Aemetis Inc (AMTX) 2026 Q1 法說會逐字稿

Hello, and welcome to the Aemetis first quarter 2026 earnings conference call. Joining us today are Eric McAfee, Chairman and Chief Executive Officer; Todd Waltz, Chief Financial Officer; and Andy Foster, President of Aemetis Advanced Fuels. I will now turn the call over to Todd Waltz.

大家好，歡迎參加 Aemetis 2026 年第一季財報電話會議。今天與會者包括董事長兼執行長 Eric McAfee、財務長 Todd Waltz，以及 Aemetis Advanced Fuels 總裁 Andy Foster。接下來我把電話交給 Todd Waltz。

Thank you, and welcome, everyone. Before we begin, I'd like to remind you that during the call, we'll make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risk and uncertainty that could cause actual results to differ materially from those expressed or implied. Please refer to our earnings release and SEC filings for a discussion of these risks.

謝謝，並歡迎各位。在開始之前，我想提醒各位，本次電話會議中我們將依據 1995 年《私人證券訴訟改革法》之定義，發表前瞻性陳述。這些陳述涉及風險與不確定性，可能導致實際結果與所表達或暗示者出現重大差異。關於這些風險的討論，請參閱我們的財報新聞稿與向 SEC 提交的文件。

For the first quarter of 2026, revenue grew 27% to $54.6 million compared with $42.9 million in the first quarter of 2025. With growth across each of the three reportable operating segments. Gross profit was $2.8 million in the quarter, a year-over-year improvement of nearly $8 million from the gross loss of $5.1 million in the first quarter of 2025.

2026 年第一季營收較 2025 年第一季的 4,290 萬美元成長 27%，達到 5,460 萬美元。三個可申報的營運部門皆呈現成長。本季毛利為 280 萬美元，較 2025 年第一季 510 萬美元的毛損，年增改善近 800 萬美元。

Operating loss improved approximately 60% to $6.3 million compared with $15.6 million in the prior period. Net loss improved to $21.7 million compared to $24.5 million in the first quarter of 2025. Production tax credits under Section 45Z contributed $4 million of operating income during the quarter, $1.4 million in Dairy RNG and $2.6 million in California Ethanol, representing our first quarter of ongoing credit generation tied to quarterly production since 45Z eligibility was established in the fourth quarter of 2025.

營業損失較前期改善約 60%，降至 630 萬美元，前期為 1,560 萬美元。淨損改善至 2,170 萬美元，較 2025 年第一季的 2,450 萬美元為佳。依第 45Z 條之生產稅額抵減（Production Tax Credits）於本季貢獻 400 萬美元營業利益，其中乳品 RNG 為 140 萬美元、加州乙醇為 260 萬美元；這代表自 2025 年第四季確立 45Z 資格後，我們首次在與季度產量連動的持續性抵減生成下，取得第一季的抵減收益。

Adjusted EBITDA for the quarter was negative $1.3 million, reflecting typical winter seasonality with stronger revenue and mortgage and performance later in the quarter. Adjusted EBITDA and reconciliation of EBITDA to net loss as described in our earnings release issued earlier today. Cash and cash equivalents at the end of the quarter were $4.8 million compared to year-end 2025 -- sorry, comparable to year-end 2025.

本季調整後 EBITDA 為負 130 萬美元，反映典型冬季季節性，且本季後段營收與利差/績效較強。調整後 EBITDA 以及 EBITDA 與淨損之調節，詳如我們今日稍早發布的財報新聞稿所述。季末現金及約當現金為 480 萬美元，與 2025 年底相當——抱歉，與 2025 年底可比。

Capital investments in carbon intensity reduction and Dairy Digester construction totaled $6.5 million during the quarter. With that overview, I'll turn the call over to Eric.

本季在降低碳強度與乳品厭氧消化槽（Dairy Digester）建置方面的資本投資合計 650 萬美元。以上為概述，接下來我把電話交給 Eric。

Thank you, Todd. I want to highlight three key takeaways from the first quarter of 2026. First, Q1 was a financial inflection point. We grew consolidated revenue 27% year-over-year posted positive gross profit and improved operating loss by more than $9 million.

謝謝你，Todd。我想強調 2026 年第一季的三個關鍵重點。第一，第一季是財務上的轉折點。我們合併營收年增 27%，毛利轉正，且營業損失改善超過 900 萬美元。

All three of our reportable operating segments contributed to this result second, we benefited from the California Air Resources Board approval of seven new low-carbon fuel standard pathways for our renewable natural gas business at an average carbon intensity score of negative 380 compared with a negative 150 default, which has been providing additional revenue at the higher LCFS value each quarter since Q3 2025.

我們三個可申報的營運部門都對此結果有所貢獻。第二，我們受惠於加州空氣資源委員會（CARB）核准我們再生天然氣業務新增 7 條低碳燃料標準（LCFS）途徑，其平均碳強度（CI）分數為負 380，相較於預設值負 150；自 2025 年第三季起，這些途徑每季都以較高的 LCFS 價值帶來額外收入。

Six additional biogas digester pathways are nearing approval. These LCFS pathways approvals substantially expand the LCFS credit generation per MMBtu of RNG produced and will continue to drive meaningful revenue increases as we scale production, and third, our capital projects are advancing.

