Aemetis Inc (AMTX) 2025 Q1 法說會逐字稿

Good day everyone. Welcome to the Aemetis first quarter 2025 earnings review conference call.

大家好。歡迎參加 Aemetis 2025 年第一季財報回顧電話會議。

(Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Todd Waltz, the executive Vice President and Chief Financial Officer of Aemetis. Mr. Waltz, you may begin.

（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人，Aemetis 的執行副總裁兼財務長 Todd Waltz 先生。華爾滋先生，你可以開始了。

Thank you, Kelly, and welcome everyone. Before we begin, I'd like to remind everyone that during this call, we'll be making forward-looking statements with within the meaning of the Private Security Litigation Reform Act of 1995.

謝謝你，凱利，歡迎大家。在我們開始之前，我想提醒大家，在本次電話會議中，我們將根據 1995 年《私人安全訴訟改革法案》的含義做出前瞻性陳述。

These statements are based on our current expectations and belief and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

這些聲明是基於我們目前的預期和信念，涉及風險和不確定性，可能導致實際結果與這些聲明表達或暗示的結果有重大差異。

These risks and uncertainties include but are not limited to those factors discussed in our earnings release issued today and in our most recent form, 10K filing with the Security and Exchange Commission under the caption Risk factors and Management Discussion and Analysis of Financial Condition and Results of Operation, as well as in our other filings with the SEC.

這些風險和不確定因素包括但不限於我們今天發布的收益報告中和我們最近向美國證券交易委員會提交的 10K 文件中討論的因素，標題為“風險因素”和“管理層對財務狀況和經營成果的討論和分析”，以及我們向美國證券交易委員會提交的其他文件中討論的因素。

We undertake no obligation to publicly update any forward-looking statements. Whether as a result of new information, future developments, or otherwise, except as required by law, please refer to our earnings release and our SEC filings for a more detailed discussion of the risks and uncertainties. Full financial details can be found in our Q1 2025 earnings release and Form 10 available on the Aemetis website and Edgar.

我們不承擔公開更新任何前瞻性聲明的義務。無論是由於新資訊、未來發展或其他原因，除非法律要求，請參閱我們的收益報告和美國證券交易委員會 (SEC) 文件，以更詳細地討論風險和不確定性。完整的財務詳情可在我們的 2025 年第一季財報和 Aemetis 網站和 Edgar 上的 10 號表格中找到。

I'll briefly highlight the key items. Revenue revenues were $42.9 million down from $72.6 million last year, primarily due to delayed biodiesel contracts in India. That business resumes shipments in April, and we expect revenue to rebound meaningfully in Q2.

我將簡要強調關鍵事項。收入為 4,290 萬美元，低於去年的 7,260 萬美元，主要原因是印度生物柴油合約延遲。該業務於 4 月恢復出貨，我們預計第二季營收將大幅反彈。

The Keys ethanol plant. Saw a revenue lift of $1.7 million due to stronger ethanol pricing and RNG volumes were up 17% year over year. Operating loss was $15.6 million reflecting a $1.6 million dollar increase in SG&A, mostly legal and transaction costs related to the $19 million of cash we received from selling investment tax credits. That cost will not recur at the same level going forward.

基韋斯特乙醇工廠。由於乙醇價格上漲且 RNG 銷量年增 17%，收入增加了 170 萬美元。營業虧損為 1,560 萬美元，反映出銷售、一般及行政費用增加了 160 萬美元，主要是與我們出售投資稅收抵免所獲得的 1,900 萬美元現金相關的法律和交易成本。今後該成本將不會再以同樣的水平重複出現。

Interest expense rose to $13.7 million in line with our capital structure and investment base. We reported a net loss of $24.5 million roughly flat versus Q1 last year. Cash at the end of the quarter was $500,000 following $15.4 million of debt repayment and $1.8 million of investment into carbon intensity reduction and dairy RNG expansion.

根據我們的資本結構和投資基礎，利息支出上升至 1,370 萬美元。我們報告的淨虧損為 2,450 萬美元，與去年第一季基本持平。在償還了 1540 萬美元的債務並投資 180 萬美元用於降低碳強度和擴大乳製品 RNG 之後，本季末的現金為 50 萬美元。

As Eric will describe shortly, we expect multiple revenue streams from India, LCFS credits, and federal tax incentives to ramp up the year as the year progresses, positioning us for a stronger back half of 2025. Now, I'll turn it over to Eric McAfee, our Chairman and CEO.

正如 Eric 稍後將要描述的那樣，我們預計隨著時間的推移，來自印度的多種收入來源、低碳食品補貼 (LCFS) 抵免和聯邦稅收優惠將會增加，為我們在 2025 年下半年取得更強勁的業績做好準備。現在，我將把時間交給我們的董事長兼執行長 Eric McAfee。

Thanks, Todd. Let me start with an update on our three core businesses dairy, RNG, California Ethanol, and India Biofuels. In our dairy RNG business, we're scaling gas production quickly. We expect to reach 550,000 MMBTUs of production capacity this year and grow to 1 million MMBTU annually by the end of 2026.

謝謝，托德。首先，我來介紹我們的三大核心業務：乳製品、RNG、加州乙醇和印度生物燃料。在我們的乳製品 RNG 業務中，我們正在迅速擴大天然氣產量。我們預計今年的生產能力將達到 55 萬 MMBTU，到 2026 年底將成長到每年 100 萬 MMBTU。

We're now operating or building at 18 dairies backed by $50 million of USDA guaranteed financing. Seven of our dairy pathways have completed third party verification and are in final review at CARB, with approvals expected this quarter, unlocking meaningful LCFS revenue starting in Q3.

我們目前在美國農業部 5000 萬美元的擔保融資的支持下運營或建造了 18 家乳品廠。我們的七條乳製品生產路徑已完成第三方驗證，並正在接受加州空氣資源委員會 (CARB) 的最終審查，預計將於本季度獲得批准，從第三季度開始釋放有意義的低碳食品 (LCFS) 收入。

At our ethanol plant, we've begun off-site construction of the $30 million mechanical vapor recompression system. This project is expected to reduce natural gas use by 80% and add an estimated $32 million in annual cash flow starting in 2026.

在我們的乙醇工廠，我們已經開始在場外建造價值 3000 萬美元的機械蒸汽再壓縮系統。該項目預計將減少 80% 的天然氣使用量，並從 2026 年開始增加約 3,200 萬美元的年度現金流。

We've already secured $20 million in grants and tax credits to help fund the system. Ethanol pricing has strengthened since earlier this year, and the recent EPA approval of Summer E15 blending provides tailwinds for margin expansion.

