Aemetis (AMTX) Q4 2024 earnings summary

Executive summary

• Annual revenues rose 43% to $268 million in 2024, with growth across all business segments including biogas, ethanol, and biodiesel, supported by favorable public policy and market expansion.

• India biodiesel revenues increased 20% to $93 million, with $112 million in deliveries and a planned IPO for late 2025 or early 2026.

• California ethanol revenues increased 55% to $162 million, with gallons sold doubling to 60.6 million.

• Aemetis Biogas annual revenues surged 139%, with production capacity up 80% and expansion to 26 dairies by end of 2025.

• Major operational milestones included solar microgrid installation, LCFS credit sales, and new air permits for SAF/renewable diesel plant.

Financial highlights

• Revenues rose to $268 million for 2024, up from $187 million in 2023, with all segments reporting increases.

• Gross loss of $580,000 in 2024 compared to a gross profit of $2 million in 2023.

• Operating loss widened to $40.4 million from $37.4 million year-over-year.

• Net loss increased to $87.5 million from $46.4 million in 2023.

• Cash at year-end was $898,000, down from $2.7 million at the end of 2023.

Outlook and guidance

• 45Z tax credits began generating revenue in January 2025; E15 ethanol blends approved in eight states, with nationwide approval expected by end of 2025.

• Expects approval of LCFS pathways for seven dairies in Q1/Q2 2025, with increased revenues projected in Q3.

• India biodiesel business expects new OMC tenders and resumed deliveries in Q2 2025.

• Capital spending on biogas to accelerate in 2025, supported by USDA loans and grants.

• Ongoing capital projects for carbon intensity reduction and biogas expansion expected to complete in 2025.