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AMTX Aemetis

Aemetis, Inc. operates as a renewable fuels and biochemicals company. The firm focuses on the acquisition, development, and commercialization of technologies that replace traditional petroleum-based products by the conversion of ethanol and biodiesel plants into biorefineries. It operates through the North America and India segments. The North America segment comprises of the Keyes Plant in California, the cellulosic ethanol facility in Riverbank, the cluster of biogas digesters on dairies near Keyes, the Goodland Plant, and the research and development facility in Minnesota. The India segment includes the Kakinada plant, administrative offices in Hyderabad, and holding companies in Nevada and Mauritius. Its products include glycerin, ethanol, food and feed, biodiesel, and edible oils. The company was founded by Eric Armstrong McAfee in 2005 and is headquartered in Cupertino, CA.

Company profile

Ticker
AMTX
Exchange
CEO
Eric McAfee
Employees
Incorporated
Location
Fiscal year end
Former names
AE Biofuels, Inc., AE BIOFUELS, INC., MARWICH II LTD
SEC CIK
IRS number
261407544

AMTX stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

15 Mar 21
21 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Aemetis earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 592K 592K 592K 592K 592K 592K
Cash burn (monthly) (positive/no burn) 5.33K 5.1M 2.48M 1.53M (positive/no burn)
Cash used (since last report) n/a 19.74K 18.87M 9.19M 5.65M n/a
Cash remaining n/a 572.26K -18.28M -8.59M -5.05M n/a
Runway (months of cash) n/a 107.3 -3.6 -3.5 -3.3 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 Apr 21 Block John R Common Stock Grant Aquire A No No 0 18,865 0 18,865
8 Apr 21 Barton Francis P Common Stock Grant Aquire A No No 0 12,152 0 12,152
8 Apr 21 Lydia I Beebe Common Stock Grant Aquire A No No 0 3,097 0 3,097
17 Mar 21 Waltz Todd Option Common stock and Series B Preferred Sale back to company Dispose D No No 18.9162 46,900 887.17K 12,645
17 Mar 21 Gupta Sanjeev Option Common stock and Series B Preferred Sale back to company Dispose D No No 18.9162 49,346 933.44K 3,361
17 Mar 21 Gupta Sanjeev Option Common stock and Series B Preferred Sale back to company Dispose D No No 18.9162 26,101 493.73K 3,899
17 Mar 21 Gupta Sanjeev Option Common stock and Series B Preferred Sale back to company Dispose D No No 18.9162 15,823 299.31K 4,177
16 Mar 21 Waltz Todd Option Common stock and Series B Preferred Sale back to company Dispose D No No 19.5437 455 8.89K 59,545
16 Mar 21 Waltz Todd Option Common stock and Series B Preferred Sale back to company Dispose D No No 19.5437 29,045 567.65K 4,955
16 Mar 21 Gupta Sanjeev Common stock - Founders stock Sale back to company Dispose D No No 19.5437 10,035 196.12K 0

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

5.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 1 24 -95.8%
Opened positions 1 7 -85.7%
Closed positions 24 3 +700.0%
Increased positions 0 7 EXIT
Reduced positions 0 5 EXIT
13F shares
Current Prev Q Change
Total value 3.7M 9.03M -59.0%
Total shares 1.49M 2.81M -47.2%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Portolan Capital Management 1.49M $3.7M NEW
Largest transactions
Shares Bought/sold Change
Portolan Capital Management 1.49M +1.49M NEW
Renaissance Technologies 0 -1.1M EXIT
Vanguard 0 -677.41K EXIT
CIBC Private Wealth 0 -367.46K EXIT
Bridgeway Capital Management 0 -255K EXIT
Geode Capital Management 0 -94.75K EXIT
Highbridge Capital Management 0 -70.77K EXIT
Susquehanna Fundamental Investments 0 -30.28K EXIT
HighPoint Advisor 0 -26.83K EXIT
VIRT Virtu Financial 0 -26.59K EXIT

