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Aemetis, Inc. (NASDAQ: AMTX), headquartered in Cupertino, California, is a leading renewable natural gas and renewable fuels company dedicated to the development and commercialization of innovative technologies that aim to replace traditional petroleum-based products. Established in 2006, Aemetis has grown to become a significant player in the renewable energy sector, focusing on the conversion of first-generation ethanol and biodiesel plants into advanced biorefineries.
The company owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto. This plant produces low carbon renewable fuel ethanol, Wet Distillers Grains, Distillers Corn Oil, and Condensed Distillers Solubles, all sold to local dairies and feedlots as animal feed. Additionally, Aemetis operates a 60 million gallon per year production facility on the East Coast of India, producing high-quality distilled biodiesel and refined glycerin for customers in India, the US, and Europe.
Aemetis is also spearheading the development of the Carbon Zero sustainable aviation fuel (SAF) and renewable diesel fuel biorefineries in California. These facilities will utilize renewable hydrogen, hydroelectric power, and renewable oils to produce low carbon intensity renewable jet and diesel fuel. The company's biogas operations include a network of dairy biomethane digesters in California’s Central Valley, producing renewable natural gas (RNG) from dairy waste methane.
In recent developments, Aemetis has secured $200 million in EB-5 program investment for its Riverbank sustainable aviation fuel plant, dairy RNG project, carbon sequestration project, and energy efficiency upgrades to the Keyes ethanol plant. The company has also received Authority to Construct permits for its Riverbank SAF/RD plant, expected to produce up to 78 million gallons per year of SAF. Furthermore, Aemetis has been awarded $10.5 million of Inflation Reduction Act (IRA) tax credits to support energy efficiency projects at the Keyes facility.
Financially, Aemetis continues to show robust growth. In the latest earnings report, the company generated $186.7 million in total revenue for the year 2023, with significant increases from its India Biodiesel segment. Aemetis is on track to achieve its ambitious Five-Year Plan, projecting $1.95 billion in revenues and $645 million of adjusted EBITDA by 2028.
Aemetis (NASDAQ: AMTX) reported Q3 2024 revenues of $81.4 million, a 19% increase from Q3 2023. Revenue breakdown: California Ethanol business generated $45.0 million, India Biodiesel business $32.2 million, and Dairy Renewable Natural Gas (RNG) business $4.2 million. The company reported a gross profit of $3.9 million and a net loss of $17.9 million. The Keyes plant produced 15.5 million gallons of ethanol, while the Dairy Natural Gas segment sold 85,993 MMBtu from nine operating dairy digesters. The company's cash position at quarter-end was $296 thousand, with $4.5 million invested in capital projects during Q3 2024.
Aemetis (NASDAQ: AMTX) has scheduled its third quarter 2024 earnings conference call for Tuesday, November 12, 2024, at 11 am PST. The call will be accessible via toll-free numbers for both domestic (+1-888-506-0062) and international (+1-973-528-0011) participants, using entry code 139838. A webcast will be available on the company's website, and the voice recording will remain accessible through November 19, 2024. Participants will have the opportunity to submit questions during the Q&A session.
Aemetis (NASDAQ: AMTX) announces strong support for the updated Low Carbon Fuel Standard (LCFS) proposal ahead of California Air Resources Board's (CARB) meeting on November 8, 2024. The company urges CARB to adopt the updated LCFS, which extends goals for 20 years. The program aims to reduce greenhouse gas emissions by 85%, create over 4 million jobs, and generate cost savings in health-related expenses for Californians. The initiative focuses on decarbonizing transportation while promoting investment and job creation in California's renewable energy sector.
Aemetis (NASDAQ: AMTX) has been ranked as the 7th Hottest Company in the Bioeconomy by The Digest at the Advanced Bioeconomy Leadership Conference. The company reported significant progress across its businesses in 2024, including $100 million in biodiesel deliveries in India, RNG production capacity growth from 200,000 to 550,000 MMBtu annually, and a $12 million solar project completion. The company secured $50 million in USDA guaranteed financing with an additional $100 million in process. Aemetis has contracts with ten airlines for $3.8 billion in SAF supply and is developing a carbon sequestration project in Riverbank, California.
Aemetis, Inc. (NASDAQ: AMTX) has announced the completion of initial construction for a multi-dairy anaerobic digester in Merced County, California. This digester, designed to process waste from approximately 14,000 dairy cows across four nearby dairies, is expected to begin operations by year-end 2024. It's projected to produce over 200,000 MMBtu per year of renewable natural gas (RNG).
The project is connected to Aemetis' 36-mile biogas pipeline. Currently, Aemetis generates biogas from ten dairies, producing about 300,000 MMBtu per year of RNG. With the completion of this multi-dairy digester and two others, production is expected to increase to approximately 550,000 MMBtu of RNG per year from 16 dairies.
Aemetis Biogas has agreements with 48 dairies and plans to add 27 more. When fully operational, the Aemetis Biogas Central Dairy Project is anticipated to generate over 1.6 million MMBtu per year of RNG and annual revenues of $250 million.
Aemetis, Inc. (Nasdaq: AMTX) is urging the California Air Resources Board (CARB) to implement a 15% ethanol blend in gasoline to reduce prices and greenhouse gas emissions. California is the only state not adopting E-15, which was approved by the EPA in 2011. A study by UC Berkeley and US Naval Academy economists suggests E-15 could save California drivers $2.7 billion annually, or about $0.20 per gallon.
Adopting E-15 would have immediate environmental benefits, as ethanol emits 46% fewer air pollutants than gasoline. It supports California's climate action plans, including reducing fossil fuel dependence and promoting renewable energy. CARB can adopt new rules to allow E-15 sales in California as soon as 2025.
Aemetis (NASDAQ: AMTX) reported Q2 2024 revenues of $66.6 million, a 48% increase from Q2 2023. The California Ethanol business generated $40.1 million, India Biodiesel $28.8 million, and Dairy Renewable Natural Gas (RNG) $1.6 million. The company's Dairy RNG business now has the capacity to produce over 300,000 MMBtu of RNG annually. Aemetis commissioned a new Solar Microgrid with battery storage and received a $10.5 million IRA tax credit allocation for a Mechanical Vapor Recompression system. Despite revenue growth, the company reported a net loss of $29.2 million for Q2 2024, compared to $25.3 million in Q2 2023. Cash at the end of Q2 2024 was $234,000, down from $2.7 million at the end of Q4 2023.
Aemetis, Inc. (NASDAQ: AMTX) has announced its upcoming conference call to review the second quarter 2024 earnings report. The call is scheduled for Thursday, August 1, 2024, at 11 am Pacific Standard Time. Participants can join via toll-free or international dial-in numbers, or through a webcast link. The company will conduct a Q&A session during the call, allowing attendees to submit questions. The webcast, along with the company presentation and recent announcements, will be available on the Aemetis website under the Investors/Conference Calls section. A voice recording will be accessible until August 8, 2024, after which the webcast will remain available on the company's website.
Aemetis, Inc. (AMTX) received positive updates from Stonegate Capital Partners, highlighting their first Low Carbon Fuel Standard credits sale in the quarter, an awarded Authority to Construct air permits for their aviation plant, and progress with completed dairy digesters. These developments indicate a step towards sustainability and growth for the company.
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