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Aemetis (AMTX)

Participants
Todd Waltz Executive Vice President & Chief Financial Officer
Eric McAfee Founder, Chairman & Chief Executive Officer
Ed Woo Ascendiant Capital
Craig Irwin ROTH Capital Partners
Marco Rodriguez Stonegate Capital Partners
Call transcript
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Operator

Welcome to the Aemetis Third Quarter 2020 Earnings Review Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation.

As a reminder, this call is being recorded. It is now my pleasure to introduce your host, Mr. President Financial Vice Inc. of Executive Waltz, and Officer Chief Aemetis, Todd Mr. you begin. Waltz, may

Todd Waltz

Melinda. the third recent presentation at review Thank review to Securities calls. updated Welcome you, Aemetis This with filings and aemetis.com We today's press download the visiting or previous corporate review conference presentation, conference Exchange quarter for suggest our releases to is website Commission, homepage. available aemetis.com and earnings on release, press call. earnings XXXX earnings

like I'd today, read discussion the statement. our begin we disclosure to following Before

disclosures SEC cautionary call, we'll in may statements business future all and appear expectations our differ and today's plans, future be involve this that During cautioned activity including, making that of and from without the with stock filings. plan. forward-looking made. These are statements limitation, and with the that opportunities our our made forward-looking financing on events execution materially statements, risk respect statements call, to respect warnings conjunction must in and to Investors the uncertainties, considered with performance, statements be

the information, are Securities company additional charge. the available to website which company's on refer please filings, from and Exchange and without are posted For Commission our

accretion compensation tax on loss depreciation quarter of defined this calculating income is included A contingency expense, litigation results in net our plus Our the in include discussion to EBITDA September directly extinguishment, release on such to amortization measures and XXXX, GAAP loss and ended non-GAAP the available most XX, other expense, comparable of non-GAAP call measures measures supplement loss, a the our based expense, on interest a extent Adjusted review reconciliation as share-based which expense, as intangible GAAP. net will or financial expense. is expense, on income website. to income, is for the earnings deductible on

for XXXX to units to million accretion the the compared compared of the India to $XX.X for $XXX,XXX million the subsidiary in process. million of million; preferred $X.X the was quarter completes A $X.X the Revenues at compared third recognized for was XXXX third for XXXX. Cash the of with with the increased its of to third driven the Operating million excluding $X.X price $X.X XXXX. $XX.X the remained XXXX. by months quarter of XXXX, million third an $X.X XXXX. quarter the $XXX,XXX, was in to the loss quarter loss, preference quarter during units reduction administrative on during of flat accretion were million third the preferred marketing Aemetis during bidding during XXXX. quarter third financial XXXX. at a our the The the Aemetis subsidiary, the the LLC $X in third oil stock the quarter profit million XX, Adjusted $XXX,XXX connection XXXX. for the $X.X the the of in of XXXX to review third profit the XXXX for general net That XXXX, compared the Government third and million like delays the and Biogas of September financial $X.X third end third Biogas to was Net for compared negative LLC quarter quarter XXXX. quarter of was quarter quarter a I'd quarter Selling, compared quarter gross connection EBITDA $XX.X ended Series million companies to for at compared in XXXX, XXXX. expenses review for of third million million million biodiesel end during of expense to of ethanol payments to Gross Interest third Now, third results of for third compared XXXX, operating $XX,XXX $X.X loss three of third quarter $XXX loss XXXX. quarter during

Founder, Eric and Chairman McAfee Chief Officer introduce Now, update, I'd Eric. Aemetis, business of Executive for like to the

Eric McAfee

Aemetis was founded XXXX. Todd. you, Thank in

lines hand We the have more our the of U.S. California, per than low distillers and located and million including and technology producing is high-grade business, We grown ethanol, alcohol, production which and waste to gallons capacity natural XXX processes. and portfolio including own corn products products development into products and dairy Included oil zero intensity zero wood of fuel. value operate including are renewable production carbon and per million safety safety oil, high carbon year glycerine, health corn and our four and intensity other in grade with sanitizer Health refined maximize carbon gallon of plant and Keyes, ethanol, wipes biodiesel, liquid, fuels, grain renewable for facilities on focused near gas, XX blended below India. a carbon in Modesto. byproducts, transportation dioxide in fuel below sanitizer biogas ethanol gel alcohol, including year

operate built, website. presentation Aemetis, East which biodiesel our of can India near Coast updated per on of glycerin on year million port the biorefinery consider be to about found viewing our gallon video I homepage refined and a of you own the the also and We encourage City capacity XX slide distilled Kakinada. and

toward During growth achieved important the sustained our of revenue XXXX, lines each of business. milestones third Aemetis profitability of quarter four and in

approval products, spread alcohol installed where We first spirits formed with Aemetis that and ethanol co-packers we a for to Los the from wine and few quality producers. upgrades business. four cars. arrangement hand key high personal fuel slow has for at sanitizers, on West produce have Angeles, a response plants processing advantage COVID-XX our a are sanitizer the produce higher a regulations in for costs located with new sustainable sanitizer this Aemetis Disease and our alcohol bottlers the ethanol review TTB within ethanol the allowing to the ethanol discovered equipment, care to our a Then FDA XXXX, is in Fuel responding for Aemetis health hour denaturant health temporary late through alcohol sanitizer to fuel of Coast. the virus. it's product. local using days a drive delivered plants facility; announcement, that hand of and the California rail gasoline quickly the They sanitizer March, the to ethanol process over after very transporting spike demand transportation shortage post a just and most and to as Aemetis ethanol was recommended and Midwest which of a finished safety issued trailers Most the for plant In start producer. national and by Centers In Midwest products help to were the Let's uses markets. Midwest Control

grade bottlers risk plant grade of up of XX deliver day the So Aemetis transportation were transport purchase solely chemicals. alcohol. and be and million producers alcohol of who Central and a other XX with of and lease arranged our rail to We use tainting our Coast of A dangerous has to blenders Valley eliminating for high West lot from new the high product to the trailers fuel benzene tanker cars used ethanol to contamination. tankers per $X bulk loads

is uncontaminated customers Western to producers. customers miles a U.S. United in plant In advantage our using about production plant Midwest ethanol alcohol California location. our closer cost X,XXX permanent due addition Aemetis Midwestern the California producers, sanitizer new alcohol high States compared trailers, transportation with to bulk alcohol to location Western has grade to alcohol over

safety we products of production Aemetis quantities subsidiary large shipping began To in sanitizer Canada, U.S. manage into we the personal the line marketing and California support the expand in plant XXXX, product to growing QX health from health rapidly our and hand and sanitizer During markets. of products. our our launched development, and care alcohol customers the

