BioFuels Journal

Cupertino, CA - May 12, 2016 - Aemetis, Inc. (NASDAQ: AMTX), an advanced renewable fuels and biochemicals company, today announced its financial results for the three months ended March 31, 2016.

The Company also announced that it expects to close in June on its acquisition of Edeniq, a proven cellulosic ethanol technology company with about 30 installations operating at six ethanol plants.

On May 5, 2016, the Company entered into a definitive agreement to acquire Edeniq.

Edeniq has developed patented innovations that unlock cellulosic and starch sugars through a combination of patented mechanical and biological processes.

In 2015, Edeniq generated about $20 million in revenues and about $6 million of EBITDA.

"The overall ethanol market improvement we saw at the end of the first quarter, combined with the pending acquisition of Edeniq, positions Aemetis for positive margin growth in the second half of 2016," stated Eric McAfee, Chairman and CEO of Aemetis, Inc.

Financial Results for the Three Months Ended March 31, 2016 Revenues were $33.3 million for the first quarter of 2016, compared to $34.7 million for the first quarter of 2015.

The decline in revenue was primarily attributable to decreases in ethanol and wet distiller's grain average selling prices and volumes.

Gross margin for the first quarter of 2016 was $2.1 million, compared to negative gross margin of $228 thousand during the first quarter of 2015.

The increase in gross margin was primarily attributable to the lower price of feedstock compared to the same period of the prior year.

Selling, general and administrative expenses were $3.0 million in the first quarter of 2016, compared to $3.6 million in the first quarter of 2015.

The decrease in selling, general and administrative expenses was driven by lower spending in the areas of financial and consulting advisory fees compared to the same period of the prior year.

Operating loss was $1.0 million for the first quarter of 2016, compared to an operating loss of $4.0 million for the same period in 2015.

Net loss was $5.1 million for the first quarter of 2016, compared to a net loss of $8.6 million for the first quarter of 2015.

Adjusted EBITDA for the first quarter of 2016 was $244 thousand, compared to Adjusted EBITDA loss of $2.7 million for the same period in 2015.

Cash at the end of the first quarter of 2016 was $325,000 compared to $283,000 at the end of the fourth quarter of 2015.

Read the full financial report here.

For more information, please contact Satya Chillara at 408-213-0939 or [email protected]

See Related Websites/Articles:

• Aemetis
• Full Financial Report

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