Financial report summary

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Risks
  • We are currently not profitable and historically, we have incurred significant losses. If we incur continued losses, we may have to curtail our operations, which may prevent us from successfully operating and expanding our business.
  • Our indebtedness, preference payments, and interest expense could limit cash flow and adversely affect operations and our ability to make full payment on outstanding debt.
  • Our business is dependent on external financing and cash from operations to service debt and provide future growth.
  • We may be unable to repay or refinance our Third Eye Capital Notes upon maturity.
  • The price of ethanol is volatile and subject to large fluctuations, and increased ethanol production may cause a decline in ethanol prices or prevent ethanol prices from rising, either of which could adversely impact our results of operations, cash flows and financial condition.
  • We may be unable to execute our business plan.
  • We may not be able to recover the costs of our substantial investments in capital improvements and additions, and the actual cost of such improvements and additions may be significantly higher than we anticipate.
  • We are dependent on, and vulnerable to any difficulties of, our principal suppliers and customers.
  • We face competition for our bio-chemical and transportation fuels products from providers of petroleum-based products and from other companies seeking to provide alternatives to these products, many of whom have greater resources and experience than we do, and if we cannot compete effectively against these companies, we may not be successful.
  • The high concentration of our sales within the ethanol production industry could result in a significant reduction in sales and negatively affect our profitability if demand for ethanol declines.
  • Our operations are subject to environmental, health, and safety laws, regulations, and liabilities.
  • Our business is affected by greenhouse gas and climate change regulation.
  • A change in government policies may cause a decline in the demand for our products.
  • Concerns regarding the environmental impact of biofuel production could affect public policy which could impair our ability to operate at a profit and substantially harm our revenues and operating margins.
  • We may encounter unanticipated difficulties in converting the Keyes Plant to accommodate alternative feedstocks, new chemicals used in the fermentation and distillation process or new mechanical production equipment.
  • Aemetis has entered into new markets for alcohol, including the sanitizer market and other industrial alcohol segments. These new markets, along with existing transportation/energy markets Aemetis already serves, are highly volatile and have significant risk associated with current market conditions.
  • We could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act.
  • A substantial portion of our assets and operations are located in India, and we are subject to regulatory, economic and political uncertainties in India.
  • Currency fluctuations between the Indian rupee and the U.S. dollar could have a material adverse effect on our results of operations.
  • We could be subject to strict restrictions on the movement of cash and the exchange of foreign currencies which could limit our access to cash held in our Indian subsidiary to fund our U.S. operations or otherwise make investments where needed.
  • We are a holding company and there are significant limitations on our ability to receive distributions from our subsidiaries.
  • Our Chief Executive Officer has outside business interests that could require time and attention.
  • Our ability to utilize our NOL carryforwards may be limited.
  • Non-U.S. stockholders of our common stock, in certain situations, could be subject to U.S. federal income tax on the gain from the sale, exchange or other disposition of our common stock.
  • We are subject to covenants and other operating restrictions under the terms of our debt, which may restrict our ability to engage in some business transactions.
  • We may be subject to liabilities and losses that may not be covered by insurance.
  • The widespread outbreak of an illness, pandemic (such as COVID-19) or any other public health crisis may have material adverse effects on our financial position, results of operations or cash flows.
  • Our mergers, acquisitions, partnerships, and joint ventures may not be as beneficial as we anticipate.
  • EdenIQ’s attempt to terminate and failure to close the EdenIQ Merger, and litigation pertaining to the EdenIQ Merger, may negatively impact our business and operations.
  • Our business may be significantly disrupted upon the occurrence of a catastrophic event or cyberattack.