另有 6 條額外的沼氣消化槽途徑接近核准。這些 LCFS 途徑的核准將大幅提高每生產一 MMBtu RNG 所能生成的 LCFS 抵減額，並將在我們擴大產量時持續推動顯著的營收成長。第三，我們的資本專案正在推進。

We received the initial deliveries of Dairy Biogas pretreatment skids in April under our $27 million fabrication contract. Major equipment for the $40 million mechanical vapor compression project at our Keyes, California ethanol plant has arrived on site and construction has begun. In Dairy RNG, we sold 110,000 MMBtus in Q1, a 55% increase over the same quarter last year.

我們已於 4 月在 2,700 萬美元的製造合約下，收到乳品沼氣前處理滑撬（pretreatment skids）的首批交付。我們位於加州 Keyes 乙醇廠、總投資 4,000 萬美元的機械蒸汽再壓縮（mechanical vapor compression）專案之主要設備已運抵現場並已開始施工。在乳品 RNG 方面，我們第一季銷售 110,000 MMBtu，較去年同期成長 55%。

With H2S cleanup and biogas compression equipment contracted for 15 additional digesters and four of the equipment units already delivered by the vendor, we are on track to double our operating dairy network with construction into 2027.

我們已為另外 15 座消化槽簽訂 H2S 淨化與沼氣壓縮設備合約，且供應商已交付其中 4 套設備；我們正按計畫在 2027 年前持續施工，將營運中的乳品網路規模倍增。

At our ethanol plant, the MDR project is on track for completion later this year. The system will use on-site solar and grid electricity to displace approximately 80% of the fossil natural gas consumption at the plant. We expect MBR commissioning later this year to add approximately $32 million in annual cash flow from operations, including additional 45Z and LCFS uplift from the expected reduction in the carbon intensity of the ethanol produced by the plant and cost savings on natural gas.

在乙醇廠方面，MDR 專案預計於今年稍晚完成。該系統將使用廠內太陽能與電網電力，取代工廠約 80% 的化石天然氣用量。我們預期今年稍晚 MBR 投運（commissioning）後，營運現金流每年可增加約 3,200 萬美元，其中包含因工廠所產乙醇碳強度預期下降而帶來的額外 45Z 與 LCFS 增益，以及天然氣成本節省。

In India, biodiesel revenue rebounded to $10.5 million in Q1, with the resumption of oil marketing company shipments under new contracts. This revenue growth supports our planned initial public offering of the India subsidiary, Universal Biofuels Private Limited, for which we have retained legal accounting and IPO advisers.

在印度，隨著在新合約下恢復向石油行銷公司出貨，第一季生質柴油營收回升至 1,050 萬美元。此營收成長支持我們規劃推動印度子公司 Universal Biofuels Private Limited 的首次公開發行（IPO）；我們已聘請法律、會計及 IPO 顧問。

Looking ahead, our focus for 2026 is scaling production, monetizing the stacked credit value of our renewable fuels platform, completing the India IPO and the refinancing of existing debt into long-term financing.

展望未來，我們 2026 年的重點是擴大產量、將再生燃料平台的疊加式抵減價值變現、完成印度 IPO，以及將既有債務再融資為長期融資。

The principal catalyst we are tracking through the year include the publication of the updated 45Z CF GRE model by the Department of Energy to significantly increase revenues and margins, commissioning the MBR as the Keyes ethanol plant, rising LCFS credit prices caused by continued quarterly credit deficits and progress on the India IPO. Thank you to our shareholders, analysts and partners for your continued support. Operator, let's take some questions.

我們今年追蹤的主要催化劑包括：能源部發布更新版 45Z CF GRE 模型以顯著提升營收與利潤率、Keyes 乙醇廠 MBR 投運、因持續的季度抵減缺口而推升的 LCFS 抵減價格，以及印度 IPO 的進展。感謝股東、分析師與合作夥伴持續支持。接線員，我們開始提問。

(Operator Instructions)

(接線員指示)

Matthew Blair, TPH.

Matthew Blair，TPH。

Certainly, a lot of things going on at your company, but I was hoping you could talk about the possibility of the RD and SAF plant that has been on the table for a few years now, just in light of the very robust 2026 and 2027 RVO that materially increase the biomass-based diesel requirements. How are you thinking about that RD and SAF project? And maybe you could refresh us on how much it would cost and what kind of capacity it would provide?

當然，你們公司有很多事情在進行中，但我希望你們能談談那座已討論了幾年的 RD 與 SAF 工廠的可能性，特別是考量到 2026 與 2027 年非常強勁的 RVO，將大幅提高以生質為基礎的柴油需求。你們如何看待那個 RD 與 SAF 專案？也許你們可以再幫我們回顧一下，它大概需要多少成本，以及可提供多大的產能？

Thank you, Matt. The capacity is 80 million gallons a year of SAF or if we run it only in renewable diesel mode, it's 90 million gallons. And as you know from previous reports, we have 10 different airlines. We signed definitive agreements with, et cetera. We got full permitting approval for construction to begin in 2024.

謝謝你，Matt。產能方面，SAF 為每年 8,000 萬加侖；若僅以再生柴油模式運轉，則為 9,000 萬加侖。如你從先前報告所知，我們與 10 家不同的航空公司——我們已簽署具約束力的最終協議等。我們已取得完整許可核准，可於 2024 年開始施工。

However, market conditions in renewable diesel and SAF were hampered by a new President being hired. That, of course, happened in late 2024. And that caused the financing markets to take a delay in looking at SAF and RD. You have done a very good job covering margins at renewable diesel producers just yesterday.

