Aemetis(US:AMTX)2025-03-13 18:00Financial Data and Key Metrics Changes - Revenues for the year ended December 31, 2024, were $268 million, up from $187 million in 2023, with all three segments reporting increases [5][6] - Gross loss for 2024 was $580,000 compared to a gross profit of $2 million in 2023 [6][8] - Net loss for 2024 was $87.5 million, compared to a net loss of $46.4 million in 2023 [8] - Cash at the end of Q4 2024 was $898,000, down from $2.7 million on December 31, 2023 [8] Business Line Data and Key Metrics Changes - California ethanol revenue increased by $57.7 million due to full-year operations [5] - India biodiesel revenue increased by $15.7 million from stronger delivery volumes [6] - California renewable natural gas revenue increased by $7.6 million from increased production and sales of credits [6] Market Data and Key Metrics Changes - The price of California LCFS credits increased from $44 to $75 by February 2025, but a recent delay in implementation caused a 30% decrease in prices [12][13] - The expected increase in LCFS credit prices is projected to reach $200 per ton by 2027 [13] Company Strategy and Development Direction - The company aims to benefit from supportive public policies for domestic energy producers, particularly in biogas, ethanol, and biodiesel [10] - Aemetis plans to expand its biogas production capacity to 1,000,000 MMBtu per year by 2026 [22] - The company is focused on the development of sustainable aviation fuel and renewable diesel, with a planned 90 million gallon per year plant [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the REAP financing program despite government spending pauses [32] - The company anticipates a renewed commitment to biodiesel blending in India, which is expected to support investor interest [21] - Management noted that the approval of E15 blends could significantly increase the U.S. ethanol market by up to 50% [19] Other Important Information - Capital expenditures for carbon intensity reduction projects were $20.3 million in 2024 [9] - The company has received $17 million in cash from investment tax credits in early 2025 [16] Q&A Session Summary Question: Confidence levels around REAP financing - Management expressed high confidence in REAP, expecting approvals soon despite a freeze on other grants and loans [32] Question: Insights on OMC tender process - Management indicated that a new tender was issued, with shipments expected in April [46] Question: Expected spending plans for 2025 - Management outlined a $75 million capital budget supported by USDA loans and grants [56] Question: Impact of E15 approvals on ethanol margins - Management expects a gradual increase in margins as more states adopt E15, with significant growth anticipated by 2027 [60] Question: Drivers of negative EBITDA results in Q4 - Oversupply and high corn prices were cited as key factors, with expectations for improved performance in Q1 [70]