我們已經獲得了 2000 萬美元的補助和稅收抵免來幫助資助該系統。自今年初以來，乙醇價格已經走強，而美國環保署最近批准夏季 E15 混合燃料，為利潤率的擴大提供了順風。

In India, we resumed biodiesel deliveries to government oil marketing companies in April following a six month pause in OMC purchasing. New OMC tenders have been issued, and the business remains EI positive and self-funding. We're preparing for an IPO of our India subsidiary targeting late 2025 or early 2026, and evaluating expansion into RNG and ethanol production in that market.

在印度，經過六個月的 OMC 採購暫停後，我們於 4 月恢復向政府石油行銷公司交付生質柴油。新的 OMC 招標已經發布，業務仍然保持 EI 正成長且資金自籌。我們正在為印度子公司的 IPO 做準備，目標是在 2025 年底或 2026 年初上市，並評估在該市場擴展 RNG 和乙醇生產。

Looking at future projects, sustainable aviation fuel. We've received air permits and other permits for our 90 million gallon per year SAF and renewable diesel facility at the riverbank site.

展望未來項目，永續航空燃料。我們已獲得空氣許可證和其他許可證，可在河岸地點建造每年 9000 萬加侖的 SAF 和再生柴油設施。

When operated solely for SAF, capacity will be approximately 78 million gallons per year. We are in active discussions on financing structures and are awaiting further clarity on the 45% tax credit and state level SAF mandates to support project financing.

當僅為 SAF 運作時，產能將達到每年約 7,800 萬加侖。我們正在積極討論融資結構，並等待有關 45% 稅收抵免和州級 SAF 授權的進一步明確，以支持專案融資。

In carbon capture at our riverbank site, we've completed initial drilling and pipe installation for our CO2 characterization well. The data we obtained from the next phase of drilling will support our classic sequestration permit application. Once permitted, the site is expected to sequester up to 1.4 million tons of CO2 annually.

在我們河岸現場的碳捕獲中，我們已經完成了二氧化碳表徵井的初步鑽探和管道安裝。我們從下一階段鑽探中獲得的數據將支持我們經典的封存許可證申請。一旦獲得許可，該場址預計每年可封存高達 140 萬噸二氧化碳。

Regulatory tailwinds support strong growth outlook. A position to benefit from a range of federal and state policies that directly enhance the value of our low carbon fuel operations.

監管順風支撐強勁的成長前景。受益於一系列聯邦和州政策，直接提高我們的低碳燃料業務的價值。

The California Low Carbon fuel Standard. Amendments adopted by CARB to establish a 20 year framework for reducing transportation fuel emissions are expected to become effective within the next few months. Credit prices are expected to rise significantly as credit supply tightens and credit demand increases.

加州低碳燃料標準。加州空氣資源委員會通過的旨在建立減少運輸燃料排放的20年框架的修正案預計將在未來幾個月內生效。隨著信貸供應收緊和信貸需求增加，信貸價格預計將大幅上漲。

Once provisional LCFS pathways are approved, a metasy gas could generate over $60 million annually from LCFS credits alone. Federal renewable fuel standard. The sale of renewable natural gas qualifies for D3 RINs, adding $28 to $40 per MMBTU in value. When combined with LCFS credits, this represents up to $100 million in potential revenue from RNG in 2026.

一旦臨時 LCFS 途徑獲得批准，僅從 LCFS 信用額度上，metasy 氣體每年就可以產生超過 6000 萬美元的收入。聯邦再生燃料標準。可再生天然氣的銷售符合 D3 RIN 的要求，每 MMBTU 可增加價值 28 至 40 美元。與 LCFS 積分結合，這意味著 2026 年 RNG 的潛在收入高達 1 億美元。

Section 45 production tax credit. Effective January 1, 2025, this new federal incentive supports low emission ethanol and RNG production. Aemetis is currently applying Treasury guidance to calculate and market these credits with additional clarification expected later this year.

第 45 節生產稅收抵免。這項新的聯邦激勵措施自 2025 年 1 月 1 日起生效，支持低排放乙醇和 RNG 的生產。Aemetis 目前正在應用財政部的指導來計算和推銷這些信貸，預計今年稍後會有進一步的說明。

Section 48 investment tax credits. Aemetis received $19 million in cash proceeds in Q1 2025 from the sale of solar and biogas-related investment tax credits. The company expects additional sales of both investment and production tax credits in 2025. E15 ethanol blend expansion.

第 48 條投資稅收抵免。2025 年第一季度，Aemetis 透過出售太陽能和沼氣相關投資稅收抵免獲得了 1,900 萬美元的現金收益。該公司預計 2025 年投資和生產稅收抵免的銷售額將增加。E15 乙醇混合物膨脹。

The EPA has approved summer use of E15, a 15% blend of ethanol in 49 states, and new legislation is advancing to allow year-round use, including in California. This would expand the US ethanol market by more than 600 million gallons annually and lower fuel prices for consumers.

美國環保署已批准在 49 個州夏季使用 E15（一種 15% 的乙醇混合物），並且新立法正在推進，允許全年使用，包括加州。這將使美國乙醇市場每年擴大6億多加侖，並降低消費者的燃料價格。

In California, Governor Newsom has directed CARB to expedite the process for allowing the sale of E-15 gasoline in the state, and the state legislature is currently considering conforming legislation. Today, California is the only US state that the state that does not allow the sale of E-15 gasoline. Implementing E15 in California will increase domestic US demand for ethanol by over 600 million gallons annually.

在加州，州長紐森已指示加州空氣資源委員會加快允許在該州銷售 E-15 汽油的進程，州立法機構目前正在考慮制定相應的立法。如今，加州是美國唯一不允許銷售E-15汽油的州。加州實施 E15 將使美國國內對乙醇的需求每年增加 6 億加侖以上。

These aligned policy developments are expected to significantly strengthen and medics revenue, cash flow, and project economics across its renewable natural gas, ethanol, carbon capture, and SAF segments. Looking ahead to full year 2025, we expect a significant ramp in RNG revenues starting in 23, driven by LCFS pathway approvals and rev and volume growth.

這些一致的政策發展預計將顯著加強和改善其再生天然氣、乙醇、碳捕獲和 SAF 部門的收入、現金流和專案經濟效益。展望 2025 年全年，我們預計，受 LCFS 途徑批准以及轉速和產量成長的推動，從 23 年開始 RNG 收入將大幅成長。

India revenues are recovering with resumed biodiesel shipments. Ethanol margins will be supported by policy tail tailwinds in the near term and by the significant reduction in costs and increases in revenue planned from our NPRVR project beginning in 2026.

