Aemetis(AMTX)2024-11-12 13:30Financial Performance - Aemetis reported revenues of $81.4 million for Q3 2024, a 19% increase compared to $68.7 million in Q3 2023[1][5] - Gross profit for Q3 2024 was $3.9 million, significantly up from $492 thousand in Q3 2023[6][19] - Operating loss narrowed to $3.9 million in Q3 2024 from an operating loss of $8.5 million in Q3 2023[7][19] - Net loss for Q3 2024 was $17.9 million, compared to a net income of $30.7 million in Q3 2023[9][19] - Total revenues for the first three quarters of 2024 reached $220.6 million, up from $116.0 million in the same period of 2023[10][19] - Adjusted EBITDA for the three months ended September 2024 was $1,459 thousand, a recovery from a loss of $4,886 thousand in the same period of 2023[21] - Net loss for the three months ended September 2024 was $17,935 thousand, compared to a net income of $30,711 thousand for the same period in 2023[21] Revenue Sources - The California Ethanol business generated $45.0 million in revenues, while the India Biodiesel business contributed $32.2 million, and the Dairy Renewable Natural Gas (RNG) business added $4.2 million[2][5] - Aemetis anticipates substantial revenue growth from its operating dairies and new dairies under construction upon receiving LCFS provisional pathway approvals and federal IRA 45Z production tax credits for RNG[3] - The approval of 20 years of Low Carbon Fuel Standard mandates is expected to enhance revenues and earnings across Aemetis' U.S. businesses[4] Production and Sales Metrics - Ethanol gallons sold increased to 15.5 million in the three months ended September 2024, up from 13.8 million in the same period of 2023, marking a growth of approximately 12.3%[22] - Dairy Renewable Natural Gas production increased to 86.6 thousand MMBtu in the three months ended September 2024, compared to 66.6 thousand MMBtu in the same period of 2023, an increase of approximately 30%[22] - Biodiesel metric tons sold rose to 26.0 thousand in the three months ended September 2024, up from 15.5 thousand in the same period of 2023, representing a growth of approximately 67.7%[22] Cost and Pricing - Average sales price per gallon of ethanol decreased to $2.12 in the three months ended September 2024 from $2.64 in the same period of 2023, a decline of about 19.7%[22] - The average delivered cost per bushel of corn decreased to $6.07 in the three months ended September 2024 from $7.48 in the same period of 2023, a reduction of about 18.9%[22] Capital Investments and Assets - Investments in capital projects for Q3 2024 amounted to $4.5 million, focusing on reducing carbon intensity and constructing dairy digesters[9] - Aemetis is actively expanding its biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas[16] - Total assets increased to $247,425 thousand in 2024 from $243,406 thousand in 2023, reflecting a growth of approximately 0.8%[20] - Current liabilities rose significantly to $132,242 thousand in 2024, up from $84,389 thousand in 2023, representing an increase of about 56.7%[20] - Stockholders' deficit increased to $(258,909) thousand in 2024 from $(216,977) thousand in 2023, reflecting a decline of approximately 19.3%[20]