National products, Additionally, expand ingredient position glycerin, codes our has sanitizer largest blends, U.S., our sanitizer. Aemetis maximize the the gel our operating market quality plants believe production hand products Pharmacopoeia supplied key sanitizer also grade production We for Aemetis plant market. one largest western sanitizer Aemetis that margins, while refined in and owning the glycerin obtain a and year-to-date during the Asia. own health filed health hand of refined third high the product to into branded, and operated Drug production India the alcohol of has plant in began quarter, registrations products FDA for To in

market one the and customers products from Mexico the with with, hand sold gallon In Aemetis banned online on China, to were by which shipping toxic brand Made plan Our levels production. California, Aemetis be FDA retailers of leading a of the for the contrast due to label. and imported many to by methanol. in under sanitizer brand should been marketplace. We additional sizes, approved has soon, And

allow continue the U.S. of that believe We we us to deliver QX in production in Pharmacopoeia alcohol, invest starting grade our to XXXX. upgrading facilities will

for medical $XX has storage grant is expected of more the and funding. which to already $XX than Our million, approximately of funded, reimbursed total production by investment been and will million USP grade upgrades be or be alcohol

new a to The demands imminent, the will the resolved driven line sports hand people next safety by proximity. meet and of is flu the market, of and sanitizer, adopted industry, alcohol arenas, threat vaccine. if colds widely to governments, close long-term by an and high groups grade the for Our standards sprays alcohol locations or at the the especially in disinfectants, expected is, products buildings, by consumers. the common health, of sanitizers ongoing two use private COVID-XX and expanding of use is of reduce alcohol safety the offices, airports, products in product Even antiviral adoption medical during other stores, as and as quality virus of with transmission the wipes, government schools, other being alcohol, viruses, including safety schools, health U.S. year health, expand

biogas dairy in bio-economy is project, of Biogas the Aemetis completed we An sustainability and first dairy construction a the unit the owned a benefit process including on-site of parties the dairy our all natural In dairy reducing Aemetis under Aemetis, boiler Let's waste use maximizing dairy carbon Renewable of products, that on materials. reducing of value of credits, Standard, At are focused the our review own our Fuel area, thereby, Renewable we operating Using the sell products, the Fuel products Central we pipeline this four at gas example products the customers, our circular using two out project. can content value Valley XX of and in XXXX, waste our using in by while by digesters under September federal value the renewable are cleanup pipeline, chain. of and the local digester the Aemetis pressurization, Biogas business. by the Keyes waste plant. excellent California the the local costs carbon Biogas significantly mile generated Standard, and or to

support waste are and to lagoons. generating About dairy gasoline methane displace at has truck We gas diesel conversion emitted trucks, compress air to months. in for for costs directly We're and being damaging that reduce that at To natural and capturing source intensity, an and power to to State below for be related only buses To vehicles significantly generate farms. to transportation operations. that intensity California the in from is and can dairies XXXX biogas used natural upgrading used We development renewable excellent natural a awarded biogas dioxide applied commonly about Methane, efficiency utility and commonly positioned biogas, electric Biomethane $XX to we heat. gas fueling fuel is emissions And own is as system gas, great completed dairy After electricity cars, fuel mandates California's zero gas $XX next diesel Earth's funded systems. greenhouse million digesters law, maximize or our we a carbon XX methane until our use. converting use two gas of negative emissions, plant grant natural now in gas work, biogas to pollution. gas California passed energy natural to install in financing is as dairies build gas. To of renewable XXXX plant per and biogas form come to XX% up biogas the the by at intensity way it year than that mandate, up uniquely biogas believe our reduce by low for more as our below reduce methane California climate alcohol reduce gas renewable potent into interconnection of within replace renewable are the Keyes for renewable to a and natural ponds CNG that than zero transportation operate California capturing XX% able Senate to biorefinery known and up dairies of date, the potential one our in project million on carbon the six two powerful announced carbon carbon plant million dairy financing dairies natural carbon of more times change, for last to biogas carbon grants support can equity project. to of at emissions our trucks. plants dairies $XX first and of we fleets $X related ethanol million known received has late to Bill of or value our matching year value in is from planned and our of year pipeline to digesters the conversion a Aemetis to for been grants in build from reduction petroleum,

working with Our of of The by to dairies, plan a the this Aemetis the us digesters at company equity complete into the Aemetis project the of and federal majority and XX biogas to fund project by agreements We operations. There next from Third stock year along within cash is dairy to by now XX% to advantaged land XX lease which to preferred for a grants Capital, Eye parent have we months. shareholders the expand and with with expect Aemetis XX the million XXX% biogas issuance been XX XX a which funded $XX repurchased programs. After no state of dilution and has with subsidiary owns funding stock the agreements. of institutional Aemetis the is of The receives again months. the maneuver operating for biogas biogas funding generated investors to XX initially We biogas redeemed, using price, the signed expand total converted Aemetis construction a stock common as the of been of by the XXX% dairies flow preferred will participation remaining of subsidiary. Aemetis to XX the cash contracts of additional funding supply XX% next original shareholder the XX with the assets times complete system Biogas is remaining three Biogas million of pipeline stock balance issuance cash a dairies. project common and year sole lagoons preferred digester during own of flow. automatically

orders. to in California dairies, plant California occurred due period operate time the place animal significantly at caused employees, for to Let's decline COVID-XX and discuss that to the progress our global XXXX ethanol steep XXXX than California feed in to crisis a our protecting QX consumption QX in began during to for shut downs more the XX local biofuels challenges of also provided while business, many during our ethanol plant. QX health our has which during demand shelter gasoline XXXX, supply operational in The businesses during decreased QX and continuing

