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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 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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