隨著生物柴油運輸的恢復，印度的收入正在恢復。乙醇利潤率將在短期內受到政策利好以及我們計劃於 2026 年開始的 NPRVR 項目的成本大幅降低和收入增加的支持。

We are monetizing tax credits and advancing development stage projects including SAF and carbon capture. A medic his position for growth and improved cash flow in the second half of the year and continuing through 2026. Now let's take questions from our call participants.

我們正在將稅收抵免貨幣化，並推動包括 SAF 和碳捕獲在內的開發階段專案。醫務人員的職位將在下半年實現成長並改善現金流，並持續到 2026 年。現在讓我們來回答電話會議參與者的問題。

Thank you, Mr. McAfee. We will now be connecting a question answer session.

謝謝您，麥克菲先生。我們現在將進入問答環節。

(Operator Instructions) Your first question is coming from Sumaya Jain with UBS. Please put your question, your line is live.

（操作員指示）您的第一個問題來自瑞銀的 Sumaya Jain。請提出您的問題，您的線路已通電。

Oh sorry, hi, I was wondering how are you guys looking at the impact of tariffs on RNG production for 2025 and 2026 and how that's also playing out on the staff side of things.

哦，抱歉，你好，我想知道你們如何看待關稅對 2025 年和 2026 年 RNG 生產的影響，以及這對員工的影響。

Well, our RNG value chain is almost entirely domestic. Our feedstock is produced by dairies in California. Our operating costs are primary electricity we get from our local supply chain, which is actually hydroelectric in California. And our customers are all California trucking companies and fueling stations, so the actual direct business is all domestic.

嗯，我們的 RNG 價值鏈幾乎完全是國內的。我們的原料由加州的乳製品廠生產。我們的營運成本是從當地供應鏈獲得的主要電力，實際上是加州的水力發電。我們的客戶都是加州的卡車運輸公司和加油站，所以實際的直接業務都是國內的。

We do have construction and we so far have qualified for domestic content on all of our capital equipment investments and so we are largely domestic in our supply chain for investments. So RNG is a very domestic business. I would anticipate no direct impact.

我們確實有建築業務，而且到目前為止，我們所有的資本設備投資都符合國內標準，因此我們的投資供應鏈基本上都是國內的。所以RNG是一個非常本土化的生意。我預計不會產生直接影響。

Sustainable aviation fuel as an operating activity is anticipating to use domestic feedstocks and sell to airlines in California. Our contracts all have delivery into San Francisco airport, and we'd be shipping using our renewable natural gas trucks, which are again California located.

永續航空燃料作為一項經營活動，預計將使用國內原料並出售給加州的航空公司。我們所有的合約都涉及運送到舊金山機場，我們將使用位於加州的可再生天然氣卡車進行運輸。

I think the investment. In the capital construction may have some indirect impacts from tariffs. These tariff burdens have been changing daily. So by the time I think we're actually doing these purchases, I think we'll have a substantially different picture of what the tariff impact is, and it'll primarily just be on the one-time purchase of capital equipment if we do any offshore work.

我認為是投資。基本建設可能會受到關稅的一些間接影響。這些關稅負擔每天都在改變。因此，當我們真正進行這些採購時，我想我們會對關稅的影響有一個截然不同的認識，如果我們進行任何離岸工作，它主要只會影響一次性購買資本設備。

Okay, great. And then how are you guys, I guess what is driving the improvement in the balance sheet that you're, forecasting or like how's the debt outlook for 2025?

好的，太好了。那你們怎麼樣？我猜是什麼推動了你們預測的資產負債表的改善，或者 2025 年的債務前景如何？

Well, we paid off $15.5 million of debt in the first quarter of this year and anticipate we will continue to be doing that through the next three quarters of the year.

我們在今年第一季償還了 1550 萬美元的債務，預計今年接下來的三個季度我們將繼續償還債務。

That is primarily from the benefits of the investments we're making. We get investment tax credits from those investments and then secondly, we are anticipating both the low carbon fuel standard seven dairy pathways to be approved and the 20 year mandate that's under the LCFS amendment to be adopted sometime over the next couple of quarters.

這主要得益於我們所進行的投資。我們從這些投資中獲得了投資稅收抵免，其次，我們預計低碳燃料標準七項乳製品途徑將獲得批准，而低碳燃料標準修正案下的 20 年授權將在未來幾個季度內獲得通過。

Both of those together substantially increase our LCFS revenues. And substantially, as in 120% for those seven dairies just in terms of number of LCFS credits, and then if those credits go up anywhere from 20 to 50%, of course that's compounded against the 120%. So dramatic increase and then the third element there is additional dairies coming online.

這兩者結合起來大大增加了我們的 LCFS 收入。實質上，就低碳食品標準 (LCFS) 積分數量而言，這七家乳品廠的積分為 120%，然後，如果這些積分增加 20% 至 50%，當然，這會與 120% 相乘。因此急劇增加，然後第三個要素是有更多的乳牛場上線。

We have four dairies slated to come online, this, early this summer, and that, of course, is additional revenue. We also have an India IPO we're actively working on, and that will put a lot of cash on the balance sheet as well as put us in a position to reduce that and then the last point is actually probably the most important point, and that is starting January 2025, the 45% production tax credit, not investment tax credit, but Tax credits started and we are currently working on marketing our first round of production tax credits.

我們有四家乳品廠計劃在今年夏初投入運營，這當然會帶來額外的收入。我們也正在積極籌備印度的 IPO，這將為資產負債表注入大量現金，同時也使我們能夠減少現金，最後一點實際上可能是最重要的一點，那就是從 2025 年 1 月開始，45% 的生產稅收抵免（不是投資稅收抵免，而是稅收抵免）開始實施，我們目前正在推廣第一輪生產稅收抵免。

This is revenue for both our ethanol business as well as our biogas business and will significantly increase our ability to pay down debt during 2025 and 2026 as we ramp.

這是我們乙醇業務和沼氣業務的收入，隨著我們業務的成長，它將顯著提高我們在 2025 年和 2026 年償還債務的能力。

Got it thank you. Thank you, Sumaya

明白了，謝謝。謝謝你，蘇瑪雅

Your next question is coming from Matthew Blair with TPH. Please put your question, your line is live.

