Aemetis Reports $267.6 Million Revenue for Fiscal Year 2024, Faces Increased Net Loss

Aemetis, Inc. reported a total revenue of $267.6 million for the fiscal year ending December 31, 2024, marking a 43% increase from $186.7 million in 2023. The company's net loss for the year was $87.5 million, compared to a loss of $46.4 million in the previous year. This increase in losses is attributed to higher costs associated with production and operational challenges, including a significant rise in interest expenses, which totaled $40.2 million for the year. The company’s accumulated deficit now stands at approximately $562.9 million.

The financial performance of Aemetis was significantly impacted by its California Ethanol segment, which generated $161.8 million in revenue, a 55% increase from the previous year. This growth was primarily due to the Keyes Plant operating for the full year in 2024, compared to only seven months in 2023. Ethanol production increased by 89%, although the average sales price per gallon decreased by 19.7%. The California Dairy Renewable Natural Gas segment also saw substantial growth, with revenues rising 139% to $13 million, driven by increased production and sales of Renewable Natural Gas (RNG) and associated environmental credits.

Operationally, Aemetis has made significant strides in expanding its production capabilities. The company now operates eleven anaerobic digesters and has agreements with 50 dairies for feedstock supply. In 2024, Aemetis commissioned five new digesters, which contributed to a 55.5% increase in gas sold. The company also began generating revenue from the sale of Low Carbon Fuel Standard (LCFS) credits, further diversifying its revenue streams. However, the average price per MMBtu for RNG fell by 41.3%, reflecting market volatility.

Looking ahead, Aemetis plans to enhance its operational efficiency and expand its production capacity. The company is focused on developing its sustainable aviation fuel and renewable diesel production plant in Riverbank, California, which is expected to produce 90 million gallons per year. Additionally, Aemetis is pursuing carbon capture and underground sequestration projects to further reduce greenhouse gas emissions. Despite these initiatives, the company faces substantial liquidity challenges, with a current ratio of 0.31 and significant reliance on its senior lender for continued financing. The management has expressed concerns about the company's ability to continue as a going concern without securing additional funding or refinancing existing debt obligations.