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Jun 30, 2024
Aemetis Q2 2024 Earnings Report
Reported revenues of $66 million, reflecting strong execution across all operating segments.
Key Takeaways
Aemetis reported revenues of $66.6 million for Q2 2024, a 48% increase compared to Q2 2023. The company experienced a gross loss of $1.8 million and a net loss of $29.2 million. The California Ethanol, India Biodiesel, and Dairy Renewable Natural Gas businesses contributed $40.1 million, $28.8 million, and $1.6 million in revenues, respectively.
Revenues increased by 48% compared to the second quarter of 2023.
California Ethanol business generated $40.1 million in revenues.
India Biodiesel business generated $28.8 million in revenues.
Dairy Renewable Natural Gas business generated $1.6 million in revenues.
Forward Guidance
Aemetis anticipates substantial additional revenues from operational dairies and those dairies under construction when they receive LCFS provisional pathway approvals and the federal Inflation Reduction Act Section 45Z production tax credits for RNG production beginning in January 2025.
Positive Outlook
- Expects increased future revenues from dairy digesters.
- Commissioned a new Solar Microgrid with battery storage to reduce electric utility costs.
- Received an allocation of $10.5 million of IRA tax credits for MVR system installation.
- MVR system is expected to reduce natural gas usage by approximately 80% at Keyes facility.
- Appointed a Managing Director and CEO for the India Biofuel business, demonstrating commitment to expansion.
Challenges Ahead
- Gross loss for the second quarter of 2024 was $1.8 million.
- Operating loss was $13.6 million for the second quarter of 2024.
- Net loss was $29.2 million for the second quarter of 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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