您的下一個問題來自 TPH 的 Matthew Blair。請提出您的問題，您的線路已通電。

Great, thank you very much. I had a question on the dairy RNG, opp X. It looks like, opp X per MMBTU has been trending in the $29 to $30 per MMBT ranges the past few quarters. I is that a good long-term target, or do you expect that to come down when you have the new, dairy up and running and if so, what a good long term target for dairy RNG op X?

太好了，非常感謝。我對乳製品 RNG、opp X 有一個疑問。看起來，過去幾個季度，每百萬英熱單位 (MMBTU) opp X 的趨勢一直在 29 美元到 30 美元/百萬英熱單位 (MMBT) 的範圍內。這是一個好的長期目標嗎？或者您是否預計，當新的乳製品廠投入運作時，這一價格會下降？如果是這樣，那麼乳製品 RNG op X 的長期目標是什麼？

Our initial OpEx as a percentage of production has been inhibited because we've been in the startup phases of the dairies we've been bringing online and so our operating costs includes actually digesters that aren't generating any MMB2s at all yet.

我們的初始營運支出佔生產量的百分比受到抑制，因為我們已經處於上線的乳牛場的啟動階段，因此我們的營運成本實際上包括尚未產生任何 MMB2 的消化器。

So I think we're going to be seeing a dramatic decrease in OpEx per MMBTU as the AMBTUs increase, a factor there, by the way, is we're in the winter. In the winter our production is significantly less because it's colder and microbes just don't produce as much RNG.

因此，我認為，隨著 AMBTU 的增加，我們將看到每 MMBTU 的營運支出大幅下降，順便說一下，其中一個因素是我們正處於冬季。在冬季，我們的產量會明顯減少，因為天氣較冷，微生物產生的 RNG 也不那麼多。

So just the natural function of seasonality would cut that almost in half just because you're doubling your MMBTs without doubling your staff. And I would remark that we have built out a strong team that operates our own digesters, and we do very little outside contracting related to operations and so our team is scaling up not just the 16 digesters we're scheduled to have by the end of this quarter, but frankly 50 digesters. So Gil CR opp X is operating on the idea that we're scaling rapidly.

因此，僅僅是季節性的自然作用就會將這一數字減少近一半，因為你在沒有增加一倍員工數量的情況下將 MMBT 增加了一倍。我想說的是，我們已經建立了一支強大的團隊來運營我們自己的消化器，我們很少與外部承包運營有關，因此我們的團隊正在擴大規模，不僅僅是計劃在本季度末擁有的 16 個消化器，而是 50 個消化器。因此，Gil CR opp X 正在按照我們正在快速擴展的想法進行運作。

Sounds good. And then Eric, you mentioned that ethanol margins are improving in the 2nd quarter, and we are seeing better ethanol prices, cheaper corn costs. Do you think that your California ethanol segment is on track for an even a positive quarter, or is that may be a little too much to ask?

聽起來不錯。然後埃里克，你提到乙醇利潤率在第二季度有所提高，而且我們看到乙醇價格上漲，玉米成本下降。您是否認為加州乙醇部門有望實現一個季度的正成長，或者這個要求是否有點過分？

It's all about demand. The E-15 approval happened last week, and ethanol is a national market, as you know. So with more ethanol being exported, we set a new March record, for ethanol exports with 155 million gallons, and we expect E-15 to increasingly be adopted because the EPA not only assured that this year we have, not just the short waiver they provided, but all throughout the summer, we have the waiver and they also state they have every intention to get it approved.

一切都取決於需求。E-15 已於上週獲得批准，正如您所知，乙醇是一個全國性市場。因此，隨著乙醇出口量的增加，我們創下了 3 月份乙醇出口量的新紀錄，達到 1.55 億加侖，我們預計 E-15 的採用率將不斷提高，因為美國環保署不僅保證今年我們有他們提供的短期豁免，而且整個夏天我們都有豁免，他們還表示他們完全有意獲得批准。

So next year no waivers are required. So E-15 is an underlying what I would call incoming tide that's going to lift all boats. So the combination of seasonality where people just drive more during the summer and then E-15 adoption is a generally positive trend.

因此明年就不需要豁免了。因此，E-15 是一種潛在的、我稱之為「漲潮」的東西，它將使所有船隻都受益。因此，季節性因素（夏季人們駕車出行更多）和 E-15 的採用總體上是一個積極的趨勢。

Our Margins are based upon the delta between corn and ethanol, as you know. So currently the corn prospects are moderate but not bullish, and ethanol margins, I would say are more on the bullish side. So in general I would think a strengthening trend which we see almost every year we'd expect to see again this year.

如您所知，我們的利潤是基於玉米和乙醇之間的差異而確定的。因此，目前玉米前景溫和但不樂觀，而乙醇利潤則更偏向樂觀。因此，總的來說，我認為我們幾乎每年都會看到一種加強的趨勢，我們預計今年也會再次看到這種趨勢。

Great, thanks for your comments.

太好了，謝謝你的評論。

Your next question is coming from Sameer Joshi - H.C. Wainwright. Please pose your question. Your line is live.

您的下一個問題來自 Sameer Joshi - H.C. Wainwright。請提出您的問題。您的線路處於通電狀態。

Hey, good afternoon, and good morning, Todd Eric. Thanks for taking my questions. I think I heard you while describing the India business, IPO later this year early next year, but you also mentioned potential of RNG and ethanol, in that in the in that market. Can you please elaborate or give some color on that.

嘿，下午好，早安，托德·埃里克。感謝您回答我的問題。我想我在您描述印度業務時聽過，今年稍後明年初將進行 IPO，但您也提到了 RNG 和乙醇在印度市場的潛力。您能否詳細說明或解釋一下這一點？

Yes, and I actually appreciate you bringing it up. Our current business in India is a dominant biodiesel facility. We have 80 million gallons a year. We sell the product for roughly $3 to $4 a gallon, depending on markets, but usually it's about $4 a gallon, including glycerin. So you take $80 multiply it hencefor, it's a $320 million dollar revenue business in India that It is well established. We did $112 million as of the end of September last year, in the trailing 12 months. And so it's a, it's plenty large to get a successful IPO done.

