scandal
Emitis shares (Nasdaq: AMTX) reservoirs as much as 46.5% on Thursday after the renewable fuels company lost its revenue and earnings estimates for the first quarter.
The company reported first quarter GAAP EPS of $0.73 versus the consensus of $0.39. Revenue of $2.15 million was -95.9% yoy and missed analyst expectations $59.53 million.
The company said the drop in revenue was a result of the decision to shut down the Keyes plant in late 2022, as energy costs rose 500%.
“From December through March, exorbitant pricing for natural gas could have resulted in a significant loss to the ethanol business, so management made the difficult but necessary decision to pause production,” Chief Financial Officer Todd Waltz said in a statement.
The company said it expects to restart the Keyes plant during the second quarter.
Aemetis said investments in capital projects related to reducing the carbon intensity of ethanol amounted to $7.6 million in the first quarter.
Other first quarter metrics: Total loss $1.3M vs. loss of $3.1M, SG&A expenses $10.8M vs. $7.3M, Operating loss $12.1M vs. loss of $10.4M, interest expense $9M vs. $6.3M, Net loss 26.4 million dollars for an $18.3 million loss.
At the end of the first quarter of 2023, Aemetis had $4.1 million in cash, compared to $4.3 million at the end of the fourth quarter of 2022.
stock lost ~70% Of its value in 2022, AMTX is decreased 44.4% So far this year as of Wednesday close.
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