borrowings

    22,995       26,789  

Other current liabilities

    29,423       20,295  

Total current liabilities

    321,927       143,968  
                 

Total long term liabilities

    207,344       379,262  
                 

Stockholders' deficit:

               

Common stock

    62       51  

Additional paid-in capital

    327,905       305,329  

Accumulated deficit

    (610,866 )     (562,942 )

Accumulated other comprehensive loss

    (6,356 )     (6,366 )

Total stockholders' deficit

    (289,255 )     (263,928 )

Total liabilities and stockholders' deficit

  $ 240,016     $ 259,302  

 

 

 

 

AEMETIS, INC.

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS)

(unaudited, in thousands)

 

   

For the three months ended
June 30,

   

For the six months ended
June 30,

 

EBITDA Calculation

 

2025

   

2024

   

2025

   

2024

 
                                 

Net income (loss)

  $ (23,395 )   $ (29,174 )   $ (47,924 )   $ (53,405 )

Adjustments

                               

Interest and amortization expense

    12,341       11,736       26,046       22,261  

Depreciation expense

    2,350       2,049       4,708       3,847  

Accretion of Series A preferred units

    2,032       3,477       4,311       6,788  

Loss on asset disposal

    -       3,644       -       3,644  

Share-based compensation

    1,433       1,977       3,741       4,946  

Income tax expense (benefit)

    (529 )     385       (7,312 )     1,263  

Total adjustments

    17,627       23,268       31,494       42,749  
                                 

Adjusted EBITDA

  $ (5,768 )   $ (5,906 )   $ (16,430 )   $ (10,656 )

 

 

 

 

AEMETIS, INC.

PRODUCTION AND PRICE PERFORMANCE

(unaudited)

 

   

Three Months ended
June 30,

   

Six Months ended
June 30,

 
   

2025

   

2024

   

2025

   

2024

 
                                 

California Ethanol

                               

Ethanol

                               

Gallons sold (in millions)

    13.8       14.8       27.9       28.9  

Average sales price/gallon

  $ 2.01     $ 1.99     $ 2.00     $ 1.89  

Percent of nameplate capacity

    100 %     108 %     102 %     105 %

WDG

                               

Tons sold (in thousands)

    91.0       105.0       184.1       199.0  

Average sales price/ton

  $ 86     $ 89     $ 86     $ 93  

Delivered Cost of Corn

                               

Bushels ground (in millions)

    4.7       5.2       9.4       10.1  

Average delivered cost / bushel

  $ 6.42     $ 6.36     $ 6.53     $ 6.35  
                                 

California Dairy Renewable Natural Gas

                               

Renewable Natural Gas

                               

MMBtu sold (in thousands)

    106.4       88.0       177.3       148.8  

Average price per MMBtu

  $ 2.75     $ 2.19     $ 3.11     $ 2.94  

RINs

                               

RINs sold (in thousands)

    763.6       341.0       1,151.8       1,107.3  

Average price per RIN

  $ 2.60     $ 3.17     $ 2.61     $ 3.11  

LCFS

                               

LCFS credits sold (in thousands)

    14.0       5.0       30.0       23.0  

Average price per LCFS credit

  $ 55.25     $ 64.75     $ 64.45     $ 65.73  
                                 

India Biodiesel

                               

Biodiesel

                               

Metric tons sold (in thousands)

    9.4       20.4       9.4       47.5  

Average Sales Price/Metric ton

  $ 1,010     $ 1,162     $ 1,010     $ 1,150  

Percent of Nameplate Capacity

    25.2 %     54.4 %     12.6 %     63.4 %

Refined Glycerin

                               

Metric tons sold (in thousands)

    0.1       1.5       0.1       3.9  

Average Sales Price/Metric ton

  $ 879     $ 635     $ 879     $ 584