Aemetis Q1 revenue collapses to $2.2M from $52M; net loss widens to $26.4M

AEMETIS, INC

2023-Q1 EPS reported -$0.73 revenue$2,151,000

Revenue fell 96% to $2.2M as Keyes ethanol plant idled from Dec 2022 through Q1 due to high natural gas prices.
Net loss of $26.4M vs $18.3M a year ago; interest expense rose to $9.0M from $6.3M.
Dairy RNG segment produced 21,300 MMBtu from 6 digesters; RNG placed in storage to preserve carbon credits.
Operating loss $12.1M, driven by $10.8M SG&A including $2.7M idle period fixed costs.
Cash at $4.1M; $7.6M invested in carbon intensity reduction projects; plant restart expected in Q2.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AEMETIS, INC reported the three months ended March 31, 2023 results: revenue $2.2 million, net income $26.4 million.

Period: the three months ended March 31, 2023
Revenue: $2.2 million
Net income: $26.4 million
Result: reported results

Exact text from the filing

Revenues during the first quarter of 2023 decreased to $2.2 million compared to $52.0 million for the first quarter of 2022. Our North America division entered an extended maintenance cycle during the last two weeks of December 2022 which extended through the end of the first quarter, allowing for acceleration of several important ethanol plant energy efficiency upgrades. Working on plant maintenance and upgrades during Q1 enabled the plant to avoid the high natural gas prices in Northern California during the first quarter driven by cold weather. The Dairy Natural Gas segment produced 21,300 MMBtu from 6 dairy digesters and the RNG was placed in underground storage to preserve the carbon credits. India Biodiesel recognized $1.5 million of revenue from private customers. Gross loss for the first quarter of 2023 was $1.3 million, compared to a $3.1 million loss during the first quarter of 2022. Selling, general and administrative expenses increased to $10.8 million during the first quar

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Source: SEC EDGAR

accession 0001437749-23-012423

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