是的，我真的很感謝你提出這個問題。我們目前在印度的業務是一家主要的生物柴油工廠。我們每年有 8000 萬加侖。我們以每加侖約 3 至 4 美元的價格出售該產品，具體取決於市場，但通常價格約為每加侖 4 美元，包括甘油。因此，你用 80 美元乘以它，它就是印度一個收入達 3.2 億美元的業務，而且它已經很成熟了。截至去年 9 月底，在過去 12 個月中，我們的收入為 1.12 億美元。因此，它的規模足夠大，可以成功完成 IPO。

But our parent company has extensive experience in ethanol. We're the largest ethanol producer in California, one of the largest in the Western United States, of course, and in biogas, which has been for us a very successful venture in terms of new market position and signing 50 dairies, etc.

但我們的母公司在乙醇方面擁有豐富的經驗。我們是加州最大的乙醇生產商，當然也是美國西部最大的乙醇生產商之一，而且我們在沼氣領域也取得了巨大成功，在新的市場地位和簽約 50 家乳品廠等方面都取得了成功。

So in our India business we are very proactive, proactively looking at renewable natural gas opportunities and frankly ethanol. Ethanol is a favorite of the India government. It's a domestic feedstock. It comes from either sugar cane or corn.

因此，我們在印度業務中非常積極主動，積極尋找再生天然氣機會，坦白說還有乙醇。乙醇是印度政府的青睞之物。這是一種國內原料。它來自甘蔗或玉米。

They call it call it maize in India, but Corn has the benefit of providing about 20% of it, 28% of the feedstock becomes an animal feed that's the disposed grain that helps farmers. And so not only is corn grown by farmers, but then it feeds livestock in India.

在印度，人們稱之為玉米，但玉米的優勢在於它能提供約 20% 的原料，而 28% 的原料則成為動物飼料，這些廢棄的穀物可以幫助農民。因此，玉米不僅供農民種植，也為印度的牲畜提供飼料。

So it's sort of a double benefit to the farming community. And that is has resulted in a lot of political power and the consumption of ethanol hit 19.4% in 2024 in India, and they've set a new target of 30% over the next 60 months. So the ethanol business in India has also the benefit that the government sets a minimum price for corn and then sets a minimum price for ethanol in order to provide new markets for corn. And in in the country and so we see the same opportunities in biogas.

所以這對農業社區來說是雙重好處。這產生了很大的政治權力，印度的乙醇消費量在 2024 年達到 19.4%，並且他們設定了未來 60 個月內達到 30% 的新目標。因此，印度的乙醇業務也受益於政府設定玉米的最低價格，然後設定乙醇的最低價格，以便為玉米提供新的市場。在該國，我們在沼氣領域也看到了同樣的機會。

They set a threshold price on renewable natural gas that is very attractive. And so being in a strong position, we decided that diversification is something we have both the technical competence as well as the market position to be able to take full advantage of and the timing of. That is designed to help our IPO evaluation. So we have specific projects we're reviewing right now.

他們對再生天然氣設定了一個非常有吸引力的門檻價格。因此，由於處於強勢地位，我們決定實現多元化，因為我們既擁有技術能力，又擁有市場地位，因此我們可以充分利用多元化，並把握時機。這是為了幫助我們進行 IPO 評估。我們現在正在審查一些具體項目。

We expect over the next two quarters to announce what those projects are, and to have a diversified IPO of a rapidly growing company in India with truly exciting prospects and strongly supported by the India India government because of the benefits to the agricultural sector in India.

我們預計將在接下來的兩個季度內宣布這些項目，並對印度一家快速發展的公司進行多元化 IPO，該公司擁有真正令人興奮的前景，並因對印度農業部門的益處而得到印度政府的大力支持。

Yeah, no, thanks for that color. It makes sense. Just to, follow up on India there, there's, trouble on the border there right now. Do you expect any of these early days and maybe it will, subside, but do you see any, hiccups, that could arise because of that, development?

是的，不，謝謝你的顏色。這是有道理的。只是想關註一下印度的情況，那裡的邊境現在出現了麻煩。您是否預期這些早期現象會逐漸消退，但您是否看到任何可能因這種發展而出現的問題？

We're down on the east coast and the southern part of the east coast in A Pradesh, so we're about as far from it as you can get without going swimming in the ocean.

我們位於 A Pradesh 的東海岸和東海岸的南部，因此，如果我們不去海裡游泳的話，我們離那裡大概是最遠的地方。

So, it has had, it's had no impact on us, including our supply chain, our customer base. It's just that it had no impact at all. And I've watched the same news reports you have. The Indian Indian government is working diligently to TRY to de-escalate.

所以，它對我們沒有影響，包括我們的供應鏈、我們的客戶群。只是根本就沒有什麼影響而已。我也看過和你一樣的新聞報導。印度政府正努力嘗試緩和局勢。

This is a flare up that I don't think either side needed or wanted, but I don't expect it to last very long, and I do expect it to be resolved favorably for both parties by just saying don't shoot at each other. This they're not going to become friends, but they're not going to see any benefit from a military skirmishing.

我認為雙方都不需要也不想要發生這樣的衝突，但我預計它不會持續很長時間，而且我希望雙方都能透過「不要互相射擊」的方式得到有利的解決。這樣他們就不會成為朋友，但他們也不會從軍事衝突中得到任何好處。

Makes sense. In addition to the $31 million dollar that order from the biogas, for the biogas in India, do you expect another, around before the, before, like, say in fall or something, or you don't see that happening?

有道理。除了從沼氣廠訂購的 3,100 萬美元之外，對於印度的沼氣廠來說，您是否預計在秋季之前或某個時間之前還會有另一筆訂單，或者您認為不會發生這種情況？

The $31 million dollar order is through the month of July. So our shipment started basically last week of April, but mostly it's May, June, and July.

這份價值 3,100 萬美元的訂單將持續到七月。我們的貨物基本上是在四月的最後一周開始發貨，但主要是在五月、六月和七月。

We are pressing as the industry is, to not see a repeat of what happened to us in the fourth quarter of 2024 and the first quarter of 2025 and so the delay that occurred there, we're not looking to repeat and I think the oil marketing companies and the government are now highly, certainly very aware, and I would even say sensitized to the need to keep the orders flowing in order to not have this sort of an industry production GAAP that happened.

我們和整個行業一樣，都在努力避免 2024 年第四季度和 2025 年第一季度發生的事情重演，因此，我們不希望再次發生那裡發生的延遲，我認為石油營銷公司和政府現在非常清楚，我什至會說，他們意識到需要保持訂單流動，以避免發生這種行業生產 GAAP 的情況。

Understood. Just one last question, and I know, you talked about, in addition to, in response to previous questions, about reducing debt, but, the EB 5 and maybe now the gold card that Trump is proposing has proposed, does, are there any opportunities where you can get cheaper, debt, from those, sources.

