Aemetis(AMTX) - 2024 Q2 - Quarterly Results

Revenue Performance - Aemetis reported revenues of $66.6 million for Q2 2024, a 48% increase compared to $45.1 million in Q2 2023[1][5] - The California Ethanol business generated $40.1 million in revenues, while the India Biodiesel business contributed $28.8 million, and the Dairy RNG business added $1.6 million[1][5] - Total revenues for the first half of 2024 reached $139.2 million, significantly up from $47.3 million in the first half of 2023[8] Loss and Expenses - The company reported a net loss of $29.2 million for Q2 2024, compared to a net loss of $25.3 million in Q2 2023[6] - Selling, general and administrative expenses increased to $11.8 million in Q2 2024 from $9.7 million in Q2 2023, primarily due to a loss on asset disposals[6] - The operating loss for the first half of 2024 was $23.1 million, compared to a loss of $19.9 million in the same period of 2023[9] - Net loss for the three months ended June 30, 2024, was $29,174 thousand compared to a loss of $25,279 thousand for the same period in 2023[19] - Adjusted EBITDA for the three months ended June 30, 2024, was $(5,906) thousand, compared to $(4,262) thousand for the same period in 2023[19] - The company reported an accumulated deficit of $(528,810) thousand, up from $(475,405) thousand year-over-year[17] Cash and Assets - Cash at the end of Q2 2024 was $234 thousand, down from $2.7 million at the end of Q4 2023[7] - Total assets decreased to $232,088 thousand from $243,406 thousand, a decline of approximately 4.7%[17] - Current liabilities increased significantly to $120,853 thousand from $84,389 thousand, an increase of about 43%[17] Production and Sales Metrics - Ethanol gallons sold increased to 14.8 million from 2.8 million, a growth of over 428%[20] - Average sales price per gallon of ethanol decreased to $1.99 from $3.12, a decline of approximately 36%[20] - Dairy Renewable Natural Gas production increased to 89.4 thousand MMBtu from 54.1 thousand MMBtu, an increase of about 65%[20] - Biodiesel metric tons sold decreased to 20.4 thousand from 25.7 thousand, a decline of approximately 20%[20] - Average sales price per metric ton of biodiesel decreased to $1,162 from $1,276, a decline of about 9%[20] Strategic Initiatives - Aemetis is pursuing an IPO for its India Biofuel business, indicating a commitment to market expansion[4] - The Dairy RNG business has the capacity to produce over 300,000 MMBtu of renewable natural gas annually, which is expected to enhance future revenues[2] Tax Credits and Cost Reductions - Aemetis received $10.5 million in IRA tax credits to support the installation of a Mechanical Vapor Recompression system, projected to reduce natural gas usage by approximately 80%[3]