然而，再生柴油與 SAF 的市場狀況受到新任總統上任的影響而受挫。當然，那發生在 2024 年底。這使得融資市場在評估 SAF 與 RD 方面出現延後。你昨天對再生柴油生產商的利差所做的報導非常到位。

In California, Phillips 66 announced that they're running above their nameplate capacity on their renewable diesel plant. And certainly, the events since March 1 have driven the price of the molecule up substantially L.A. quotes SAF in need form at $9.80 a gallon as of yesterday.

在加州，Phillips 66 宣布其再生柴油廠的運轉已高於名目產能。而且，自 3 月 1 日以來的事件確實大幅推升了分子（molecule）的價格；截至昨天，L.A. 報價顯示 SAF 以 neat 形式的價格為每加侖 9.80 美元。

So the market conditions have moved in our favor significantly compared to where we were in late 2024 with a new President being hired, who had -- this is certainly had a policy position that needs some clarification. So we are definitely in a position right now in which there is -- frankly, a lot of interest in USAF production.

因此，相較於 2024 年底新任總統上任、且其——這確實有一些政策立場仍需釐清——的情況，市場條件已大幅朝對我們有利的方向移動。所以我們目前確實處於一個——坦白說——對美國 SAF 生產有高度興趣的局面。

I would say that the uncertainty in the last few months has given a new certainty to the need for domestic production of renewable fuel and a clarity that airplanes are not going to fly on hydrogen batteries, nuclear power or any other sort of energy source other than liquid fuels for the foreseeable number of decades.

我會說，過去幾個月的不確定性，反而讓國內再生燃料生產的需求變得更為確定，也更清楚地認知到：在可預見的未來數十年內，飛機不會靠氫電池、核能或任何其他能源形式飛行，而只能依賴液體燃料。

So we position this project specifically for the conditions we're in right now. High price of crude oil alternatives and frankly, coalescing enthusiasm for the renewable version, which is sustainable aviation fuel. So we are definitely making progress on the financing. That is actually the only remaining part of this. We have the authority to construct permit in place for the facility and market conditions continue to be in favor of that.

因此，我們將這個專案明確定位在我們當前所處的環境條件之下。原油替代品價格高企，而且坦白說，市場對可再生版本——也就是永續航空燃料——的熱情正在匯聚。因此，我們在融資方面確實正在取得進展。這其實是目前唯一剩下的部分。我們已取得該設施的建造許可授權，而且市場條件仍持續有利於此。

That 80 million gallons, of course, if we're selling at $9.80 a gallon is almost $800 million additional revenue. And I think the industry today is reporting roughly $1.60 a gallon of operating margin. So obviously, a very positive improvement in our company's overall revenue and EBITDA growth. But I'm going to wrap this up by saying that there are actually four different sources of revenue for that plant and 45Z, the clean fuels provision is still an unknown. We don't have the updated 45Z.

那 8,000 萬加侖，當然，如果我們以每加侖 9.80 美元出售，幾乎就是額外增加 8 億美元的營收。而我認為目前產業報告的營運毛利大約是每加侖 1.60 美元。因此，顯然會對我們公司整體營收與 EBITDA 成長帶來非常正面的提升。不過我想收尾補充的是，那座工廠其實有四種不同的收入來源，而 45Z（清潔燃料條款）目前仍是未知數。我們還沒有更新後的 45Z。

It is absolutely expected anytime soon, certainly before June that republicans need to post it. And since there are four revenue streams, you sell the molecule, you sell the California credits, the federal credits and then receive the 45Z production tax credit, that is having an impact on the timing of our financing and that most lenders, especially are interested in knowing what the 45Z revenue is for this project.

它絕對預期很快就會出來，肯定在 6 月之前，共和黨需要把它公布出來。而由於有四條收入來源：你賣燃料分子（產品本身）、賣加州抵換額度、聯邦抵換額度，然後再取得 45Z 生產稅額抵免，這正在影響我們融資的時點；而且多數放款人尤其希望知道這個專案的 45Z 收入會是多少。

Federal loss passed Treasury adopted their guidance in February '26 for 45Z but the actual calculator in the Department of Energy website is going to be necessary, that spreadsheet needs to be posted with the updated rules in the spreadsheet in order to finalize that fourth leg of the stool. So to put that note on the table that, that's having an impact. Of course, right now, the business works great without 45Z, but people are curious to know what your total revenue is if we're doing a project of that size.

聯邦法案通過後，財政部在 26 年 2 月就 45Z 採納了其指引，但能源部網站上的實際計算器將是必要的；必須把那份試算表連同更新後的規則一併上線，才能把「第四條腿」定案。所以我把這點攤在桌面上：這正在造成影響。當然，就目前而言，即使沒有 45Z，這門生意也運作得很好，但如果我們做的是那種規模的專案，大家會好奇你的總收入會是多少。

Sounds good. And then the India biodiesel operations, nice to see them restarted in the first quarter it looks like profitability essentially breakeven, maybe a little bit below. Could you talk about your expectations for the second quarter?

聽起來不錯。接著談到印度的生質柴油營運，很高興看到第一季似乎已重啟；看起來獲利基本上打平，可能略低一些。你能談談你對第二季的預期嗎？

Do you think volumes will be in a similar range as the first quarter and -- and I think we typically see some margin improvement in the second quarter as you're able to shift to different feedstocks. Do you think that will happen in the second quarter this time around?