明白了。最後一個問題，我知道，除了回答前面的問題之外，您還談到了減少債務，但是，EB5 以及現在川普提出的金卡，是否有機會從這些來源獲得更便宜的債務。

Yes, and we announced last year that we are approved now for $200 million EB-5 financing our net interest costs are less than 3% on those funds, and it's subordinated debt, so we can do senior debt on top of it.

是的，我們去年宣布，我們已獲準進行 2 億美元的 EB-5 融資，這些資金的淨利息成本不到 3%，而且是次級債務，因此我們可以在此基礎上進行優先債務。

We are seeing a very active EB-5, and it's a combination of enforcement of immigration rules in a way that we haven't seen for a while. And so people here on their work visas and student visas are looking seriously about whether they want to stay for a while, and EB-5 is really the only program available to really assure them of not having a loss of immigration rights and then secondly, interestingly enough, in India,

我們看到 EB-5 非常活躍，而且移民規則的執行方式是我們一段時間以來從未見過的。因此，持有工作簽證和學生簽證的人正在認真考慮是否要在這裡停留一段時間，而 EB-5 是唯一可以真正保證他們不會失去移民權利的計畫。其次，有趣的是，在印度，

The stock market has done very well, and so we're seeing many more Indian families that just have the financial capacity to have their kids go to school in the US or already go to school and already have family here. And so EB-5 is, I think, just more affordable than than maybe perhaps 4 or 56 years ago.

股市表現非常好，因此我們看到越來越多的印度家庭擁有經濟能力讓他們的孩子在美國上學，或者已經在美國上學並且有家人。因此，我認為 EB-5 比 4 年或 56 年前更實惠。

So that combination together has brought a number of very proactive. Investors to us and we continue to work on closing our next round of EB-5 investors.

因此，這種結合帶來了許多非常積極主動的影響。我們向投資者開放，並將繼續致力於下一輪 EB-5 投資者融資。

Sounds good. Thanks for taking my questions.

聽起來不錯。感謝您回答我的問題。

Sure, thank you.

當然，謝謝。

Your next question is coming from Derek Whitfield with Texas Capital. Please put your question, your mind is live.

您的下一個問題來自德克薩斯資本的德里克·惠特菲爾德。請提出你的問題，你的思維是活躍的。

Good morning, Erika teamman. Thanks for taking my questions.

早安，Erika 團隊成員。感謝您回答我的問題。

And Eric.

還有埃里克。

Could you update us on the progress of 45 as you understand it with respect to timing of final rules from Treasury and whether you're expecting a unique pathway for dairy RNG.

您能否向我們介紹一下 45 的進展情況，就財政部最終規則的時間安排而言，以及您是否期待乳製品 RNG 有一條獨特的途徑。

The appointment of the head of tax policy at Treasury is pending. It could happen in the next couple of days. That will be Ken Keyes. I attended Ken Keyes's confirmation hearing approximately 2 weeks ago, and He is a well-known factor in Washington, and I believe that his response to the confirmation question from Senator Grassley was extremely important.

財政部稅收政策主管的任命尚未確定。這可能會在未來幾天內發生。那是肯·凱斯。大約兩週前，我參加了肯‧凱斯的確認聽證會，他是華盛頓的知名人士，我認為他對格拉斯利參議員的確認問題的回答極為重要。

Senator Grassley from Iowa, of course, has 42 ethanol plants in the state. And specifically asked, would Ken Keys as the head of tax policy for Treasury, not wait for new legislation, not wait for new regulation to be issued by Treasury, but instead take the existing law passed in 2022, regulated the regulations issued in January 2025 and implemented, and the response in writing from Ken Keys was, yes, I will do so.

當然，愛荷華州參議員格拉斯利在該州擁有 42 家乙醇工廠。並特別詢問，作為財政部稅收政策主管的肯·基斯，是否不會等待新的立法，不會等待財政部發布新的法規，而是採取2022年通過的現有法律，規範2025年1月發布的法規並實施，肯·基斯的書面回復是，是的，我會這樣做。

And what it was referring to was the provisional emissions rate, which from biogas is a very large number compared to the emissions rate that is a default in the Greek model. The emissions rates default was the Department of Energy and EPA calculating all the methane emissions from all the animals in the US.

它指的是臨時排放率，與希臘模型中的預設排放率相比，沼氣的暫時排放率是一個非常大的數字。預設的排放率是美國能源部和環保署計算美國所有動物的甲烷排放量。

Divided by all the animals, so all the chickens and ducks and turkeys and everything else, we're divided into the emissions. So the loser in that calculation, which for us was ends up being about a negative 33 carbon intensity, is dairies.

除以所有動物，也就是所有的雞、鴨、火雞和其他動物，我們就得到了排放量。因此，在我們這個計算中，損失的是乳製品，其碳強度最終約為負 33。

Dairies produce a lot more manure and then do an excellent job of capturing it and converting it to valuable vehicle fuel. So our carbon intensity in California under the California red is a 380. A not a 33. So for us, our focus has been on getting the provisional emissions rate process to work.

乳牛場會產生大量的糞便，然後出色地收集這些糞便並將其轉化為寶貴的汽車燃料。因此，加州紅色區域下的碳強度為 380。不是 33。因此，對我們來說，我們的重點是讓臨時排放率流程發揮作用。

We have Ken joining the Treasury as early as next week, and his task is going to be to figure out how to get a PER process to work, which they promised in January, and we are certainly looking for that to be a short process. The benefit for us would be A significant increase in the value of our RNG molecule. Currently we're we're about $14 an MMBTU, and we would expect a very significant increase in terms of 5 X plus multiple of that in terms of an approved provisional emissions rate.

肯最早將於下週加入財政部，他的任務是弄清楚如何讓 PER 流程發揮作用，這是他們在一月份承諾的，我們當然希望這是一個簡短的流程。對我們來說，好處是我們的 RNG 分子的價值將顯著增加。目前我們的排放率約為每百萬英熱單位 14 美元，我們預計批准的臨時排放率將大幅增加 5 倍以上。

Yeah, Eric, and just to put a bow on that, I mean you guys would be looking at something north of $60 per Mb to you. It all depends on conversion, but just playing the math of the PR it's your negative $380. It's a big number.

