Aemetis Inc (NASDAQ:AMTX) Q3 2018 Earnings Conference Call Transcript
Nov 07, 2018 • 02:00 pm ET
Greetings, and welcome to the Aemetis Third Quarter 2018 Earnings Review Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the conference over your host, Mr. Todd Waltz, Executive Vice President and CFO of Aemetis. Thank you. You may begin.
Thank you, Matt. Welcome to the Aemetis third quarter 2018 earnings review conference call. We suggest visiting our website at Aemetis.com to review today's earnings press release, updated corporate presentation, filings with the Security and Exchange Commission, recent press releases and previous earnings conference call. This presentation is available for review or download on the Aemetis.com homepage.
(Forward-Looking Cautionary Statements)
Adjusted EBITDA is defined as net income or loss plus to the extent deduced in calculating such net income. Interest expense, loss on extinguishment, income tax expense in tangible and other amortization expense, depreciation expense and share based compensation expense.
Now I'd like to review the financial results for the third quarter 2018. Revenues expanded to $44 point(ph)million for the third quarter of 2018, an increase of $5.7 million, or 14.6%, compared to $38.9 million for the third quarter of 2017.
The higher revenues were driven by an 8% increase in ethanol sales volume to 16.7 million gallons from 15.4 million gallons during the third quarter of 2017 by stronger average selling price of wet distillers grain and by stronger demand for India biodiesel. The increase in revenue translates to a higher gross profit of $2.7 million for the third quarter 2018, compared to a gross profit of $2 million during the third quarter of 2017.
Selling, general and administrative expenses were $3.9 million in the third quarter of 2018, compared to $3.2 million in the third quarter of 2017. Operating loss improved to $1.3 million for the third quarter of 2018, compared to an operating loss of $3.1 million for the third quarter of 2017.
Net loss decreased to $6.6 million for the third quarter of 2018, an improvement compared to net loss of $8.2 million for the third quarter of 2017. Interest expense during the third quarter of 2018 was $5.4 million, compared to interest expense of $5.1 million during the first quarter of 2017. Adjusted EBITDA for the third quarter of 2018 was $0.2 million, an improvement from adjusted EBITDA of negative $1.6 million for the same period in 2017, representing an improvement of $1.8 million.
During the nine months ended September 30, 2018, revenues were $132.7 million, an increase of $21.4 million, or 19%, compared to revenue of $111.3 million for the first nine months of 2017. The increase in revenues translated to more than double in gross profit to $7.3 million for the first nine months of 2018, compared to gross profit of $3.1 million during the first nine months of 2017.
Net loss was $24 million for the third quarter of 2018, compared to a net loss of