Aemetis(US:AMTX) Newsfilter·2024-08-01 13:38Core Insights - Aemetis, Inc. reported a 48% increase in revenues for Q2 2024, reaching $66.6 million compared to $45.1 million in Q2 2023, driven by strong performance across its operating segments [1][5]. Financial Performance - Revenues for the California Ethanol business were $40.1 million, while the India Biodiesel business generated $28.8 million, and the Dairy Renewable Natural Gas (RNG) business contributed $1.6 million [1]. - The company experienced a gross loss of $1.8 million in Q2 2024, a decline from a gross profit of $2.0 million in Q2 2023 [5][6]. - Selling, general, and administrative expenses rose 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 Q2 2024 was $13.6 million, compared to a loss of $7.8 million in Q2 2023 [6]. - Net loss for Q2 2024 was $29.2 million, compared to a net loss of $25.3 million in Q2 2023 [6]. Operational Highlights - The Dairy RNG business has the capacity to produce over 300,000 MMBtu of renewable natural gas annually, marking a significant cash flow milestone [2]. - Aemetis anticipates additional revenues from operational dairies and those under construction, contingent on receiving LCFS provisional pathway approvals and federal tax credits starting January 2025 [2]. - The California Ethanol business has commissioned a new Solar Microgrid with battery storage to enhance future cash flows by reducing electric utility costs [2]. Strategic Developments - The Ethanol business received $10.5 million in IRA tax credits to support the installation of a Mechanical Vapor Recompression system, expected to reduce natural gas usage by approximately 80% [3]. - Aemetis announced the appointment of a Managing Director and CEO for its India Biofuel business, indicating a commitment to expansion and a potential IPO for this subsidiary [3]. Capital Investments - The company invested $5.4 million in capital projects during Q2 2024, focusing on reducing carbon intensity and constructing dairy digesters [7]. - Total investments in capital projects for the first half of 2024 amounted to $9.0 million, including $7.1 million related to Aemetis Biogas [9]. Production and Sales Metrics - Ethanol production reached 14.8 million gallons in Q2 2024, significantly up from 2.8 million gallons in Q2 2023 [21]. - The average sales price for ethanol was $1.99 per gallon in Q2 2024, compared to $3.12 in Q2 2023 [21]. - The Dairy RNG segment produced 89,400 MMBtu in Q2 2024, up from 54,100 MMBtu in Q2 2023 [21].