是的，艾瑞克，簡單說一下，我的意思是，你們要花每 MB 60 美元以上的價格。這一切都取決於轉換，但只要進行 PR 計算，您的損失就是負 380 美元。這是一個很大的數字。

It is and actually there's 3 numbers. The third one's $1. The first one's the number of gallons. The second's the emission rate. Well, emissions rate times $1 we get that, but they're currently calculating the number of gallons at 7.8 gallons per million British thermal units. Well, the same federal law, the same month we calculate our D3 RINs of the renewable fuel standard at 11.7.

是的，實際上有 3 個數字。第三個是1美元。第一個是加侖數。第二個是排放率。好吧，排放率乘以 1 美元，我們得到了這個數字，但他們目前計算的加侖數是每百萬英熱單位 7.8 加侖。嗯，同樣的聯邦法律，同一個月我們計算出再生燃料標準的 D3 RIN 為 11.7。

So strangely enough, two federal laws have two different number of gallons we're delivering into a truck, same truck, same MMBTU, but instead of 11.7 gallons, which has been federal law for 20 years, we're only getting 7.8 gallons, and you can imagine I've mentioned that to a number of senators and congressmen about that consistency needs to get rectified. And so, we're looking actually at 11.7 times our emissions factor times the dollar is what the actual calculation should be.

奇怪的是，兩項聯邦法律對我們運送到卡車的加侖數有不同的規定，同一輛卡車，同樣的 MMBTU，但我們得到的卻不是 20 年來一直適用的聯邦法律 11.7 加侖，而是只有 7.8 加侖，你可以想像我已經向許多參議員和眾議員提到過，這種一致性需要得到糾正。因此，我們實際上看到的是，排放係數乘以 11.7 乘以美元才是實際計算結果。

I think it's going to have to be baby steps. We get the emissions rate correct. And then we'll probably have to get Treasury guidance to get the energy density corrected. But, we can sell multiple rounds of tax credits on the same molecule, so we're not prohibited from selling at this current rate and then at a higher rate as they get their calculations to work.

我認為這只能是循序漸進的。我們得到了正確的排放率。然後我們可能必須獲得財政部的指導來糾正能量密度。但是，我們可以對同一分子進行多輪稅收抵免銷售，因此，我們不會被禁止以當前利率銷售，然後在計算完成後以更高的利率銷售。

Very helpful. And then with my follow up, I wanted to lean in on ethanol fundamentals. While there are several variables at play with ethanol, do you have a view on ethanol and coin crush margins in an environment where E15 were adopted across 49 states?

非常有幫助。然後，透過我的後續研究，我想了解乙醇的基本面。雖然乙醇存在多種變量，但在 49 個州採用 E15 的環境下，您對乙醇和硬幣壓榨利潤有何看法？

Andy, you want to take that?

安迪，你想拿走那個嗎？

Well, the waiver that was provided by the EPA certainly is positive. It's not new, as they've provided the waiver previously, so I think it provides a level of certainty as we go into the summer.

嗯，EPA 提供的豁免肯定是積極的。這並不是什麼新鮮事，因為他們之前就已經提供過豁免，所以我認為這為我們進入夏季提供了一定程度的確定性。

I think the thing that we're kind of keeping our eye on is being that one holdout state, California, being the only state in the US that's not allowed to sell E-15 gasoline. The governor has made it clear that he wants CARB to expedite the process.

我認為我們正在關注的是加州這個堅持不懈的州，它是美國唯一一個不允許銷售 E-15 汽油的州。州長已明確表示，他希望加州空氣資源委員會加快這一進程。

The legislature seems very open, really more so than we've ever seen before. There seems to be a good deal of support with that and, adding E-15 in California will be a, would be a huge boost, to all the US ethanol producers, but certainly us in California would be a real benefit. So, I think, corn futures have come down quite a lot this week, which is, not good for producers but good for buyers, us.

立法機構似乎非常開放，實際上比我們以前見過的任何時候都更加開放。似乎有很多人支持這一點，並且在加州添加 E-15 將對所有美國乙醇生產商產生巨大的推動作用，但對我們加州來說無疑會帶來真正的好處。所以，我認為，本週玉米期貨價格下跌了很多，這對生產者來說不是好事，但對我們買家來說卻是好事。

Ethanol has remained relatively stable, trading in about a 6 to $0.08 band for the last, call it 45 days typically that does strengthen as we get into the summer and I think the other thing that we've noticed in the last couple of weeks is there's been a drawdown in inventory, which is necessary and has been good. We still have a fair amount of inventory nationally that we need to chew through. But as Derek, ethanol exports are well on pace this year to be smashing the record.

乙醇價格保持相對穩定，過去 45 天內交易價格通常在 6 美元至 0.08 美元之間，進入夏季後價格會有所走強，我認為我們在過去幾週注意到的另一件事是庫存有所減少，這是必要的，也是好事。我們在全國範圍內仍有大量庫存需要處理。但正如德瑞克所說，今年乙醇出口的步伐非常順利，將打破紀錄。

So you add those combinations together and I think the near term outlook is better and then for us, getting our MVR system installed, speaking just about a medicine, not the ethanol industry as a whole. Will have a dramatic impact on our carbon intensity score. So, you add those things together, I think the outlook, from a cash flow perspective in the ethanol business is very positive as we head into 2026. It's great. A lot of.

所以你把這些組合加在一起，我認為短期前景會更好，然後對我們來說，安裝 MVR 系統只是談論一種藥物，而不是整個乙醇產業。將對我們的碳強度得分產生巨大影響。因此，綜合考慮這些因素，我認為，從現金流的角度來看，2026 年乙醇業務的前景非常樂觀。這很棒。很多。

Potential tell ones for you guys. I'll turn it back to the operator.

可以向你們透露一些潛在資訊。我會將其轉回給接線生。

Thank you. Your next question is coming from Dave Storms with Stonegate. Please post your question. Your line is live.

謝謝。您的下一個問題來自 Stonegate 的 Dave Storms。請發布您的問題。您的線路處於通電狀態。

Good Morning everyone. Just want to start morning. Just want to start with a quick modeling question. Are there any investment tax credits that you have left to sell in 2025 and just any thoughts on how many tax credits, investment credits you may generate in the remainder of the year?

大家早安。只想開始早晨。我只是想從一個簡單的建模問題開始。您是否還有剩餘的投資稅收抵免可以在 2025 年出售？您認為今年剩餘時間內可以產生多少稅收抵免和投資抵免？

We definitely have a sale actually in process for for ITCs. These lag the completion of the project. It's called the in-service date. Because of the various documentation you have to pull together, so there's up to a 6 month or more lag between completing the actual project.

