Aemetis Reports Revenues of $66 Million for the Second Quarter 2024

Core 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 - The California Ethanol business generated $40.1 million in revenues, while the India Biodiesel business contributed $28.8 million, and the Dairy Renewable Natural Gas (RNG) business added $1.6 million [1]. - Gross loss for Q2 2024 was $1.8 million, a decline from a profit of $2.0 million in Q2 2023 [5]. - Selling, general and administrative expenses rose to $11.8 million in Q2 2024 from $9.7 million in Q2 2023, primarily due to a $3.6 million loss on asset disposals [6]. - The 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 is expected to produce over 300,000 MMBtu of renewable natural gas annually, marking a significant cash flow milestone [2]. - Aemetis has commissioned a new Solar Microgrid with battery storage to enhance future cash flows by reducing electric utility costs [2]. - The company received $10.5 million in IRA tax credits to support the installation of a Mechanical Vapor Recompression system, which is projected to reduce natural gas usage by approximately 80% at the Keyes facility [3]. Strategic Developments - Aemetis announced the appointment of a Managing Director and CEO for its India Biofuel business, indicating a commitment to expand operations and pursue an IPO for this subsidiary [3]. - Investments in capital projects related to carbon intensity reduction and dairy digester construction amounted to $5.4 million in Q2 2024 [7]. Six-Month Financial Overview - For the first half of 2024, revenues totaled $139.2 million, significantly up from $47.3 million in the first half of 2023 [8]. - The gross loss for the first half of 2024 was $2.4 million, compared to a gross profit of $0.7 million in the same period of 2023 [8]. - Net loss for the first half of 2024 was $53.4 million, slightly higher than the net loss of $51.7 million in the first half of 2023 [9].