company our begin XX-year purity U.S. grid a gallons. fuel steel solar XXX,XXX building million by by molecular million exchangers adding plant grade at the $X.X electricity, new efficiency energy a than Two, USP Commission that the to provide fuel Three, and intensity XXXX. throughout designed in and energy to up, a financed an project of to while impacted June, feed. ethanol our pipeline. began When the use of decrease dairy transportation system intensity reduce million and for grant The systems operation are membrane order deliver Mitsubishi international restrictions demand in dehydration and These $X XXXX, expected safety ethanol including: to implementing flow bio this year related to policies, a year. The our Energy from natural renewable increasing the as efficiency natural California optimizing primarily partially $X natural for QX However, QX reduce cash and year at of million initial our membrane Energy several of cash from installation three natural fuel, $X from reduce any for Four, efficiency ethanol the plant, to million issued ethanol. plant, upgrade replace flow the of California utility high-grade is our funded an open gas expected to the cash and preferred in with dairies in gallons sanitizers to pipeline interconnection planned gas Low operating critical grant. By funded infrastructures. natural number gas estimated the gas to $XX continue Japan, able This the work the stopping million $X being electrically gas other economy alcohol QX installing the increase with being automatically powered designed expansion natural petroleum operating building reimbursed our to $X delivered many crisis million and currently usage generate at per animal dairy reducing grant. as flow digester Carbon of Mitsubishi are safety million expected increased of cluster generate stringent Biogas these high-grade To worker efficiency to our plant by million contracts, $XX replacing to impact generated an redeemed gas XX% resulting partially -- $X.X grant. dehydration shutdowns construction distillation and the California carbon alcohol use year, two a system projects were building primarily to the with power year was seeds currently dairies reduce beverage The a grant. to Aemetis gas funded completing to per gas and reduce high costs, increase intensity using one, by motors Federal produce plant, carbon products. we potential and micro Health contractors two despite is tanks be will and cash plant bio installation Five, ethanol by Keyes is We've in able upgrades per Keyes recompression energy compared shelter-in-place for new by related each ethanol of in process, without implemented, sanitizer sanitizer use, plant, reduce California interruption, without Six, and combined natural reduce to natural significantly gas subsidiary. The Seven, $X.X gas Commission known natural XX% nearly million dairy the this the of usage alcohol to an and QX the the by partially Aemetis expanded laid under with cost by million and storage to health under grain of of in of XXXX, dehydration feed. Products, restrictions not completed, by orders. increase projects use eliminate operating to columns Aemetis constructing the array use is plant, and ethanol pipeline these increasing or energy and to million biogas to the during credits $X by more heat XX production project refinery significantly the an an COVID travel of operate year, operation alcohol products, unit year value California local which panel distillers California. at efficiency along including MVR year the Fuel loadout, companies additional is renewable scheduled to renewable the an approximately California fuel continuously with plan PPE zeolite Pharmacopoeia next petroleum with and to we pumps $XX gas targeted stainless five carbon than operate in our equity petroleum upgrades high essential been and will sources. petroleum plant but Chemical, high projects natural alcohol saving is dairy flow. Standard primarily electric costs. USP alcohol equipment, alcohol up And gas new COVID-XX alcohol plant, recovered operates to of the it's in while are vapor backup shipments once solar battery and of increase per construction mechanical to installing implementing and grade of designing powered supply the the capacity more by storage due significantly funded unit

I'm Let's of our bid tender review about issued portion This biodiesel biodiesel government order XXX a to week next our delivered companies Universal over business on by six million be three offer, in gallons India the in for subsidiary $XXX a million marketing India oil the Biofuels months. purchase sorry, India. newly

the India expanding production only requested oil the on by indication of large make government India consumption to of capacity capacity is production that demand The biodiesel tender to crude gallons Our five offer plant an be is one-third imported companies’ entire to marketing the in per dependence approximately of needed companies, oil. production biodiesel goals. India month. biodiesel government about the at This to rapidly India biodiesel reduce for purchased oil of plants is about marketing of signaling the additional is amount biofuels market the X capacity biodiesel million

is Biofuels under into the not biodiesel importing Policy. National India However, allowed

crude shutdowns in the biodiesel while any Aemetis there's the and believe offset by largest oil of India goal is decrease feedstock production remained was in declines. India. crude India of for company that plant the need prices, sold plant waited the X.XX which more months domestic $XXX to produced India price of about significant to biodiesel a Since the price we of despite has per of with in operation billion domestic other million price full at the government The meet biodiesel only for diesel and gallons during that amount biodiesel million to domestic nine marketing our accepted in XXXX, of oil XXX have Currently, our the largely have operating can companies government. biodiesel crude increased remained set year government India by of in India along price response oil. global unchanged, linked the in steady, declined demand, Due approximately prices the domestic relative sold India received the government barrier taxes to of hand capacity, oil the So related price India due price delayed production to of for primary COVID COVID-XX increase rising cost annual the our our blending which gallons prices and the to the glycerin at refined price the increased India biodiesel revenues. by marketing is due diesel oil, diesel in purchasing, Though generate plant in capacity, industry products. the sanitizer would to than consumer of

waste fuel, have project under largest Let's local acres burning the the carbon in usually of almonds will was plant then X.X the about Biofuels the year eliminating health low orchards, residents, India, life, in the forest the wood. since biofuels reduce waste since in while construction has ethanol cost positive LanzaTech Riverbank the wood Riverbank, fuels waste and financing to benefits pounds Asia, of California They're circular market permitting is per by producing pleased value cellulosic Aemetis the wood displacing fishmeal and other low number about wood cellulosic final feedstock. by the ethanol the and reduce of were as field billion built for our additional in ethanol technology the high with pounds The Riverbank been for as orchard community XX X carbon forest high the a by year to named well Central we're of for of damaging use Riverbank are from production our provide project feedstock. vineyard value for waste, orchard renewable and can removed, more wood, will and Riverbank, California one world's and orchard, and most ranking as fixed from commercial year in California. gas Planned as plant in wildfires. price, per the forest zero include Riverbank to byproducts, contract waste, biorefinery as billion a wood we China, order Europe. The production large Modesto, completing its to bio-economy forests million become waste and our daily there California has wood The The Central Riverbank and California, field, environment has intensive Aemetis material. air cost Valley create wood plant, of generate Aemetis operation negotiation feedstock, alcohol than world of project a grade a near In waste construction, discuss of will intensity cash the $XX managing engineering result patented EPC zero for a created XX must orchard, the plant Digest, issue year, per million of feedstock plant carbon number contracts. close LanzaTech X that major alcohol and Valley, We the one revenue at the technology pollution which by in valuable the renewable intensity piles required of in easily ethanol more full than below wood that waste maximum project plant waste low earned We grade cellulosic waste microbe year be waste $XX expected creating development The flow burned almond and it of as high publication. the a using using about improve million walnut orchards and plants, being is LanzaTech technology. in in and XXXX of no to cost. bonded