你認為銷量會與第一季大致相近嗎——而且我想我們通常會看到第二季因為能轉換到不同原料而有一些利差改善。你認為這次第二季也會發生嗎？

Thanks, Matt. Let's talk about the overall trend in India because it's very important for investors to understand that India is a country that's -- a socialist country. And they have elections that occurred in the first week of May. And in order to support the existing government, a decision was taken by the government to set the price of diesel at the same price in March and in April as it was in January and February.

謝謝，Matt。我們來談談印度的整體趨勢，因為讓投資人理解印度非常重要：印度是一個——社會主義國家。他們在 5 月第一週舉行了選舉。為了支持現任政府，政府做出決定，將 3 月與 4 月的柴油價格維持在與 1 月、2 月相同的水準。

There's no change in the price of diesel. I think most people on this call would understand that the price of diesel and crude oil dramatically increased in both March and April. But in India, it did not. So as of today, when you go to the pump in India, you don't know that the Iranian war happened from the price of the diesel at the pump.

柴油價格沒有變動。我想本次電話會議上的大多數人都會理解，柴油與原油價格在 3 月與 4 月都大幅上升。但在印度並沒有。所以截至今天，你在印度加油站加油時，從柴油的零售價格根本看不出伊朗戰爭發生過。

Now that means that the government is running a very large negative from their expected tax collections from diesel and the oil marketing companies are losing a very large amount of money every single day on selling diesel because they're buying crude oil at high prices and then selling it at prices below cost in India.

這意味著政府的柴油稅收相較其預期出現非常大的負差，而石油行銷公司每天在賣柴油上都在虧非常多錢，因為他們以高價買進原油，卻在印度以低於成本的價格出售。

That is about to change. And it should happen in the next few days. That the price of diesel in India dramatically increases. The oil marketing companies and the Ministry of Petroleum have known about this for two months and have been proactively meeting with the biodiesel and renewable diesel and sustainable aviation fuel producers or 2B producers in the country in order to come up with a much more solid program for us to be able to utilize all of our production capacity.

這種情況即將改變。而且應該會在接下來幾天內發生。也就是印度的柴油價格將大幅上調。石油行銷公司與石油部在過去兩個月已經知道這件事，並且一直主動與國內的生質柴油、可再生柴油以及永續航空燃料生產商（或稱 2B 生產商）會面，以便制定一個更扎實的方案，讓我們能夠利用我們全部的產能。

We have an 80 million-gallon plant that's been operating at -- recently at 10% capacity. And so there's been a renewed focus on domestic renewable fuels in India, with the policies already in place, National Biofuels policy is a 5% blended biodiesel and a 25 billion-gallon market. That's about 1.25 billion gallons. And they're unfortunately not at 5%, they're at 0.5% blend right now, and that is rapidly changing.

我們有一座 8,000 萬加侖的工廠，最近的運轉率只有約 10%。因此，印度對國內可再生燃料的關注重新升溫；在既有政策下，《國家生質燃料政策》目標是 5% 的生質柴油掺混，而市場規模是 250 億加侖。那大約是 12.5 億加侖。但不幸的是，他們目前不是 5%，而是 0.5% 的掺混比例，而這正在快速改變。

So you asked about second quarter, I would put in the context of during the trend of this year, we're seeing dramatic increases. And so frankly, signing larger contracts and frankly, have -- going back to the cost plus contract model is what is in process right now in India.

所以你問到第二季，我會把它放在今年整體趨勢的脈絡下：我們正看到顯著的成長。因此，坦白說，正在進行的是簽訂更大型的合約，並且坦白說，回到「成本加成」（cost-plus）的合約模式。

And during the course of the next few months, I think you'll see that kind of certainty come into play. And our IPO is really being built around us working on that reality that those policies need to be known and need to be adopted. And so we're setting up our IPO to be directly correlated with when those policies are adopted. I think it will have a very positive impact on not only the valuation of our business, but how much money we raise and we're seeking for the IPO in India to be truly a breakout opportunity.

而在接下來幾個月內，我認為你會看到那種確定性逐步到位。而我們的 IPO 真正是建立在我們面對這個現實：這些政策需要被明確、需要被採納。因此，我們正在把 IPO 的安排設計成與這些政策被採納的時間點直接連動。我認為這不僅會對我們業務的估值帶來非常正面的影響，也會影響我們能募到多少資金；我們希望印度的 IPO 能成為真正的突破性機會。

We're looking to build the first global diversified renewable fuels business ever to go public in India and certainly anticipate that, that will be the positioning we have and the -- the events of the last two months are having a very significant impact on India and focusing them on redirect themselves to these policies that they've already got in the books, but they haven't been fully enforcing.

我們希望打造第一家在印度上市、具全球多元化布局的可再生燃料企業；我們當然預期這將是我們的定位。而過去兩個月的事件對印度造成非常顯著的影響，促使他們把焦點轉回到這些其實已經寫在法規裡、但尚未被充分執行的政策上。

Nate Pendleton, Texas Capital.

Nate Pendleton，Texas Capital。

Good morning. Can you provide more color around the financing commentary from the release? Just looking to better understand some of the options that are available to you on addressing the debt broadly. And then more specifically, what are you looking at with regard to Keyes and then the status of the refunding for the Dairy RNG projects?

早安。你能就新聞稿中關於融資的評論提供更多細節嗎？我想更了解你們在整體債務處理上有哪些可用選項。另外更具體地，關於 Keyes 你們在看什麼？以及乳品 RNG 專案再融資（refunding）的進度如何？

The improved margins and, frankly, now recovery of confidence and the need for domestic renewable fuels is directly expanding our refinancing opportunities. We have been funded and supported for the last 18 years by roughly a $3 billion fund at Toronto that holds our senior debt, except for the $50 million of USDA debt that we have.

