Aemetis, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenues of $81.4 million for the third quarter, marking an 18.6% increase from $68.7 million in the same period of 2023. For the nine months ended September 30, 2024, revenues surged to $220.6 million, a substantial 90.3% increase compared to $116.0 million in the prior year. This growth was driven by strong performance across its segments, particularly in California Ethanol, which saw revenues rise to $121.2 million for the nine-month period, up 104.5% from $59.2 million in 2023.

The California Dairy Renewable Natural Gas segment also experienced remarkable growth, with revenues increasing to $4.3 million in Q3 2024 from $1.1 million in Q3 2023, and to $9.6 million for the nine months, compared to $1.5 million in the previous year. The India Biodiesel segment reported revenues of $32.3 million for Q3 2024, up 60.1% from $20.1 million in Q3 2023, and $89.8 million for the nine-month period, a 62.8% increase from $55.2 million.

Despite the revenue growth, Aemetis reported a net loss of $17.9 million for Q3 2024, a significant decrease from a net gain of $30.7 million in Q3 2023. For the nine months, the net loss widened to $71.3 million from $21.0 million in the same period last year. The company’s accumulated deficit increased to $(546.7 million) as of September 30, 2024, compared to $(475.4 million) at the end of 2023.

Total assets rose to $247.4 million, up from $243.4 million at the end of 2023, while current liabilities surged to $132.2 million, significantly higher than $84.4 million previously. The current portion of long-term debt also increased dramatically to $55.8 million from $13.6 million.

Strategically, Aemetis is focused on enhancing its operational efficiency and expanding its renewable energy projects. The company is developing a Sustainable Aviation Fuel and Renewable Diesel plant in Riverbank, California, and is also working on carbon capture and underground sequestration projects. Additionally, Aemetis is seeking various sources of debt financing to support its growth initiatives, particularly in expanding its dairy RNG production and upgrading its biodiesel plant in India.

The company is currently navigating challenges related to its capital structure and operational results, relying on its senior secured lender for extensions on debt maturity dates. Aemetis plans to improve financial performance through new technologies and process changes at its Keyes Plant, while also continuing to expand its dairy RNG production with government-backed financing.