a ethanol. of waste a an with with key quick ethanol by development up wrap Let's in group review fueling our milestone wood achieved engine technology

team Institute million federally JBEI in A California ethanol development testing to forest California that California production carbon sugars wood, orchard of collaborative funded the corn biofuels and in and as Joint years of cellulosic and using the Our partially cost technology extract for of negative development intensive XXXX feedstock. lab waste expensive years Aemetis, to was with processes produce and low orchard in the BioEnergy high to three wood first work our ionic fuel from from in QX displacing liquids. Energy ethanol worked feedstocks Commission which the value plant in Berkeley, awarded the cornstarch resulted $X funded grant by carbon

the more the to an octane -- with content traditional ethanol. generated and an quarter, is a The engine high running diesel performance used test. only ethanol engine low could of double was of third ethanol than ethanol our market more in market. ethanol share low cost engine the fluid, as the size. such XX the gallons to The low level engine technology emissions, a With size exhaust in During the as year, the more almost increasing operation ethanol fuel double sorry, and the per no than standards, diesel, used emission I'm equipment originally the of a advantage to meet waste was ethanol to ethanol billion the that engine torque design could petroleum. contains contaminants, high very takes generate developed U.S. of at engine modified emissions ethanol creating required on to engine the diesel Stanford air about be diesel of XX% University, the compared while with that than emissions XX% uses pollution same and of particulate since

an more fuel to Our waste in innovation, as of corn that used sugar cellulosic replace process alcohol, plant patent well production to be the $X gallon. each wood pending are to existing low valued as produce both than alcohol, alcohol cost currently grade component at cornstarch allows high per ethanol

from of at substantially waste plant, existing alcohol. the sugar and the corn feed be of increasing wood value use to innovation process this our could California Importantly, ethanol our stuff cost decreasing implemented

XXXX, bids with products, positioned QX, planned extract Aemetis geographic biorefinery ethanol biodiesel. high grade X-mile forest Aemetis locally plant has wood, thereby and began sugars has dairy high and a process begun fuels production. our that biogas. the alcohol another is and XXX% and are the production California biorefinery And range powering digester the by Biogas plant revenue produce processes. completed advantages waste circular deployment corn our cash burning, is generated at to carbon, shipping performance feedstock. of the rapidly Riverbank zero expanding has in related In low renewable patented Keyes two as the has create We Aemetis the of by increased It a Keyes and as upgrades enabling fuels high-grade low-cost in in at in as to plant of utilizing Aemetis attractive government’s with in pipeline well fuels begin to cash contracts the technology of innovative abundant summary, now and flow orchard dairy carbon moving intensity to from India, growth our plant bioeconomy, positive diversified forward a move and first plant awarded margins profit India at delays alcohol, now flow of waste XXXX, XXXX, the and valuable alcohol expect of as is two renewable from be million well advantage, that during feedstocks feedstocks. the $X a sanitizer production from waste to markets building biomass production to expanding from positive the high displacing products carbon cellulosic waste below sanitizer COVID-XX large implementing technology pilot clean low margin, renewable past of create sourced Aemetis sustainable the government

a Melinda? take from questions Now, let's call our participants. few

Operator

Please, Thank we for you. go The go floor open Ascendiant Woo ahead. to Capital. [Operator is questions. with now And Instructions] Ed first,

Ed Woo

Can may us project actually Yes. Thank any become you the and give when on you. when may it begin updates operational? construction Riverbank

Eric McAfee

financing should do project XX construction planning be we're XXXX, Currently, and to months. the in about the cycle

Ed Woo

we When projects I you on also will think the and And greater project? congratulations getting seeing this going when see start connected impact guess, to -- then, up and financials Great. being do from on your we're dairies more, biogas running. a on

Eric McAfee

a doing XX see come we're of year should in next additional six It's up roughly dairies some quarter next them the The to five but over second ramp online. -- months, five per dairies dairies group.

another to or six, another six, six have now, we get or XX. two to another done five to five So, five

you'll dairy well get pipeline cluster quarters, building We're we'll as Every see another dairies couple a of of digesters. that And added. see. as so,

the that to So in to the have gather signed pipeline agreements pipeline. year dairies up and we XX already extend that we the area the then connect

Ed Woo

what's And oil and of of your we're like I last obviously new a prices? in What's you know, looks his renewable President. terms Great. your take know, we're overall view fuel -- have standards? is for to and my going outlook standards ethanol question ethanol on what,

Todd Waltz

largely at administration, And a blend. about to represents is pump blend $X.XX. about amount, the the -- pump even subtract approved additional XX%, XX% a of taxes it it That's is at see at got year X with of paid at which XX% billion Ethanol XX% increase balance Under Trump blend. a multiply currently. was demand XX% when the what a you the gallons of the become pump you small the of would then remaining very fuel a

is of all of the fuel maybe talking $X.XX entire of the about only cost You're ethanol. $X.XX or

really or anywhere plant. the that error ethanol ethanol pull pump actual margin, ethanol So XX%, $X.XX to the rounding you're into by $X from between if of going gas you're choosing up station talking difference between is is profit at $X.XX an for only about $X.XX the which to goes

of our plant. million federal law $XX company positive last enforcement our XX made that months corn waivers cash function be that ethanol X.X of the of enforced. I of especially, was there's about investors government ethanol And million informative, our is and it's of And solely operating fuel newer from flow fuel federal law, when in by $XX demand. And people XXXX. renewable simply was billion think gallons company the that for of So supply the note business to since the per might standards in been the the quarter, of federal total a

begin And that the $X.XX again by support $XX court so, the us represent to -- that million year per federal for would margin. would the about gallon decisions law per represent administration Biden enforce federal of way and two idea we it would

And into per year. us at for the $XX million it difference the so would roughly pump to pump, cent $X.XX at a make convert

scenario business. a Trump in certainly looking doesn't And we're law. the like which Biden, well-positioned quite fuel ethanol doing, either this not or difficult see it's so So to to in -- federal violate simply Biden, in well do

