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Sep 30, 2023
Aemetis Q3 2023 Earnings Report
Reported net income of $30.7 million and basic EPS of $0.79.
Key Takeaways
Aemetis reported a net income of $30.7 million for Q3 2023, driven by $55.2 million in cash proceeds from the sale of Inflation Reduction Act investment tax credits related to the Aemetis Biogas assets. Revenues for the quarter were $68.7 million, reflecting contributions from the India Biodiesel segment and the restart of the Keyes ethanol plant.
Net income for Q3 2023 was $30.7 million, including $55.2 million from tax credit sales.
Basic earnings per share (EPS) was $0.79 for Q3 2023.
Revenues decreased 4% to $68.7 million compared to Q3 2022.
India Biodiesel production increased by 121% compared to Q3 2022.
Aemetis
Aemetis
Forward Guidance
Aemetis expects a transition to positive cash flow during the fourth quarter of this year, driven by biogas, ethanol, and biodiesel operations.
Positive Outlook
- Aemetis Biogas assets are expected to contribute to positive cash flow from operations.
- Expanded biodiesel production capacity to 60 million gallons per year in India.
- Received a one-year, $150 million biodiesel supply allocation from India government Oil Marketing Companies.
- Approval of the Use Permit and CEQA for the Riverbank SAF/RD plant.
- Restart and operation of the Keyes ethanol plant during a period of higher margins for the ethanol industry.