Wedoany.com Report-Mar 14, Aemetis Inc. released fourth quarter and full year 2024 financial results on March 13, reporting increased revenues for its U.S. ethanol and biogas operations as well as its biodiesel operations in India.
The Aemetis Biogas subsidiary expanded its annual production capacity by 80% last year. Revenues were up by 139%.
Any Foster, president of Aemetis Advanced Fuels, said the Aemetis Biogas business is continuing to grow its operations. The company expects production capacity to reach 550,000 MMBtu this year.
According to Foster, the company has plans to expand its biogas footprint to 26 areas operating or under construction by the end of 2025, increasing production capacity to 1 million MMBtu in 2026.
The company has completed the third-party verification process for seven California Low Carbon Fuel Standard provisional biogas pathways and expects final approval from the California Air Resources Board in March or April, Foster said.
The Aemetis ethanol plant in Keyes, California, is continuing efforts to improve cash flow and energy efficiency. As part of that effort, the company plans to install a mechanical vapor recompression (MVR) system. Foster said detailed engineering is now complete, with equipment procurement and off-site fabrication currently underway. Once operational, the MVR system is expected to reduce natural gas use at the Keyes plant by 80%. The company also reported ethanol revenues were up 55% last year.
The Aemetis carbon capture subsidiary has received approval from the state of California to drill a characterization well. Foster said the first phase of drilling and installation of the conductor pipe for that well was completed last year. The company plans to use data collected from the characterization well to secure Class VI permit from the U.S. EPA, enabling the construction of a CO2 injection well and compression system at the site of Aemetis’ proposed renewable diesel and sustainable aviation fuel (SAF) refinery in Riverbank, California.
The proposed Riverbank project is expected to have the capacity to produce up to 78 MMgy of SAF. Work to finance the project is ongoing. Foster indicated that further clarification and confirmation regarding the 45Z clean fuels production credit is needed to support project financing for the project.
Aemetis also operates a biodiesel subsidiary that is located in India. According to the company, biodiesel revenues increased 20% last year, with production capacity up 33%, reaching 80 MMgy. Aemetis has appointed a new CEO to lead the India-based biodiesel business and is planning to launch an initial public offering (IPO) for the business segment in late 2025 or early 2026.
Aemetis reported fourth quarter revenues of $47 million, down from $70.8 million during the same period of 2023. Ethanol and alcohol gallons sold reached 15.7 million gallons, up from 15 million gallons.
Gross loss for the fourth quarter was $2 million, compared to a gross profit of $864,000 during the same period of 2023. Operating loss was $13.5 million, compared to an operating loss of $9 million. Net loss was $16.2 million, compared to a net loss of $25.4 million.
For the full year 2024, Aemetis reported $268 million in revenues, up from $187 million in 2023. Gross loss was $580,000, compared to a gross profit of $2 million. Operating loss was $40.4 million, compared to an operating loss of $37.4 million. Net loss was $87.5 million, compared to a net low of $46.4 million.