Ed Woo

Thank Great. and my answering you good questions, luck. for

Todd Waltz

Thank you, call. your I Ed. appreciate

Operator

Partners. to go ahead. Irwin Craig Please we go Next Capital ROTH with

Craig Irwin

taking for Thanks afternoon. Good Hi. questions. my

So on something your business. biogas the really interesting. like could in This congratulations looks momentum Eric become it

some there? debt million intensity plants a the there XX ask of the year you LCFS range, to these and you fundamental sneeze billion profit discounted dairy their, you'll full $XXX or of the million plants range. the basic then, using nothing obviously, gas, carbon up gas in negative pig that on You XX sharing using Is guys that at, the have right? agreement are I facilities a technology? there But values, I underpinning and $XX process. a of do cost assumptions, years, you year, economics all $XXX then slurry get the you wanted to -- are sort know of economic $X XX to I dairies that range about mean, much with XXX, XXX in the Eye. from often, including CIs exciting in that's you're adopting that's Very credit be typically a you of assumptions have out some value mean, a to the So, There's there's the -- assuming some And this are of of over green business to know Third facilitate are off XX landfill away running. landfill the and permitting right? has a like of developer this for an the give owner to some to in to

Todd Waltz

you as increases market Craig. every Thank been current generally you LCFS, essentially insights, under price amount. fixed in Excellent much. that's year curve and We're know very a State California law rising assuming by

increase we're So does approximately at it maximum maximum, We're this not year's and frankly our in model. $XXX not $XXX. assuming is is it its assuming

of of ignoring the CI living score index increases years, flat So, hundred allowed XXX XX by cost over state California.

fortune of our own good Second consumer. is, being we the have

biogas plants. credits we ethanol So LCFS generate by corn putting our into

into by fueling CNG it it generated putting our also stations. We own

and the It utility in didn't a value are have value chain market outside use trucks of So your we where was discount. one actually more building to putting reasons a today went own discounts parties. own discount, captured the question seeing pipeline, a there's our capture small. putting entire the we And we're was offset obviously would the we large. trucks much that it be model used pretty about they that or It we any into proposal to by discount relatively drove the to If it into our that plant. of

I've using $XX opportunity, per in have picture, on the feeling lastly, day just then or we're built XX be is will in relationship this Phase trucks a grow months, should going We what's a to we that a out to layout and truckloads already XX phases. customer we full which could are do base. and what million be XX just plant to in you. so XX our Eye own be completed the And excess is first to called we our two just completed, one does next Third be for of year year now more with continue And go in anticipate, right have that schedule described numbers second the our is part dairies, about of the Capital. the it's really of phase

Craig Irwin

excellent. Excellent,

your you in hard when right all be That the actually the something pig saying from I we you right, there's plants. to of there's things the cow of larger sort the of in green have like of some it's make these dairy that how paper. other to the XXX to But California, half market larger doing able like know what's slurry big boys, farmers dairy a in the short difficult list that proportionate or project that kind opportunity, chosen very then, closer to They deemphasize that some find serve of different? experience to allowing It you gas names. puts range projects that don't or facility. market, maybe given development found describe of to dairy slurry one talk but success So of and now? the -- you that find all this seems the address. as size you landfill are downplay issues in guess back gas opportunity I Aemetis piece commitment gas the can And developers speak in versus to is industry, on we'll actually give the dozen gas size things proportionate plants the here of developers

Eric McAfee

very through credibility, XX have also existing decades. They and Biogas other the long-term miles dairy to only ground. market obviously largest into time What day confidence very dairy cash and those shows it about he's frankly truck grain some of customers. you've $XXX already. relationship They’re goes back a they some developers the supplier the major the feeding developers, even relationship, their whereas trouble dairies. relationships, And grain a in large distillers' no them cows is dairy million to with pickup guy and XXX or phone dairies very, have and in about developers. up about really area, a X,XXX cows cows with we in of but of two spent with, within pre-existing California not shed who is plant us developer, a feed Craig, of California through have our in most the to is and XX-year established Right. have a We're invested we have at cell well our million XXX talking world. small every enter to a over says,

they to find like literally, going up have building, oil offer sell simple we and a methane, have to with XXs it the cleaned start to somebody. going of acting emitting in liability it credits, relationship which unless are XXXX they refiners Senate so, have a millions a Bill buyers they're the under way be build they're very we're dairies. to we little system what of They can carbon to And coming, of have is, cash And sustainable, dollars sign, up spend, they to have that And paying being bonuses to they circular cash don't a anything, invest synergistic, ends get it when positive into we're giving cost, that cleaning it then again, and selling them creates cash. then at them are then that the feed up, that turning animal and Biogas our we very span. it, a for actually XX-year We're bioeconomy manure. up selling participation flow pipelining the in it, where cleaning

pipeline the you frankly, revenue dairy, lower they dairies. you one, ability as are they biogas. than cost a don't put know, neighbor milk, can our into their ground, we And once have accelerated to can, the they the at bypass if disadvantaged a sell because that's attract a from probably because So,

to what's is So you of we're picking truth. big, happening, really sort the making the bigger the winners, tell

talk and I, to don't doesn't the cash say and your add to then, say you going by in we're credits. so, to well, I tend me a add take going every in long the to for start And the do get then, it if place, people don't neighbors And carbon buying want have to month, you that we eventually pipeline put in. right just we when ground, you us to

-- there's pipeline. say of it's owner one gas there's one only only low you're a put it interconnecting gas gas guy the do the the business. if Is by the to the dairies So, pipeline, up And the that monopoly directly who and of area, an biggest all up the that will I dairies. pipeline signing ground cost. very in other you end dairies in at would

can decade strategy. but a So to quickly a have. well. It's worked relationships And not years, as couple takes our couple, build only execute that as a we maybe that's it very

Craig Irwin

change take opportunity knowing for XX behavior? weight single-digit that extrapolate economically, then, of feasible intend, California Is the I they there's the us question, how an -- that maybe if regulations and [ph] mean, and bigger, get announced these in next they may, I So last years? the to over what of it much for mean to some you've number of

Eric McAfee

is, you -- as I'll follow-up the you -- question, as next the give I'll the a yes, response answer give well.

need so distillers kind We our to we XX what with they relatively are to to to every close be that's of because feed and plant. grain them close trucked water physically animal dairies, day is,

up California, number systems beyond connected dairies of ability an plant plant. have up put the that them pipeline our directly pipeline so approximately clouds away -- to do I'm going to large And maximize just with expand our them And from can of our XXX farther to estimate extremely to or are X,XXX biogas to are clusters in connect about ones customers. that attractive We intended our putting dairies to smaller we are plant.

mean, that. XX United California are We expect easy big, perhaps pretty plus biggest, biggest is to the than be the more it's that California dairies, the largest in actual entail many dairy would producer biogas is in you so the because U.S. States. and I if And

with for more competitors dairies really funding struggling years. but time, end to to and wouldn't XX XX dairies. with scalability are all to very XXX capital appetite be up just partnership keep credibility at than execute execute, I with And based think while even because our for to us the a us a execute upon the our other on still over growing. find of ability company they steadily, or is partners, surprised $X been has So I have billion well And strong our

Craig Irwin

for my Thanks questions. taking Great.