  • Adverse weather conditions, including as a result of climate change, may adversely affect the availability, quality and price of agricultural commodities and agricultural commodity products, as well as our operations and operating results.
  • We may be unable to protect our intellectual property.
  • We may not be able to successfully develop and commercialize our technologies, which may require us to curtail or cease our research and development activities.
  • Technological advances and changes in production methods in the biomass-based biofuel industry and renewable chemical industry could render our plants obsolete and adversely affect our ability to compete.
  • We do not intend to pay dividends.
  • Our principal shareholders hold a substantial amount of our common stock.
  • The conversion of convertible securities and the exercise of outstanding options and warrants to purchase our common stock could substantially dilute your investment and reduce the voting power of your shares, impede our ability to obtain additional financing and cause us to incur additional expenses.
  • Our stock price is highly volatile, which could result in substantial losses for investors purchasing shares of our common stock and in litigation against us.
  • Our success depends in part on recruiting and retaining key personnel and, if we fail to do so, it may be more difficult for us to execute our business strategy.
  • Our operations subject us to risks associated with foreign laws, policies, regulations, and markets.
  • Operational difficulties at our facilities may negatively impact our business.
  • Our success depends on our ability to manage the growth of our operations.
  • Our business may be subject to natural forces beyond our control.
  • U.S. tax law changes could materially affect the tax aspects of our business and the industries in which we compete.
  • Future sales and issuances of rights to purchase common stock by us could result in additional dilution of the percentage ownership of our stockholders and could cause our stock price to fall.
Management Discussion
  • Our revenues are derived primarily from sales of ethanol and WDG in North America and biodiesel and refined glycerin in India.
  • North America. The 3% decrease in revenue was due to a decrease in sales of ethanol and WDG. Gallons of ethanol sold decreased to 55.9 million gallons during the year ended December 31, 2020 compared to 64.7 million gallons during the year ended December 31, 2019. The average price of ethanol decreased by 11% to $1.57 per gallon during the year ended December 31, 2020 compared to $1.77 per gallon during the year month ended December 31, 2019, primarily due to change in demand from COVID-19 shelter-in-place orders that reduced demand of gasoline. This reduction in demand for ethanol was partially offset by our entrance into the high-grade alcohol market in 2020 due to COVID-19 sanitizer alcohol demand. In addition, the sales volume of WDG decreased by 8% to 393 thousand tons during the year ended December 31, 2020 compared to 428 thousand tons during the year ended December 31, 2019 while the average sales price increased by 1% to $81.49 per ton. For the year ended December 31, 2020, we generated 59% of our revenues from sales of ethanol, 21% from sales of WDG, 15% from sales of high-grade alcohol, and 5% from sales of corn oil, CDS, and CO2 compared to 74% of our revenues from sales of ethanol, 23% from sales of WDG, and 3% from sales of corn oil and CDS for the year ended December 31, 2019. During the year ended December 31, 2020, plant production averaged 112% of the 55 million gallon per year nameplate capacity compared to 118% during the year ended December 31, 2019.
  • India. For the year ended December 31, 2020, we generated 87% of our sales from biodiesel, and 8% of our sales from refined glycerin, and 5% from other sales compared to 89% of our sales from biodiesel, 6% of our sales from refined glycerin, and 5% from other sales for the year ended December 31, 2019. The decrease in revenues was due to delays in the government tender contracts bidding and general slowness of sales due to COVID-19 in 2020, resulting in a decrease in biodiesel volumes by 66% to 15,987 metric tons during the year ended December 31, 2020 compared to 46,971 metric tons during the year ended December 31, 2019. The average price of biodiesel decreased to $863 per metric ton during the year ended December 31, 2020 compared to $904 per metric during the year ended December 31, 2019. In addition, the refined glycerin volumes decreased by 72% to 1,440 metric tons during the year ended December 31, 2020 compared to 5,173 metric tons during the year ended December 31, 2019 while the average price increased by 50% to $814 per metric ton during the year ended December 31, 2020 compared to $543 per metric ton in the same period in 2019.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Avg
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