利差改善，以及坦白說，信心的回升與對國內可再生燃料的需求，正直接擴大我們再融資的機會。過去 18 年來，我們的資金來源與支持主要來自多倫多一支約 30 億美元的基金，該基金持有我們的優先債務；例外是我們有 5,000 萬美元的 USDA 債務。

And our expectation is that we will continue to have very positive trends toward having municipal bond financings available to us. Municipal bonds have been used by the renewable fuels industry for a variety of basically greenfield projects, we, of course, are not greenfield were expansion. And so we are actively in the market right now, actually working on a municipal bond type refinancing of our existing bridge financing we got from Third Eye Capital.

我們預期，市政債券融資將持續對我們呈現非常正向的可得性趨勢。市政債券已被可再生燃料產業用於各式各樣基本上屬於綠地（greenfield）專案的融資；而我們當然不是綠地，而是擴建。因此，我們目前正積極在市場上運作，實際上正在推進一項以市政債券形式，為我們從 Third Eye Capital 取得的既有過橋融資進行再融資。

The Renewable Energy for America program at USDA is active, but they have slowed down their expansion in renewable fuels in a portfolio review process. The timing of that, and it seems to be changing on a regular basis. So as they make a review of their portfolio goals, they'll be expanding or not expanding.

USDA 的「美國可再生能源計畫」（Renewable Energy for America program）仍在運作，但他們在投組檢視流程中，已放慢其在可再生燃料領域的擴張。其時程似乎經常變動。因此，當他們檢視其投組目標時，可能會擴張，也可能不會擴張。

It's really quite uncertain to be quite frankly -- frank with you. So the rapid expansion of interest in the municipal bond and even commercial credit markets, certainly private credit markets, all of which we've had active discussions with, I think, are going to overshadow our renewable energy for America program funding. I think we'll be seeing much larger financings and moving much quicker than what the USDA RE program currently looks like for our company.

坦白跟你說，這件事其實相當不確定。因此，市政債券、甚至商業信貸市場（當然也包括我們一直在積極討論的私募信貸市場）對此的興趣快速擴張，我認為將會蓋過我們「美國再生能源（USDA RE）計畫」的資金規模。我想我們會看到比目前 USDA RE 計畫對我們公司而言更大規模、而且推進速度更快的融資。

Understood. And then I just wanted to get your perspective on LCFS prices for a moment. While the market has flipped to deficit generation recently, prices have broadly remained quite muted. So can you talk about your expectations for that market going forward?

了解。接著我想請你談一下你對 LCFS 價格的看法。雖然市場最近已轉為赤字（缺口）產生，但價格整體仍相當低迷。所以你能談談你對該市場後續走勢的預期嗎？

I think we're going to see a rapid price increase during the summer and early fall, what muted the deficit that we -- our second quarterly deficit announced on April 30 and that was for the fourth quarter of last year. So there's a trailing deficit announcement. It will be literally 44 months after the end of the fiscal quarter is when the announcement happens.

我認為我們會在夏季到初秋看到價格快速上升；之所以目前偏低迷，是因為我們在 4 月 30 日公布了第二次季度赤字，而那是去年第四季的數據。所以赤字公告是落後公布的。公告發生的時間，字面上會是在該財務季度結束後 44 個月。

But the price of being muted was an expectation by traders that people wouldn't drive as much with high gasoline prices. Interestingly enough, on a formulaic basis, gasoline currently represents roughly 2% of the income of the average American. And I think traders overtraded on this one. They were not anticipating that the Iranian War would actually not be as big of an impact on driving as what it has -- they thought to have a bigger impact on what it really did. It did not have a big impact, especially in California.

但價格之所以低迷，是因為交易員預期在汽油價格高企時，人們不會開那麼多車。有趣的是，按公式計算，汽油目前大約只占美國平均家庭收入的 2%。我認為交易員在這件事上過度交易了。他們原本預期伊朗戰爭會對行車里程造成很大影響，但實際影響並沒有他們想像的大。它並沒有造成很大的影響，尤其是在加州。

So LCFS credit deficits, however, are not driven just by consumption of gasoline. It's also driven by how many credits come from renewable diesel. Renewable diesel is the reason we got such a large $40 million credit bank and renewable diesel has underperformed in Q4 last year and the first part of Q1 of this year, I expect it to underperform in credit generation.

不過，LCFS 信用額度的赤字並不只是由汽油消費所驅動。也取決於有多少信用額度來自再生柴油（renewable diesel）。再生柴油是我們能累積到約 4,000 萬美元信用額度庫存的原因；而再生柴油在去年第四季以及今年第一季前段表現不佳，我預期它在信用額度產生上仍會低於預期。

So you have fewer credits being generated quite frankly, it was a lot more of a deficit than what was expected because there's fewer renewable diesel credits generated. So we think the LCFS price trend is absolutely upwards. The question of pace has been impacted by the Iranian war that play didn't quite work out. And so we do expect increases to continue.

所以坦白說，產生的信用額度變少了；赤字也比預期更大，因為再生柴油產生的信用額度更少。因此我們認為 LCFS 價格趨勢絕對是向上的。至於上升速度，受到伊朗戰爭這個交易題材影響，而那個情境並沒有如預期發展。所以我們確實預期價格會持續上升。

There are plenty of credits in the market. It's not that issue. The issue is, do you want to pay $200 for it, 18 months from now when there's very few in the credit bank. So it's a question of major oil company traders over the next 18 months at some point in time, reaching a tipping point which they decide they do not want to have to buy $200 credits.