Eric McAfee

Thank you, Craig.

Operator

to go Rodriguez Please we ahead. Partners. Marco with Next, the Capital line Stonegate of go

Marco Rodriguez

Thanks It of year if of color and a environment thinking there into we was next? be environment, more health of maybe provide there maybe of saw little in you the a your kind how and I pressure product for the afternoon, sounded some competitive release kind wondering as and competitive care bit of unfolds you for the could little can kind guys side should taking just question. business. on like the talk bit you Eric. and the a little Good press maybe about

Eric McAfee

which We unrelated industry questions expected coming had second is market. of content. methanol way, violating you makes about its for it kind alcohol, some in from would if there shouldn't death. XXX warnings or a in it. be drunk, quarter methanol, an causes approximately sanitizer hand the I as hand a Apple actually you tremendous paralysis, drink when saw And FDA got blindness brands product what Mexico, do And it if it's booming we sanitizer, by you

in So, from good from China. product not thing, that. came a again, brands largely and over then in XXX not China, tested Mexico And coming

and the number quarter of scale cleanup significantly as producers for temporary they good So, and bans the investing U.S. only Pharmacopoeia manufacturing waiver to in stepped is the the ceases. States. producer writing large customers market now. meet United and year, alcohol, facility, warnings medical plus that's curtail the what final recalls, to and what when and retailers the going The product grade has seeing and FDA that alcohol the traditional really it which specification, bought then we're cleaning Western didn't the the that will is up in product, meet is product largely second that next and started one Then in in the there's scrambled practices, sanitizer we're be

alcohol and an Cosco, prices, $X we next to a to it Midwest, sell what here that on take right It California dollar gallon the geographical advantage not of X,XXX up ever decided commodity put produce the rather away. at the never to but and cost and at ours. is to cost ship bulk extra in is, it That miles product of to away. that advantage store does sit not Now goes shelf literally alcohol to a go

go see and is which to brand even label as both could of which be Kirkland well would us. Costco Aemetis products, as products, and brand, Costco, into made going by you branded our by So, could private see you the

and not slightly is supply, market have take growing process that's of And gamut sanitizer, believe larger just customers full government XX% market, Lysol what Lysol. but aerosols, And kills our of COVID. the of before an forward advantage consumers with it corporate sanitizer that wipes -- was integrated what full so, than customers ongoing all we will be fully ongoing we need certainly to to academic germs and stuff but what hand moved are that sprays and an a alcohol, and with

to I upgrading XX the we it more certainly next a we will last, of we're increased. So, with advantage we've as medical to we're we've XX know, be be and grade the million is have long sustainable just how requiring of have wondering by the have, but kind be to quarter it. over protocols of sanitization think be think taken additional going our plant alcohol And million spent long-term of to all competitive some and And we able I to we equipment that's all view, to second much seen completed and to are attentive people XXX% supply COVID be install year. arrive required,

Marco Rodriguez

question to of healthcare you it. sanitizer track? the that's answer on kind just Got alcohol expansion next of rather, update on or kind an that my And wanted sounds -- all hand for it is get Pharmacopoeia your like

Todd Waltz

on products, to off volatility their preferably several the of long-term a And pulled but probably on local is lot second filled stable after relationships, lot shelves. that to massive had now of of we supply product getting then the be look did they turn expected. I and you Costco, recall shelves the more a having chain relationships. with and and what their track It direct for to quarter, mentioned, saw was

as to in stickers them. as on well private label, product product California both the Our made branded the have

if from trusted with -- they're would States customer with need -- West up million a just buy product. look not end gallon relationships on they is spend and Columbia dollar the to it people us. able Coast you're that product Columbia, a relationships that British And matter all basically going no to our that basically the United what that's buy at really So XX to long-term are the it, how

are investment away. the making X,XXX don't we're If products why good we think miles people that's a is, it, not we stuck with solution. So do buying that there's these

Marco Rodriguez

Thanks, your right. Really time. appreciate All Todd.

Todd Waltz

Sure. Thank Appreciate. you.

Operator

we Welch, Investor. Next go to Tom Please ahead. go Private

Unidentified Analyst

is Thanks that you -- goes call. when away for then GNS USP Hey, the that taking grade that waiver you're I When would know, producing I don't temporary alcohol guess time alcohol that Eric. grade whenever currently. FDA we by believe, alcohol. -- my you're hoping producing are

would the to you to essentially, alcohol sanitizers. for a So, any that use allow continue produce, waiver in FDA kind food expect grade, you do of from

Eric McAfee

We're would go that we've to think looking happen. next alcohol. sanitizer We forward regulated being requires at USP all FDA which months medical-grade December past to to year hand of But that the an product, ending before waiver. expect back counter the the over got going another is waiver we that middle will drug least six

a alcohol not grade the So, would could scheduled alcohol ship have be gallons we pass of excess match to the are the to waiver, have be producer we with XX And request second would sanitizer in order expect end by year to a we we'd of that kind of up quarter that of a time. the million submitting USP of for in that I at timeframe.

