Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  May 14, 2020
Aemetis, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of
(Commission File Number)
(IRS Employer Identification
20400 Stevens Creek Blvd., Suite 700
Cupertino, CA 95014
 (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(408) 213-0940
(Former name or former address, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.001
NASDAQ Stock Market
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( 240.12b-2 of this chapter)
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.
On May 14, 2020, Aemetis, Inc. (the “Company”) issued a press release announcing its earnings for the three months ended March 31, 2020.
The press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
This Form 8-K and Exhibit 99.1 hereto shall be deemed “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any registration statement of the issuer.
Item 7.01 Regulation FD Material.
On May 14, 2020, the Company issued a press release, posted to its web site at www.aemetis.com, announcing its earnings for the three months ended March 31, 2020, a copy of which is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit 99.1
Earnings Release dated May 14, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
/s/ Eric A. McAfee
Eric A. McAfee
Chief Executive Officer
May 14, 2020
 (Principal Executive Officer)
Exhibit 99.1
External Investor Relations Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
Company Investor Relations/
Media Contact:
Todd Waltz
 (408) 213-0940
Aemetis, Inc. Reports First Quarter 2020 Financial Results
CUPERTINO, Calif. – May 14, 2020 - Aemetis, Inc. (NASDAQ: AMTX), an advanced renewable fuels and biochemicals company, today announced its financial results for the three months ended March 31, 2020.
“During the first quarter of 2020, Aemetis continued to make steady progress despite significant challenges related to Covid 19 restrictions,” said Eric McAfee, Chairman and CEO of Aemetis. “Progress continued on the carbon reduction and revenue expansion projects to drive significant revenue increases and positive earnings. In our dairy renewable natural gas project, we completed and tested the first two dairy digesters and began constructing the four mile pipeline to connect the two dairies to the Keyes ethanol plant; we completed the construction and began commercial operation of the carbon dioxide capture system at our Keyes plant to supply the newly-built Messer CO2 plant under a long term contract; and we made progress toward commencing construction of our below zero carbon content California waste wood ethanol biorefinery. Importantly, all of the EB-5 investors in our current offering were granted National Interest Expedite approval to process their applications at the USCIS in approximately 90 days instead of up to three years which has significantly increased the number of interested investors.”
Today, Aemetis will host an earnings review call at 11:00 a.m. Pacific time (PT).
Live Participant Dial In (Toll Free): +1-844-407-9500
Live Participant Dial In (International): +1-862-298-0850
Webcast URL:  https://www.webcaster4.com/Webcast/Page/2211/34586
For details on the call, please visit http://www.aemetis.com/investors/conference-calls/
Financial Results for the Three Months Ended March 31, 2020
Revenues during the first quarter of 2020 were $39.5 million, compared to $41.9 million for the first quarter of 2019. North America volume of ethanol sold during the first quarter was 15.7 million gallons compared to 16.2 million gallons in the first quarter of 2019, at an average price of $1.56 per gallon compared to $1.68 per gallon. India’s biodiesel price was $786 per metric ton compared to $839 per metric ton, with tons sold decreasing to 3,554 metric tonnes compared to 5,182 tonnes.
Gross loss for the first quarter of 2020 was a $433 thousand loss, compared to a $351 thousand loss during the first quarter of 2019.
Selling, general and administrative expenses decreased from $4.2 million during the first quarter of 2019 to $3.9 million during the first quarter of 2020.
Operating loss decreased to $4.5 million for the first quarter of 2020, compared to operating loss of $4.6 million for the same period in 2019.
Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, was $6.9 million during the first quarter of 2020 compared to $6.2 million during the first quarter of 2019. Additionally, our Aemetis Biogas initiative recognized $960 thousand of accretion of the preference payments on its preferred stock during the first quarter of 2020 compared to $449 thousand during the first quarter of 2019.
Net loss increased to $12.1 million for the first quarter of 2020, compared to net loss of $10.7 million for the first quarter of 2019.
Cash at the end of the first quarter of 2020 was $303 thousand compared to $656 thousand at the close of the fourth quarter of 2019.
About Aemetis
Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products by the conversion of ethanol and biodiesel plants into advanced biorefineries. Founded in 2006, Aemetis owns and operates a 60 million gallons per year ethanol production facility in California’s Central Valley, near Modesto. Aemetis also owns and operates a 50 million gallons per year renewable chemical and advanced fuel production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India, the US and Europe. Aemetis is building a biogas digester, pipeline and gas cleanup project to convert dairy waste gas into renewable natural gas, and is developing a plant to convert waste orchard wood into cellulosic ethanol. 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.
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) attributable to Aemetis, Inc. plus (to the extent deducted in calculating such net income) interest expense, loss on extinguishment, income tax expense, intangible and other amortization expense, 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, expectations for growth in India, the impact that the development of the Dairy Biomethane Digester project and the Cellulosic Ethanol Biorefinery project will have on our business, expected margins at the Cellulosic Ethanol Biorefinery project under development, expectations for uses of EB-5 funding and expectations for receipt of additional EB-5 funding.  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 Report on Form 10-K for the year ended December 31, 2019, our Quarterly Report on Form 10-Q for the quarter ended March 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)
(unaudited, in thousands except per share data)
Three months ended
March 31, 2020
March 31, 2019
Cost of goods sold
Gross loss
Research and development expenses
Selling, general and administrative expenses
Operating loss
Other expense/(income):
Interest expense
Amortization expense
Accretion of Series A preferred units
Other expense
Loss before income taxes
Income tax expense
Net loss
Non-controlling interest
Net loss attributable to Aemetis, Inc.
Net loss per common share
Weighted average shares outstanding
(unaudited, in thousands)
March 31,
December 31,
Current assets:
Cash and cash equivalents
Accounts receivable
Prepaid and other current assets
Total current assets
  Property, plant and equipment, net
Other assets
Total assets
Liabilities and stockholders' deficit
Current liabilities:
Accounts payable
Current portion of long-term debt
Short term borrowings
Mandatorily redeemable Series B stock
Accrued property taxes and other liabilities
Total current liabilities
Total long term liabilities
Total stockholders' deficit:
    Series B convertible preferred stock
    Common stock
    Additional paid-in capital
    Accumulated deficit
    Accumulated other comprehensive loss
Total stockholders' deficit
Total liabilities and stockholders' deficit
(unaudited, in thousands)
Three months ended
March 31,
Net loss attributable to Aemetis, Inc.
Interest expense
Depreciation expense
Accretion of Series A preferred units
Share-based compensation
Intangibles and other amortization expense
Income tax expense/(benefit)
Total adjustments
Adjusted EBITDA
Three months ended
March 31,
Gallons sold (in millions)
Average sales price/gallon
Percent of nameplate capacity
Tons sold (in thousands)
Average sales price/ton
Delivered Cost of Corn
Bushels ground (in millions)
Average delivered cost / bushel
Metric tons sold (in thousands)
Average Sales Price/Metric ton
Percent of nameplate capacity
Refined glycerin
Metric tons sold (in thousands)
Average Sales Price/Metric ton