Aemetis Inc (NASDAQ:AMTX) Q2 2019 Earnings Conference Call Transcript

Aug 08, 2019 • 02:00 pm ET

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Aemetis Inc (NASDAQ:AMTX) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Welcome to the Aemetis Second Quarter 2019 Earnings Review Conference Call. [Operator Instructions] A brief question-and-answer session will follow the formal presentation. [Operator Instructions]

It is now my pleasure to introduce your host, Mr. Todd Waltz, Executive Vice President and Chief Financial Officer of Aemetis, Inc. Mr. Waltz, you may begin.

Executive
Todd Waltz

Thank you, Christie. Welcome to the Aemetis second quarter 2019 earnings review conference call. We suggest visiting our website at aemetis.com to review today's earnings press release, updated corporate presentation, filing with the Securities and Exchange Commission, recent press releases and previous earnings conference calls. This presentation is available for review or download on the aemetis.com homepage.

Before we begin our discussion today, I'd like to read the following disclaimer statement. During today's call, we'll be making forward-looking statements, including without limitation, statements with respect to our future stock performance, plans, opportunities and expectations with respect to financing activities and the execution of our business plan. These statements must be considered in conjunction with the disclosure and cautionary warnings that appear in our SEC filings. Investors are cautioned that all forward-looking statements made on this call involve risks and uncertainties and that future events may differ materially from the statements made. For additional information, please refer to the company's Securities and Exchange Commission filings which are posted on our website and are available from the company without charge.

Our discussion on this call will include a review of non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in our earnings release for the quarter ended June 30, 2019 which is available on our website. Adjusted EBITDA is defined as net income or loss plus to the extent deducted in calculating such net income, interest expense, loss on extinguishment, income tax expense, intangible and other amortization expense, accretion expense, depreciation expense, loss contingency on litigation and share based compensation expense.

Now, I'd like to review the financial results for the second quarter of 2019. Revenues were $50.6 million for the second quarter of 2019 compared to $45 million for the second quarter of 2018, driven by a 203% increase in biodiesel sales volume from 4,300 metric tons to 13,000 metric tons. In addition, quarter-over-quarter volume per biodiesel grew by 7,800 metric tons or 145% from 5,200 metric tons during the first quarter of 2019 to 13,000 metric tons for the second quarter of 2019. Revenues from the India segment were $11.1 million and accounted for 22% of total revenue. North America segment revenue remained steady between the two quarters.

Gross profit for the second quarter of 2019 rose to $3.3 million compared to a gross profit of $2.8 million during the second quarter of 2018. India's segment accounted for $2.3 million of the reported consolidated gross profits. Selling, general and administrative expenses were $3.9 million during the second quarter of 2019 compared to $3.6 million during the second quarter of 2018. Operating loss was