市場上其實有很多信用額度。問題不在於供給不足。問題在於：你是否願意在 18 個月後、當信用額度庫存很少時，為它支付 200 美元？所以關鍵在於：未來 18 個月內的某個時間點，大型石油公司的交易員會到達一個臨界點，決定他們不想被迫去買 200 美元的信用額度。

They might as well get out there and buy whatever they can in the market. When that happens, you'll see a very rapid price rise. And so I wouldn't be surprised at all to see $150 in 2027 as traders see the cap is $268 and they want to get their book filled up as soon as possible.

他們不如現在就到市場上把能買的都買下來。一旦發生那種情況，你會看到價格非常快速地上漲。因此，如果 2027 年看到 150 美元我一點也不意外，因為交易員看到上限是 268 美元，就會想盡快把部位（book）補滿。

Sameer Joshi, H.C. Wainright.

Sameer Joshi，H.C. Wainright。

So on the NBR, I understand it's going to be deployed before the end of the year. Are there any additional certifications, verifications, needed to be done before you can start generating that $32 million annualized return from it? I know some of it will be immediate because of lower natural gas consumption. But for the other incentive-based cash flows, do you need to do anything?

關於 NBR，我了解它會在年底前部署。在你們能開始從中產生年化 3,200 萬美元回報之前，是否還需要任何額外的認證、驗證？我知道其中一部分會因天然氣用量降低而立即反映。但對於其他以激勵為基礎的現金流，你們還需要做任何事情嗎？

Andy, you want to take that?

Andy，你要回答這題嗎？

Yes. Thank you for your question. No, there are no additional certifications necessary. We received an authority to construct from the Air District, which is really the big number that we have to get crossed off before we can proceed with the project, and that was received last year.

好的。謝謝你的提問。不，需要的額外認證沒有。我們已從空氣品質管理區（Air District）取得施工許可（authority to construct），這基本上是我們在推進專案前必須跨過的最大關卡，而這項許可是去年取得的。

So we have some local permits that are sort of ongoing as you do construction, but we don't have any requirements for additional permitting or authorization in order to proceed. So construction has begun. We've begun demolition on existing concrete structures.

因此我們有一些地方性的許可會在施工過程中持續辦理，但就推進專案而言，不需要任何額外的許可或授權要求。所以施工已經開始。我們也已開始拆除既有的混凝土結構。

As Eric mentioned in his comments, we've received -- most of the major equipment is state side now. We received the Turbo Fans from Germany last week. The main evaporator was received by -- from Praj in India about a week ago, it's actually currently in transit to the Keyes plant. So all of the big ticket items that take a long time to fabricate are either on site or will be on site within the next week or so.

如 Eric 在評論中提到的，我們已收到——大部分主要設備現在都已在美國境內。我們上週從德國收到了渦輪風扇（Turbo Fans）。主要蒸發器約一週前由印度 Praj 出貨收到，目前正運往 Keyes 工廠途中。所以所有製造期很長的大型關鍵設備，不是已在現場，就是會在接下來一週左右到場。

Moving to the India OMC activity there. Thanks for the color that you provided, Eric, this is for the previous question. But in terms of pricing for -- that will be available for you, do you expect it to be a premium pricing relative to what you got in the last year, for example, are getting currently?

再談到印度 OMC 的相關進展。謝謝你提供的補充說明，Eric，這是針對前一個問題。但就你們可取得的定價而言，你是否預期會相較於去年、例如目前所取得的價格，有溢價（premium pricing）？

Yes. So there's definitely premium pricing actually. The next contract is already being discussed. But the structure of a cost-plus contract, which we did $112 million of revenue and about $14 million of positive cash flow last time we had a cost-plus contract.

是的。確實會有溢價定價。下一份合約其實已經在討論中。不過，成本加成（cost-plus）合約的架構——上一次我們採用成本加成合約時，創造了 1.12 億美元營收與約 1,400 萬美元的正向現金流。

That structure is being strongly considered as a replacement to what they've done in the last couple of years, which was this uncertain sort of pick a number and see what happens kind of a structure. And we covered this, I guess, a couple of years ago with investors. But just a reminder, the cost-plus structure was after many, many years of working with the government to come up with something that was going to expand capacity utilization in India.

這個架構正被強烈考慮，用來取代他們過去幾年採用的那種不確定、類似「先選個數字看看會怎樣」的架構。我們幾年前也跟投資人談過這點。但提醒一下，成本加成架構是在與政府合作多年後才設計出來的，目的是要提升印度的產能利用率。

It worked very, very well. And then the India government passed a 20% tax at a 20% tariff on the feedstock that was being used by the industry, and therefore, the price of the formula went up 20% and after they issued us a contract.

它運作得非常、非常好。但後來印度政府對產業所使用的原料課徵 20% 的稅（20% 關稅），因此公式價格上升了 20%，而且是在他們已經發給我們合約之後。

The oil marketing companies did not want to take a loss, so they just didn't take delivery. That created confusion in the market. That confusion has now gotten more clarified because of the very high-cost diesel and the need for them to start getting utilization in the biodiesel industry, and that's the resolution that's being worked out right now. So we do expect a return to better conditions for full capacity utilization. India imports over 90% of its crude oil and really needs to expand its domestic production of renewable fuels.

