Aemetis Inc (NASDAQ:AMTX) Q1 2020 Earnings Conference Call - Final Transcript
May 14, 2020 • 02:00 pm ET
Good day and welcome to the Aemetis First Quarter 2020 Earnings Review Conference Call. [Operator Instructions]
It is now my pleasure to introduce your host, Mr. Todd Waltz, Executive Vice President and Chief Financial Officer of Aemetis. Mr. Waltz, you may begin.
Thank you, Melinda. Welcome to the Aemetis first quarter 2020 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 disclosure 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 disclosures 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 on March 31, 2020, 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 first quarter of 2020. Revenue during the first quarter of 2020, was $39.5 million compared to $41.9 million for the first quarter of 2019. North America volume of ethanol sold during the first quarter was 15.7 million gallons, compared to 16.2 million gallons in the first quarter of 2019 at an average price of $1.56 per gallon, compared to $1.68 per gallon.
India's biodiesel price was $786 per metric ton compared to $839 per metric ton, with tons sold decreasing to 3,554 metric ton compared to 5,182 ton. Gross loss for the first quarter of 2020 was a $433,000 compared to a $351,000 loss during the first quarter of 2019. Selling, general and administrative expenses decreased from $4.2 million during the first quarter of 2019 to $3.9 million during the first quarter of 2020.
Operating loss decreased to $4.5 million for the first quarter of 2020, compared to operating loss of $4.6 million for the same period in 2019. Interest expense including -- excluding accretion of Series A preferred units in the Aemetis