Learnings from the Earnings – Who’s Up? Who’s Down?

March 23, 2019 |

Aemetis

The Top Line. Revenues increased 14% to $171.5 million for the 12 months ended December 31, 2018, compared to $150.2 million for the same period in 2017. The increase in revenue was primarily attributable to increases in the production of ethanol and wet distillers grains as well as a price increase for our distillers grains in North America, and overall volume growth in India. Gross profit for the twelve months ended December 31, 2018 was $5.4 million, compared to $3.4 million during the same period in 2017. Net loss attributable to Aemetis was $33.0 million for the twelve months ended December 31, 2018 compared to a net loss of $30.3 million during the same period in 2017.

The Big Highlights. India biodiesel plant generated $21.5 million of revenues, representing a 60% increase in revenue over 2017 performance. The Riverbank cellulosic ethanol project received a Conditional Commitment for a $125 million USDA loan guarantee, a $12 million tax waiver, and a $5 million grant. Funding of a non-dilutive $30 million Series A Preferred investment for their Biogas project to build a biomethane pipeline and dairy digesters to produce below zero carbon renewable natural gas. Approval for $50 million of low cost EB-5 funding by the USCIS for the Riverbank cellulosic ethanol project. Agreement to implement Mitsubishi ZEBREX technology to reduce energy use and lower the carbon intensity of biofuel produced at the Keyes plant to increase profitability.

“During 2018, our revenues increased 14% to $172 million as we set a production record at our Keyes plant of 65.6 million gallons and our India plant achieved a 60% increase in revenue compared with 2017,” said Eric McAfee, Chairman and CEO of Aemetis. ”Progress continued on the foundational milestones for significant revenue increases, positive earnings and interest cost reductions during the year, including fully funding our renewable natural gas project for the first dozen dairies and solid progress toward commencing construction of our Riverbank cellulosic ethanol project. We are excited with the progress and traction we are experiencing and look forward to announcing additional milestones throughout 2019.”

Check out more on the story here.

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