石油行銷公司（OMC）不想承擔虧損，所以就不提貨。這在市場上造成混亂。而這個混亂現在因柴油成本非常高、以及他們需要讓生質柴油產業開始提升產能利用率而逐漸釐清；目前正在推動的就是這個解決方案。因此我們確實預期會回到更好的條件，以達到滿載產能利用。印度超過 90% 的原油依賴進口，確實需要擴大其國內再生燃料的生產。

Understood. And then just one last one. You did mention you got seven new LCFS pathways approved for the negative 380. 6 are being worked on. Do we -- should we expect those to occur before -- in the first half? Or is it the second half event?

了解。最後一題。你提到你們有 7 條新的 LCFS 路徑已獲核准，對應到負 380；另外還有 6 條正在推進中。我們是否應該預期這些會在上半年發生——還是會是下半年的事件？

There's a strange delay in the process. So we expect the approvals to occur, but then they are look back a couple of quarters. So if we get an approval, for example, at the end of the fourth quarter, it's a look back to the beginning of the third quarter. So -- and approval by the end of December is actually effective in July 1.

流程上有一個奇怪的延遲。所以我們預期會獲得核准，但核准會回溯幾個季度生效。例如，如果我們在第四季末拿到核准，它會回溯到第三季初。所以——在 12 月底前核准，實際上是從 7 月 1 日起生效。

So a strange situation, but the reality is, yes, we do expect by the end of the year to be appropriate progress here with a look back that looks like a six-month look back because they do it the quarter after the closing of the quarter. So we will keep the market apprised of progress here. And of course, we're focusing on moving it through the process as quickly as possible.

所以這是一個有點奇怪的情況，但現實是，是的，我們預期到年底這裡會有適當的進展；回溯看起來會像是回溯六個月，因為他們是在季度結束後的下一個季度才進行。因此我們會讓市場隨時掌握這裡的進展。當然，我們也專注於盡可能快速地推進流程。

Understood. So that would potentially sort of be a lump sum that you get if it is approved in the fourth quarter for the previous two quarters, and then it will be on an ongoing basis?

了解。所以如果在第四季獲得核准，你可能會就前兩個季度拿到一筆一次性的款項，之後就會變成持續性的？

It's a look-back process, which basically just starts July 1, if you're approved December 30. And then you -- yes, there might be a one-quarter catch-up. But in essence, it's just a delayed approval for the previous quarter. It's the way the government looks like.

這是一個回溯流程，基本上如果你在12月30日獲核准，它就從7月1日開始回溯。然後你——是的，可能會有一個季度的補提。但本質上，它只是對前一季度的延後核准。政府就是這樣看待的。

Dave Storms, Stonegate.

Dave Storms，Stonegate。

I want to stick with the dairy digesters. I believe you mentioned on the call, you're expecting another 15, doubling your digesters by 2027. Can you just remind us when you actually get the investment tax credits related to those investments? And maybe just your thoughts around the monetization of those tax credits.

我想繼續談乳業厭氧消化槽。我記得你在電話會議上提到，你們預期再新增15座，到2027年把消化槽數量翻倍。你能提醒我們，與這些投資相關的投資稅額抵免（ITC）實際上是在什麼時候取得嗎？另外也請談談你們對這些稅額抵免變現的看法。

Good question. We get the tax credits upon the completion, the -- what they call in-service date for each single digester. So we don't have to build all 15 of them and then add six months to that or anything. As we build each digester and it goes in service, we generate the 45 -- Section 48, I'm sorry, investment tax credits. We have sold about $95 million of these tax credits. We tend to sell them in $5 million or higher increments, so that is not absolutely required.

好問題。我們是在每一座消化槽完工、也就是他們所稱的每一個消化槽的投入使用日（in-service date）時取得稅額抵免。所以我們不需要把15座全部建完再多等六個月之類的。我們每建好一座消化槽並投入使用，就會產生45——抱歉，是第48條（Section 48）的投資稅額抵免。我們已經出售了約9,500萬美元的這類稅額抵免。我們通常以500萬美元或以上的單位出售，但這並非絕對要求。

And we do expect to have a single party this year, acquire each one of the investment tax credit projects that we generate. So we will be seeking to do at least once a quarter, there is a potential to do it, doing it more than once a quarter, depending on how many new units are completed.

而且我們預期今年會由單一買方收購我們所產生的每一個投資稅額抵免專案。因此我們會尋求至少每季做一次；視完成的新機組數量而定，也有可能每季做不只一次。

So we expect this to be probably a third quarter contribution, but could be quicker than that. And I'd say it could be as in the markets moving quickly. And we have some refinancing activities going on that certainly are very positive for the business. We've already fully financed the construction of $27 million of fees, hydrosulfide and compression skids.

所以我們預期這可能會是第三季的貢獻，但也可能更快。我會說，市場變動很快，確實有可能更早。而且我們正在進行一些再融資活動，對業務非常正面。我們已經把2,700萬美元的費用、硫化氫處理與壓縮撬裝設備（skids）的建造完全融資到位。

The process is going on. We've received four of them already have more coming. So we're rapidly executing on portions of this project right now. and the investment tax credit delay is a month or so after the in-service date if we were doing it in the ordinary flow of business. So not a whole lot of delay between when the project is completed and when we get the cash.