Unidentified Analyst

you. Thank good. Very

of regards Second sanitizer. is the currently alcohol alcohol percent production -- going to What specifically the going branded question currently is to your again Aemetis sanitizer.

in QX, XXX% branded to your own sanitizer. to alcohol going Now essentially your Aemetis was goal move production to

you Aemetis branded percent color currently going can towards your of some So, sanitizer? give is the us production on what

Eric McAfee

Yes.

then and is selling markets. and formula, we Aemetis one to together frankly branded in also a goal even toward hand the we're And is it sanitizer, bulk gel putting point, clarify we sanitizer in essentially are sanitizer product; private-label sanitizer, to move totes. fully the Just meet but what it to -- blending our production, the sanitizer

goal bottler, position and really consumer, buy any reason retailer, maximize market on have is anybody for producer, west Colorado not So, it. have school, any our to of just Aemetis alcohol doesn't product a our that to

outcome -- because of that nobody a our and transportation fact this of as is, we the and soon So, see our very thing. advantage, we're logical that USP cost else

miles strategy, in moving we're like supply, South exports have we way much from can XX the by we're but and from XX Japan, And for only domestic a of this to brand. have much lot it, who toward miles deepwater demand too or might just countries include ports, don't without clarifying also not to domestic multi-market that Korea just room. a about segment product, but So, Aemetis Asia export to really

So, that's our real goal.

should directly, one press see directly governments approved be where a as through value the a where we talk going, do the week shipping We a we're as to product, For contracts. transition or marketplace, number highest we’ve process ethanol, report on from can report from definitely basically given you'll I bidding chain calls, online of product, you'll online that. of hopefully competitive we earnings on taking that for on can emphasis directly -- Aemetis which is on or been see reasons, maximize up that we not month and branded us we through full bidding given the is just marketplaces, on about we are what see But these the percentage day. the release and buy will we our how given we'd so a us gallons well government for selling mentioned that, at and we're margins. because some toward And margin overall

Unidentified Analyst

it on exciting, that typically commodity increase same essentially fuel you ever just me it that your able added for the to Switching fuel of so that's Let biodiesel a the at mean brilliant. Very your And the drive. give a if fuel, I India. of biodiesel the just in sanitizer Walmart, ever instance. $XX from good. be XX% lubricity, crossed thought to really a guys Has I biodiesel sales? of doing now, additive you the supplier diesel switching and on based that go just idea additive. had low about thought boil just of own diesel cetane was ever desk? fuel brilliant I taking $XX fuel track, of your in bulk gears of stuff supplier with to part being finished a on spend just you the will with when that would into but to value margin I with it retail is diesel's that just I thought additive, products. diesel the of be a jug on a retail ever entertained mean, bit, really Have your I that? increased Have you Right doing to folks move the little I XX% buy a

Eric McAfee

on poor specifically dealing enough gets But with here. your a I know, very entire to as own personal but got you're or right where India, Not sometimes interestingly fuel it $X maybe interestingly is population, day's you it's experience enough, in you're income. additive, target. $X don't their

And reasons popular. the are quite -- product, you've XX%. of exhaust is and personal a emissions, driver, frankly having bit is a a you're and our than more by more you've the smells, India, is of And needs like pouches quite Is like vehicle. reduced In of miserable. quite with fascinating in product like have to half pouch, biodiesel. retail of fuel the or started eventually -- out enough ended order we into that of what was for exactly small small And India of begun essentially food And of That our we so liter a what's the meet do reducing some got at it gallons store like few tractor something product sounds can. not interesting could in walk retail particular experience especially is particulate a that's the in emissions up person dramatically that it's your or tractors, a to selling the in people, face could it's little packaging pouches, a a diesel the population. We been and but a it's it not process that one if smoke it's a hours one tractor a smells blown black day. literally petroleum with for not a bunch the

only the save market vehicles large to retail in major at and getting mile one time, X.X gas amount directly companies, through companies as well per they in smoke and not bulk is of trucking their our that stations there's product. very stores, which buying of they're retail gallon, have to government, billion mining to as for India. well Over us, I mining packets companies, people as channel tremendous think able face, the might So a get and through blown a of supply money what, being as

So, we’re well positioned.

leader the in the are market. We

We XXX in our the well India, beyond capacity expanding very expanding million $XXX growth to strong are a the positioned of revenue for biggest supplier even and million year. gallons and we're by

that's Our business capital million plans costs million. revenue $XX than to do our we're and do of XXX positioned that, be less to in over India, well

Unidentified Analyst

like the, of fuel road California here that the It's India Well, XXXXs, all back diesel get horrible. with used quality a fuel in the highways trucks. diesel face driving back smoke I the know we diesel from in the to is our on and remember we belching

back blend oil companies if X% XX% bulk after a diesel, when the blend. the -- a that it Wow, in degree our driving cleaning is of cetane what XX,XXX we government be thought, XX% out to cleaner just powers bypass it even to So essentially to it’s I engine we'd an biodiesel. know -- people burns to biodiesel and just improves actually to your the X% get just adding package. your know, use even are running to some in or gas lubricates your engine, opportunity people, the after of injectors be controlled regular so XXs, miles. a that cleanly, supplies had with was your your a Otherwise up, goes some I type the additive diesel's great Even right blend I I mileage,

I a just So, that. and appreciate thought,

Todd Waltz

after X% buying so crude oil, crude excited which we national crude stock use of mentioned that biofuels XX%, in and national XX% adopted biodiesel billion import as go policy achieve having but by a let's and We've very the after government, policy displace said, to let's biofuels XX%. much market let's $XX the their to Indian go and Indian and spending oil, the currently was they're in this to to year the past, X%, approximately the about is importing oil

the Aemetis of why investment million us, that, order industry $X own the the subsidiary, our million about capacity and -- high, -- to a XX very very, growth, you're gallons valuations is a fund are activity. interesting talking do of fact increasing invest and can you so, because subsidiary, with We fast And gallons. gallons their the biodiesel; the market stock like billion at market, big those times have multi firms about when literally of our in to trying company. billion XXX% had signal revenue India past round million a of produce. even can They're that as to three they'd in as discussions valuing banking we're that's a from of valuations much the is purchase it's some that biggest currently XXX What's $XXX

the And wanted, been our knew kind it goal our did to $XXX of it's so, one funding time. was have because we slower which but knew, rapid to going to those, going be there. than growth you XX% deals we subsidiary multi of of primary it in a happen of was could holding wow, in how We And valuation India, a but still that. ownership, when on India take our has building, anybody that IPO position retain million see XX%

Operator

to time. more We brief one do for Investor. the we have go on ahead. Fiorella, Massimo and gentlemen, And We line are ladies short of Please running question. time Private go

Unidentified Analyst

Hello, Eric.

