Overview

Aemetis is a renewable fuels company focused on producing low carbon fuels to replace fossil-based products. The company has three main business segments:

• California Ethanol - Converts corn into ethanol, animal feed, CO2, and other products at their plant in Keyes, CA. Many efficiency projects underway to lower carbon intensity.

• California Dairy Renewable Natural Gas - Captures biogas from dairy farms, transports it via pipeline, and converts it into renewable natural gas to sell. Currently 8 digesters operating, with 6 more under construction.

• India Biodiesel - Large biodiesel production plant in India that uses vegetable oils and animal fats as feedstock. Also produces refined glycerin.

Aemetis has several additional projects under development, including:

• Sustainable Aviation Fuel / Renewable Diesel Plant - Planned 90 million gallon per year plant in Riverbank, CA. Received permits in 2023-2024.

• Carbon Capture & Sequestration - Developing projects to capture and sequester CO2. Purchased land for injection well in Riverbank.

• Research Facility - Evaluating technologies to produce low carbon biofuels and chemicals in Minneapolis, MN.

Results of Operations

Segment	Q1 2024 Revenue	Q1 2023 Revenue	Change
California Ethanol	$36.1 million	$0.5 million	+7,497%
California Dairy RNG	$3.8 million	$0.2 million	+1,741%
India Biodiesel	$32.8 million	$1.5 million	+2,128%

Large increases in revenue driven by:

• Ethanol plant operating for full Q1 2024 after maintenance in Q1 2023
• More RNG production and new revenue from D3/LCFS credits
• India biodiesel sales with new oil company contracts

Q1 2024 profitability mixed across segments:

• California Ethanol losses from low ethanol prices and high corn prices
• California Dairy RNG increased profitability from more production
• India Biodiesel improved profit with higher sales and lower feedstock prices

Liquidity and Capital Resources

• Ending cash balance of $1.6 million as of March 31, 2024
• Significant debt load across various facilities - $307 million in current & long-term debt
• Debt facilities mature in 2025-2026 - need to refinance or cooperate with senior lenders
• Additional borrowing capacity available on some debt facilities

Company has negative working capital and relies on lenders. Strategies to improve:

• Operate plants efficiently, reduce costs via new technologies
• Build more dairy digesters and expand pipeline to increase RNG production
• Contracts with oil companies and plant upgrades to support India biodiesel
• Continue development of Riverbank SAF/RD plant
• Seek mix of debt, equity, grants to fund growth opportunities

Critical Accounting Policies

Most critical policies and estimates are consistent with previous year:

• Revenue recognition
• Recoverability of long-lived assets
• Series A Preferred unit liability
  
• Debt modification and extinguishment accounting

No changes that materially impacted Q1 2024 financial reporting.

Off Balance Sheet Arrangements

No off-balance sheet arrangements as of March 31, 2024.