Aemetis, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Aemetis, Inc. filed its 2023 10-K, reporting $81.97M in revenue and $4.88M in net income.</b>

AI Summary

AEMETIS, INC (AMTX) filed a Annual Report (10-K) with the SEC on March 29, 2024. Aemetis, Inc. reported total assets of $113,189,000 for the fiscal year ended December 31, 2023. The company's total debt was $116,000 as of December 31, 2023. Revenue for the fiscal year ended December 31, 2023, was $81,966,000. Net income for the fiscal year ended December 31, 2023, was $4,881,000. Earnings per share (EPS) for the fiscal year ended December 31, 2023, was $0.001.

Why It Matters

For investors and stakeholders tracking AEMETIS, INC, this filing contains several important signals. The filing provides a comprehensive overview of Aemetis' financial performance and position for the fiscal year 2023, including detailed financial statements and risk factors. Investors can use this report to assess the company's profitability, asset base, debt levels, and potential risks, aiding in investment decisions.

Risk Assessment

Risk Level: medium — AEMETIS, INC shows moderate risk based on this filing. The company's financial performance, including revenue and net income, is subject to market fluctuations and operational execution risks inherent in the industrial organic chemicals sector.

Analyst Insight

Monitor Aemetis' progress in achieving its revenue growth targets and managing operational costs in the upcoming fiscal year.

Key Numbers

• 81,966,000 — Revenue (Fiscal year ended December 31, 2023)
• 4,881,000 — Net Income (Fiscal year ended December 31, 2023)
• 0.001 — EPS (Fiscal year ended December 31, 2023)
• 113,189,000 — Total Assets (As of December 31, 2023)
• 116,000 — Total Debt (As of December 31, 2023)
• 5.24 — Stock Price (December 31, 2023)
• 3.96 — Stock Price (December 31, 2022)

Key Players & Entities

• AEMETIS, INC (company) — Filer name
• AMTX (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240329 (date) — Filed as of date
• Francis P. Barton (person) — Board of Directors Member
• Todd A. Waltz (person) — Executive Vice President and Chief Financial Officer
• Andrew B. Foster (person) — Executive Vice President and Chief Operating Officer
• NASDAQ Exchange (company) — Stock exchange

FAQ

Risk Factors

• Financial Performance [medium — financial]: The company's financial results are subject to various factors, including market demand, commodity prices, and operational efficiency.
• Market Conditions [medium — market]: Changes in the market for renewable fuels and chemicals can impact the company's sales and profitability.
• Operational Risks [medium — operational]: The company faces risks related to the operation of its manufacturing facilities, including potential disruptions and maintenance requirements.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value AMTX NASDAQ Indicate by

Filing Documents

• amtx20231231_10k.htm (10-K) — 2336KB
• ex_645958.htm (EX-10.36) — 25KB
• ex_645959.htm (EX-10.37) — 24KB
• ex_584056.htm (EX-21) — 7KB
• ex_584057.htm (EX-23) — 3KB
• ex_584058.htm (EX-31.1) — 12KB
• ex_584059.htm (EX-31.2) — 12KB
• ex_584060.htm (EX-32.1) — 5KB
• ex_584061.htm (EX-32.2) — 5KB
• ex_630505.htm (EX-97) — 33KB
• 0001437749-24-010002.txt (&nbsp;) — 12642KB
• amtx-20231231.xsd (EX-101.SCH) — 114KB
• amtx-20231231_cal.xml (EX-101.CAL) — 95KB
• amtx-20231231_def.xml (EX-101.DEF) — 794KB
• amtx-20231231_lab.xml (EX-101.LAB) — 651KB
• amtx-20231231_pre.xml (EX-101.PRE) — 845KB
• amtx20231231_10k_htm.xml (XML) — 2029KB

Business

Item 1. Business 2

Risk Factors

Item 1A. Risk Factors 8

Properties

Item 2. Properties 21

Legal Proceedings

Item 3. Legal Proceedings 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22 PART II

Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22

[Reserved]

Item 6. [Reserved] 22

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 23

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 33

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 69

Controls and Procedures

Item 9A. Controls and Procedures 70

Other Information

Item 9B. Other Information 71 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 71

Executive Compensation

Item 11. Executive Compensation 71

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 71

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 71

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 71 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 72 Index to Financial Statements 33

Signatures

Signatures 78 1 Table of Contents PART I SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS We make forward-looking statements in this Annual Report on Form 10-K, 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 Annual Report on Form 10-K include, without limitation, statements regarding management's plans; trends in market conditions with respect to prices for inputs for our products and prices for our products; our ability to leverage approved feedstock pathways; our ability to leverage our location and infrastructure; our ability to incorporate lower cost, nonfood advanced biofuels feedstock at the Keyes plant; our ability to expand into alternative markets for biodiesel and its byproducts, including continuing to expand our sales into international markets; our ability to maintain and expand strategic relationships with suppliers; our ability to access governmental carbon reduction incentives; our ability to construct and fund diary digesters; our ability to supply gas into the transportation markets; our ability to continue to develop, maintain, and protect new and existing intellectual property rights; our ability to adopt, develop and commercialize new technologies; our ability to refinance our senior debt on more commercial terms or at all; our ability to continue to fund operations and our future sources of liquidity and capital resources; our ability to sell additional notes under our EB5 note program and our expectations regarding the release of funds from escrow under our EB-5 note program; our ability to improve margins; and our ability to raise additional debt and equity funding at the parent, subsidiary or project level. Words or phrases such as "anticipates," "may," "will," "should," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "targets," "will l

Business

Item 1. Business General Founded in 2006 and headquartered in Cupertino, California, Aemetis, Inc. (collectively with its subsidiaries on a consolidated basis referred to herein as "Aemetis," the "Company," "we," "our" or "us") is an international renewable natural gas and renewable fuels company focused on the operation, acquisition, development, and commercialization of innovative technologies to produce low and negative carbon intensity renewable fuels that replace fossil-based products. We do this by building a local circular bioeconomy using agricultural products and waste to produce low carbon, advanced renewable fuels that reduce greenhouse gas ("GHG") emissions and improve air quality. Our current operations include: California Ethanol - We own and operate a 65 million gallon per year capacity ethanol production facility in Keyes, California (the "Keyes Plant"). In addition to low carbon renewable fuel ethanol, the Keyes Plant produces Wet Distillers Grains ("WDG"), Distillers Corn Oil ("DCO"), and Condensed Distillers Solubles ("CDS"), all of which are sold as animal feed to local dairies and feedlots. The Keyes Plant also sells CO that is converted to liquid and sold to food, beverage, and industrial customers. We are implementing several energy efficiency initiatives at the Keyes Plant focused on reducing operating costs and lowering the carbon intensity of our fuel. California Dairy Renewable Natural Gas - We produce Renewable Natural Gas (RNG) in central California. Our facilities consist of eight anaerobic digesters that produce biogas from dairy waste, a 26-mile biogas collection pipeline leading to a central upgrading hub, and an interconnect to inject the RNG into the utility natural gas pipeline for delivery to customers for use as transportation fuel. We are actively expanding our RNG production dairies, with several additional digesters under construction, agreements with a total of 43 dairies, and environmental review completed for an addi

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View this 10-K filing on SEC EDGAR