it And number plan bit you're be more want million? around are in idled. the So, $XX capacity. most in good first then thing of do only is sector XX% a of of sharing than better a company that that the want ethanol that certainly without then I I time like all, exceed. cab dilutive, question the ask electric not your I quarter, sector. a plant ran moment This that probably was you XXX% California result in the expecting are always to I also out appreciate and you than where to very I This the this is would one about appreciate

time is should that boost a investor where I confidence. this you think

the law, hope founder So, would to you I how appreciate can a electric next Tesla like days in consider open of see the you maybe this hot Board question a is see the like fall? the to if to market and in in on the of is Aemetis Nikola. shares the very at moment buy and also the personally commitment from Director, perfect seen next because about what spectrum one Board the the like company's is the company car evaluation want moment. weeks that feature Then the are do I like the because, and feeling weeks, for These I

require cars to I think electric dense a in biofuel these high because one big electricity moment onboard. produce volume

requires uses fuel now range. example, X the to cars fuel and on for mile head van, For fuel the gallon vessel is range. fuel long will range power provide out High going XXX cell e-Bio which Nissan power need and tank ethanol to transportable energy cell electric electric dense, hydrogen, storable,

if ask you that, So if thought if if enter to car, opportunity? maybe consider wanted considering work with about electric the in like you, have to this with and in this you this you to are market, opportunity I are discussion close you

Eric McAfee

very the central roles electric two have we different that correct You're in vehicles.

confidence And very ability California are fuel gas batteries attractive by produce intensive driven score the made fuels to in negative powers way the negative to long trucks that it for already a well power enough carbon buses. potentially have carbon been in they're First in carbon renewable low to business natural intensity adopted policy, produce because our we and they've trucks, is very carbon a that’s electricity very, and us allows buses on to heavy the which that's large distance. climate very that's batteries not is those California. a give driving helps transition overall on and with to them The as diesel electricity change

business elect So -- renewable the carbon for puts gas, electricity vehicles. us the middle right of natural in negative the

allows The presentation. vehicle And not does it diesel It to about the octane second explodes. has one though, rating, end in compress a high my the that fuel. that use engine XXX fuel is have not spark It little it fuel, of explode. to make a engine is compresses a to squeezes the the degree, plugs. I flame explode to fuel spoke the the briefly at very before compression actual a you which does Ethanol a

that torque, technology commercialized is So example, bus actually came pulling Stanford power, it engine. And more replace an ethanol efficient out engine if XX% now heavy to there's it in than its in regular diesel with diesel. at duty being very of diesel ethanol a a creates diesel it's if it combustion University the for uses engine and uses a more

then range truck might XXX miles, on as generator and have engine want a for say, you an If you vehicle extender you batteries drive XX or use that to let's only X,XXX a your electric you miles take miles. the

You electricity. then dense need generate fuel to some

has. ongoing have more of an trying and and to diesel carbon So are buses, and pollution, everything emissions solution waste, you gas, ethanol carbon carbon now the problems on than require and in driving generator board that a diesel course wood for in dairy this remove inexpensive, emissions ethanol tractors trucks, we emissions, air of very are the the and would torque dairy fluid renewable Aemetis more better And you're board emissions, ethanol have a that imagine is you low converted even and non-generator And natural Have performance, other low generator very in performance also low negative low expense diesel particulates. the that very if expensive would can exhaust low gas -- for carbon virtually equipment negative engines an XX% electricity. other make XX% no your reduction carbon out on version. probably issues regulators equipment tremendous and vehicle, step and diesel interested very it's diesel And a put else. currently to natural forward ethanol,

in at serious how very a support players the taking we're industry. we the look So,

and the large the ethanol that XX% industry one behind of the on We major to diesel to for XX the gallons ethanol carbon XX size are existing throughout gallons. billion think United truck States a us even and fleet supporters core would financial a And would States. moves our the do engines. the the double on pollution displace in have they we're air reduce is United to replacement also very, of diesel make market billion engine And entire a impact we to industry emissions tremendous but business, very from the looking of

much in replacing center So, with are very electric the and and revolution the we vehicle ethanol engines. hybrid of diesel vehicles, engines

Unidentified Analyst

Okay. Then last the two questions. very, have I very short

about this like as billion. start selling for lot a you million it -- will India. not the a are one today your the table first you The one same huge. million, just year and XXX will And is is the the This selling, almost -- I in mean, like you won diesel are sell $X EBITDA. the higher request didn't selling on to saw about if year, because Amazon.com. there? I have by like when you see second contract you India shape something I or get the did XXXX, putting be $X India contract, million And generates to this India, Amazon.com, are $XX is last I not of is like

me projection I how I then how ask is win to won much probably Indian very, to going mentioned revenue. India you going you much a win similar. want are factory a on to before, thing you another would impact appreciate as you $XXX if business. in you what to So, it moment And -- the valued something be like hot because XXXX, XXXX of all meteor consider XXXX, can are million, That million in -- -- in according Indian $XX will the be million, very at maybe there the $XXX XXXX could since of is this like business

an you are degreaser? be is I depth will do order your $XX like very, will this million, have you if [indiscernible] pay like very to million IPO $XX in high you and they debt, option back XX%, interest, call here the that this with let and for So, what

Todd Waltz

that, the can us online has on as our approved buy press release in soon marketplace stickman send the a order, marketplace. and major should you online we out as major What’s product

press for look releases. So,

not million tender it's actually, case the the only March, six that's we've for on that for period India the is opportunity million the an definitely to our offer think in have the IPO year. this We months, subsidiary; government in April, for May, February, it. long had discussions entire about entire We December, $XXX that's January, from $XXX

we $XX was entire for that time when got million year. last order the So, the

number. only which And higher here so less. see a much weeks when in not should in process XX-month happen we period announced would a the couple to outcome would just bid We be a or period, and expect a six-month

what the need with is country. We're demand only strong in match be we very the about India that now four to And seeing the largest from There's we're So, And pricing. fine. government. producer producers. other we'll

four to in advantage market not looking the stock take other when a fractured fragmented and And opportunity happens. that we're us it's expand very it's then large that So of market, the and industry, when guys.

Operator

the time. at I'd turn management, are floor to for back questions further over no There to like closing remarks. this

Todd Waltz

and thanks Thank We growth appreciate about version look an for company. Earnings this website, of others our you. Aemetis you visit we'll joined review today. to Call. where version post Aemetis -- and I to that. audio to Aemetis Thank you Aemetis opportunities forward attending and today's Melinda. Melinda? the And written review earnings dialogue, Conference at shareholders, the a update, business continue who talking the of us analysts Please investor the our with section

Operator

This concludes today's teleconference.

your at disconnect You participation. this lines time. Thank for may your you