我們確實正在進行 ITC 的銷售。這些都滯後了專案的完成。這被稱為投入使用日期。由於您必須匯總各種文檔，因此實際專案完成之間可能會有長達 6 個月或更長時間的延遲。

So we will be bringing projects online in the next couple of months and then another set of projects later on this year. So I expect probably another couple of ITC sales during the course of this year and then. probably even more important to the company's cash is 45 z sales, and if we can get provisional emissions rate, we'd be looking at some of those in the next couple of months, and that will be an ongoing process, which I would expect would be at least quarterly to get our 45% production tax credits monetized.

因此，我們將在未來幾個月內啟動一些項目，並在今年稍後啟動另一組項目。因此，我預計今年期間可能還會有另外幾筆 ITC 銷售。對公司現金而言更重要的是 45 z 銷售，如果我們能夠獲得臨時排放率，我們將在接下來的幾個月中研究其中一些，這將是一個持續的過程，我預計至少每季一次，才能將我們的 45% 生產稅收抵免貨幣化。

Understood that's perfect. And can you just remind us, once your digesters are approved and, achieve that full approval, is there a look back on the carbon intensity for credits that have been, generated in the last 6 months here like any look back like that?

明白了，完美。您能否提醒我們，一旦您的消化器獲得批准並獲得完全批准，是否會對過去 6 個月產生的信用額的碳強度進行回顧，就像這樣的回顧一樣？

Andy, you want to talk about that? Yeah.

安迪，你想談談這個嗎？是的。

First quarter is the look back period depending on what the date is, when you, when we receive. The final approval, we've gone back and forth with CARB on a couple of minor RFIs, and we're expecting that approval to happen hopefully this month, in the next couple of weeks.

第一季是回顧期，取決於日期、您何時以及我們何時收到。關於最終批准，我們與 CARB 就幾個小型 RFI 進行了反覆溝通，我們預計批准預計將在本月，也就是接下來的幾週內完成。

And just because from a modeling perspective, I want to make sure you get this clarity. We do expect to be approved this quarter for the first seven days. It'll be the first pathway approvals we've gotten, which is it's a little slow. It'll have taken us about two years.

而且只是因為從建模的角度來看，我想確保您能夠清楚地了解這一點。我們確實希望在本季度的前七天獲得批准。這是我們獲得的第一條途徑批准，所以速度有點慢。這大約需要兩年時間。

But we won't reflect that revenue or cash during the second quarter. Those get generated at the end of the second quarter and will be monetized in the month of July.

但我們不會在第二季反映該收入或現金。這些收入將在第二季末產生，並將在七月實現貨幣化。

So we will show that third quarter, revenues and by the time we do our conference call for the second quarter, we'll be able to tell everyone exactly how Much we've monetized, but it'll show up in 3rd quarter revenues. So from a from a process perspective, it will be for the 1st quarter's production approved in the 2nd quarter, and then very early, like the 1 week into the 3rd quarter, we will show it as cash on our on our account.

因此，我們將展示第三季的收入，到我們召開第二季電話會議時，我們將能夠確切地告訴大家我們實現了多少貨幣化，但它將顯示在第三季的收入中。因此，從流程角度來看，第一季的生產將在第二季獲得批准，然後很早就開始，例如在第三季的第一周，我們會在我們的帳戶上將其顯示為現金。

Understood that's very insightful. Thank you for taking my questions.

明白了，非常有見地。感謝您回答我的問題。

Sure, thank you, Dave.

當然，謝謝你，戴夫。

And your next question is coming from Ed Wu with the Sendient Capital. Please put your question, your line is live.

您的下一個問題來自Sendient Capital 的 Ed Wu。請提出您的問題，您的線路已通電。

Yeah, congratulations on all the progress and, especially on the in the IPO where you said it's going to be late this year, early this next year. Have you decided what you're going to be doing with the proceeds? Is there any plans for significant expansion into, like I said, RN, RNG or into, sustainable aviation fuel?

是的，恭喜你取得的所有進展，特別是你在 IPO 中取得的進展，你說它會在今年年底、明年年初進行。您決定好如何處理這些收益了嗎？是否有計劃大幅擴展至我所說的 RN、RNG 或永續航空燃料領域？

Our India IPO proceeds will be primarily focused on building out the India business. We're also going to be putting a cash balance that historically we've not run at the company. Historically, we TRY to pay down our expense debt, but I would expect we'll end up with a significant cash balance which will show up on the parent company, consolidated balance sheet. And then I would expect a certain amount of the money would be repayment of parent company debt. So when we get repaid from India from that we've advanced to India, we would then use it to repay our parent company debt.

我們的印度 IPO 收益將主要用於拓展印度業務。我們也將存入公司歷史上從未使用過的現金餘額。從歷史上看，我們試圖償還我們的費用債務，但我預計我們最終會獲得大量現金餘額，這些餘額將顯示在母公司的合併資產負債表上。然後我預計其中一定數量的錢將用於償還母公司的債務。因此，當我們從印度收回我們預付給印度的款項時，我們會用它來償還母公司的債務。

Since we're talking about, the debt repayment, we do have, not only investment tax credits, but also loan refinancing that we're working on. A debt repayment for us is a very high priority. And we expect later on this year to see it continued progress, not only paying down interest and principal but also refinancing and the lower cost financing.

既然我們在談論債務償還，我們不僅有投資稅收抵免，而且還有我們正在努力的貸款再融資。對我們來說，償還債務是當務之急。我們預計今年稍後它將繼續取得進展，不僅償還利息和本金，而且還進行再融資和降低成本融資。

Great. Thanks for answering my questions and I wish you guys good luck.

偉大的。謝謝你們回答我的問題並祝你們好運。

Thank you, Ed.

謝謝你，艾德。

We have reached the end of our question-and-answer session, and I will now turn the call over to management for their closing remarks.

我們的問答環節已經結束，現在我將把電話交給管理階層，請他們作結束語。

Thank you to Ameta stockholders, analysts, and others for joining us today. We look forward to talking with you about participating in the growth opportunities at Ametis.

感謝 Ameta 股東、分析師和其他人士今天的出席。我們期待與您探討參與 Ametis 的發展機會。

Thank you for attending today's Aemetis earnings conference call. Please visit the investor section of the Aemetis website where we'll post a written version and an audio version of this Aemetis earnings review and business update. Kelly.

感謝您參加今天的 Aemetis 收益電話會議。請造訪 Aemetis 網站的投資者部分，我們將在那裡發布 Aemetis 收益評論和業務更新的書面版本和音訊版本。凱莉。

Thank you, everyone. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝大家。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。