流程正在進行中。我們已經收到其中四套，後續還會有更多。所以我們目前正在快速執行這個專案的部分工作。而若按一般業務流程操作，投資稅額抵免的延遲大約是在投入使用日之後一個月左右。因此從專案完成到我們拿到現金之間，延遲不會太久。

Understood. That's very helpful. And then just sticking with those potential new digesters. Do those come online at the negative 380 qualification status? Or I guess, how does that process look if they don't come on at the negative 3.80, what do you think the current time line is from the negative 150 to the negative 380?

了解。這非常有幫助。接著還是關於那些潛在的新消化槽。它們上線時會以負380的資格狀態嗎？或者說，如果不是以負3.80上線，從負150到負380的目前時間表大概是怎樣？

Andy, you want to take that? Are you speaking about the new digesters that are not -- that are not built now?

Andy，你要回答嗎？你是在說那些新的、目前尚未建造的消化槽嗎？

Given the temporary pathway score of negative 150. And then once we go through the process with CARB, which hopefully now that they've moved to a Tier 1 approval process will be significantly shorter than what we've experienced in the last few years, which is this kind of 24 months to 36 months approval process.

在臨時途徑分數為負150的情況下。然後一旦我們與CARB走完流程——希望現在他們已轉為Tier 1核准流程，時間會比我們過去幾年經歷的顯著縮短；過去那種大約24到36個月的核准流程。

It should be more like nine months, and then we would get the benefit of that higher or lower, however you want to look at it. CI score. So initially, it's a negative 150 as you work your way through the approval process and then you go to the blended rate of the negative 3.80.

應該會更像是九個月，然後我們就能享受到那個更高或更低——看你怎麼看——的CI分數所帶來的好處。CI分數。所以一開始在你推進核准流程時是負150，之後再轉為負3.80的加權（混合）費率。

Ed Woo, Ascendiant Capital.

Ed Woo，Ascendiant Capital。

My question is, as we are getting closer to the India IPO, what are your priorities? Or what have you allocated in terms of what you're going to do with the capital raised?

我的問題是，隨著我們越來越接近印度IPO，你們的優先事項是什麼？或者你們對募得資金的用途做了哪些配置？

India IPO is primarily designed to support the expansion of the existing projects in India and in California. So our existing projects in California, specifically focused on dairy RNG would be a use of some of the proceeds of our India business. That's one of the reasons why we'll be the first global diversified, so not just biodiesel but multiple different fuels, companies that go public in India.

印度IPO主要是為了支持印度與加州既有專案的擴張。因此，我們在加州的既有專案，特別是聚焦於乳業RNG，會是我們印度業務部分募資款項的用途之一。這也是為什麼我們將成為第一家在印度上市的全球多元化公司——不只是生質柴油，而是多種不同燃料。

That offers the India investor access to a very well-established incentive environment here in California called the low carbon fuel standard, the federal government support, the low carbon -- the fuel and California is matched by the renewable fuel standard federal level and the 45Z production tax credit and the value of the molecule.

這讓印度投資人能接觸到加州這裡一個非常成熟的激勵環境，稱為低碳燃料標準（LCFS），以及聯邦政府的支持；加州的低碳——燃料政策並且在聯邦層級由可再生燃料標準（RFS）相互呼應，還有45Z生產稅額抵免，以及分子本身的價值。

So the Indian investor who has access to arguably one of the best markets in the world for renewable fuels. And that's a diversification of the growth in the India business. Another point we've made publicly is that as the largest biodiesel producer in India, we happen to be very well positioned to build the conversion of a biodiesel facility into sustainable aviation fuel.

因此，印度投資人得以進入可說是全球最好的可再生燃料市場之一。而這也使印度業務的成長更加多元化。我們另一個公開提過的重點是，作為印度最大的生質柴油生產商，我們剛好具備非常好的條件，把生質柴油設施改造為永續航空燃料（SAF）。

And so our India IPO, not only is biodiesel and dairy renewable natural gas but also a conversion into an SAF producer in India in addition to expanding biodiesel -- so let's say, a diversified business. The India market is very deep and wide and right now is about to have the shock of its diesel life the increase of just an incredible percentage increase in diesel costs as a result of what's been going on in the world.

因此，我們的印度IPO不僅包含生質柴油與乳業可再生天然氣，也包含在印度轉型成為SAF生產商，並在擴張生質柴油的同時——可以說是一個多元化的業務。印度市場非常深且廣，而現在正要面臨柴油價格的衝擊——由於全球局勢，柴油成本將出現驚人的百分比漲幅。

So it's a perfect storm for us in favor of us. as a producer in India who's been there for 18 years to open our opportunity to the public markets. And so we're making excellent progress. And certainly, market conditions will determine the actual timing of what we do, but market conditions are certainly trending in our direction.

所以這對我們而言是「完美風暴」，是有利於我們的：作為一家在印度深耕18年的生產商，這讓我們有機會進入公開市場。因此我們進展非常順利。當然，市場狀況將決定我們實際採取行動的時間點，但市場狀況確實正朝著對我們有利的方向發展。

There are no further questions in queue at this time. I would now like to turn the floor back over to Eric McAfee for closing remarks.

目前隊列中沒有其他問題。我現在想把時間交還給Eric McAfee做結語。

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

感謝Aemetis股東、分析師以及其他人士今天加入我們。我們期待與各位交流，討論參與Aemetis成長機會的方式。Todd？

Thank you for attending today's Aemetis earnings conference call. A written an audio version of this earnings review will be posted to the Investors section of the Aemetis website.

感謝各位參加今天的Aemetis財報電話會議。本次財報回顧的文字稿與音訊版本將會發布在Aemetis網站的投資人專區。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。