Aemetis(AMTX) - 2024 Q4 - Annual Results

Revenue Growth - Annual revenues for 2024 increased by 43% to $268 million, up$81 million from 2023, driven by growth in all business segments[2] - India biodiesel annual revenues rose by 20% to $93 million, while California ethanol annual revenues surged by 55$162 million[3] - Aemetis Biogas reported a remarkable 139% increase in annual revenues and an 80% increase in production capacity[3] Financial Performance - Operating loss for the fourth quarter of 2024 was $13.5 million, compared to a loss of$9.0 million in Q4 2023[11] - Net loss for the twelve months ending December 31, 2024, was $87.5 million, compared to a net loss of$46.4 million in 2023[20] - Revenues for Q4 2024 were $47,004 million, a decrease of 33.7$70,764 million in Q4 2023[28] - Gross profit for Q4 2024 was a loss of $2,040 million, compared to a profit of$864 million in Q4 2023[28] - Net loss for the year 2024 was $87,537 million, significantly higher than the net loss of$46,420 million in 2023[28] - Adjusted EBITDA for Q4 2024 was a loss of $9,612 million, compared to a loss of$5,704 million in Q4 2023[32] Cash and Assets - Cash at the end of Q4 2024 was $898 thousand, down from$2.7 million at the end of Q4 2023[21] - Total current assets increased to $44,696 million in 2024 from$36,400 million in 2023[30] - Total liabilities rose to $523,230 million in 2024, up from$460,383 million in 2023[30] Production and Sales - Ethanol gallons sold in Q4 2024 were 15.7 million, up from 15.0 million in Q4 2023, with an average sales price of $1.93 per gallon[34] - Average delivered cost of corn per bushel decreased to$6.08 in Q4 2024 from $6.70 in Q4 2023[34] - RINs sold in 2024 totaled 3,029.9 thousand, compared to 1,400.7 thousand in 2023, with an average price of$3.00 per RIN[34] - Biodiesel metric tons sold in 2024 were 74.2 thousand, an increase from 60.5 thousand in 2023, with an average sales price of $1,168 per metric ton[34] Investments and Expansion - The company completed a$12 million solar microgrid installation, reducing energy costs and carbon intensity in ethanol production[4] - The company received a $10.5 million allocation in IRA Section 48C Tax Credits for a Mechanical Vapor Recompression system installation[8] - Aemetis is expanding its biodiesel production capacity in India from 60 million gallons per year to 80 million gallons per year[8] - The company began generating valuable 45Z tax credits in January 2025, with E15 ethanol blends approved by the EPA for eight states[6]